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Just Three Cities Fully Recovered from Recession
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Although the recession ended years ago, only three major cities in the U.S. have fully recovered. Here are the five fastest growing metro areas still in partial recovery, according to a new study.
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Although the recession ended years ago, the country has been slow to recover. In fact, as of this year, only three major cities in the U.S. have fully recovered, according to a report from the Brookings Institution.
While the rest of the country is reportedly still suffering from the recession, Knoxville, Tenn., Pittsburgh, Pa., and Dallas, Texas, have made full recoveries, returning to previous GDP per capita and employment peaks.
Meanwhile, there are still two cities in full recessions: Albuquerque, N.M., and Madison, Wis. There are still 18 metro areas in partial recession and the remaining 53 are only in partial recovery.
America is lagging behind the rest of the world. Although the global economic recovery as a whole has been slow, almost three-quarters of 300 worldwide metro areas had higher levesl of employment and/or GDP per capita in 2012 than in 2007.
Here are the five fastest growing cities currently in partial recovery, according to the Brookings Global MetroMonitor 2012. (Current numbers are over the last year.)
5. Austin, Texas
Downtown Austin
Current:
0.9% per capita GDP growth
3.1% employment growth
Worst year after the recession:
-6.7% per capita GDP growth
-2.1% employment growth
4. Louisville, Ky.
Downtown skyline
Current:
1.1% per capita GDP growth
3.1% employment growth
Worst year after the recession:
-5.1% per capita GDP growth
-4.1% employment growth
3. Salt Lake City, Utah
Main Street in downtown
Current:
2% per capita GDP growth
2.8% employment growth
Worst year after the recession:
-4.1% per capita GDP growth
-4.8% employment growth
2. San Jose, Calif.
Downtown
Current:
2.8% per capita GDP growth
2.7% employment growth
Worst year after the recession:
-4.1% per capita GDP growth
-6.3% employment growth
1. Houston, Texas
Downtown at night
Current:
1.7% per capita GDP growth
3.3% employment growth
Worst year after the recession:
-3.9% per capita GDP growth
-2.6% employment growth
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