The fluctuations in Wall Street in August were a big reminder to everyone: The Great Recession might have ended barely six years ago, yet there is always risk when investing. And even though six years might seem like a lifetime to some, the reality is that some cities across the United States have not been able to recover as fast as others, according to recent report in WalletHub.
The report set out to measure the progress of local economies and how they've been able to bounce back, or how they've sunk lower, since the Great Recession of 2008. Part of the results stem from a comparison of the 150 largest cities in the United States, across 17 key economic indicators. These indicators are listed below with their corresponding weights. For each metric, except "Chapter 9 Bankruptcy Filing," WalletHub analyzed the change between its pre- and post-recession levels. Data for metrics marked with an asterisk (*) were available only at the state level, according to WalletHub.
Category 1: Employment and earning opportunities – Total Weight: 5
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Unemployment Rate: Double Weight
Inflow of College-Educated Workers (%): Full Weight
Ratio of Part-Time to Full-Time Jobs: Full Weight
Median Household Income: Full Weight
Labor-Force Participation Rate: Double Weight
Category 2: Economic environment – Total Weight: 5
Median Home Price: Full Weight
Foreclosure Rate: Full Weight
Poverty Rate: Full Weight
Percentage of Households Receiving Public Assistance: Full Weight
Population Size: Full Weight
Bankruptcy: Half* Weight
Number of Businesses: Full Weight
Average Experian Vantage Credit Score: Full Weight
Consumer Non-Housing Debt: Full Weight
Violent-Crime Rate: Full Weight
GMP (Gross Metropolitan Product): Full Weight
Chapter 9 Bankruptcy Filing: Double Weight
The sources that WalletHub used to create these rankings include: The U.S. Census Bureau, the U.S. Bureau of Labor Statistics, the United States Courts, the U.S. Bureau of Economic Analysis, the Federal Bureau of Investigation, Zillow Real Estate research, Experian and Governing.
Here, we list the bottom 15 cities, out of a total of 150, that have had the hardest time bouncing back from the Great Recession, with their corresponding numbers for overall ranking, and their rankings in each of the two categories listed above.
15. Fresno, California
Overall rank: 136
Employment and earning opportunities' rank: 144
Economic environment rank: 109
Also came in as the:
No. 150 (last place) city with the lowest decrease in unemployment rate
14. Cape Coral, Florida
Overall rank: 137
Employment and earning opportunities' rank: 133
Economic environment rank: 143
Also came in as the:
No. 147 (fourth from last place) city with the lowest decrease in poverty rate
No. 147 (fourth from last place) city with the lowest decrease in the ratio of part-time to full-time jobs
13. Las Vegas, Nevada
Overall rank: 138
Employment and earning opportunities' rank: 145
Economic environment rank: 117
12. Phoenix, Arizona
Overall rank: 139
Employment and earning opportunities' rank: 142
Economic environment rank: 138
11. Reno, Nevada
Overall rank: 140
Employment and earning opportunities' rank: 147
Economic environment rank: 115
10. Stockton, California
Overall rank: 141
Employment and earning opportunities' rank: 119
Economic environment rank: 149
Also came in as the:
No. 121 (fifth from last place) city with the lowest home price appreciation
No. 148 (third from last place) city with the lowest decrease of poverty rate
9. Detroit, Michigan
Overall rank: 142
Employment and earning opportunities' rank: 130
Economic environment rank: 148
Also came in as the:
No. 125 (last place) city with the lowest home price appreciation list
No. 150 (last place) city with the lowest decrease in poverty rate
8. Mesa, Arizona
Overall rank: 143
Employment and earning opportunities' rank: 136
Economic environment rank: 146
7. Tempe, Arizona
Overall rank: 144
Employment and earning opportunities' rank: 139
Economic environment rank: 144
6. Modesto, California
Overall rank: 145
Employment and earning opportunities' rank: 138
Economic environment rank: 145
Also came in as the:
No. 136 (fifth from last place) city with the lowest decrease in violent-crime rate
5. Glendale, Arizona
Overall rank: 146
Employment and earning opportunities' rank: 143
Economic environment rank: 141
4. Henderson, Nevada
Overall rank: 147
Employment and earning opportunities' rank: 149
Economic environment rank: 103
Also came in as the:
No. 149 (second from last place) city with the lowest decrease in the ratio of part-time to full-time jobs
No. 148 (third from last place) city with the lowest decrease in unemployment rate
3. North Las Vegas, Nevada
Overall rank: 148
Employment and earning opportunities' rank: 150
Economic environment rank: 119
Also came in as the:
No. 123 (third from last place) city with the lowest home price appreciation
2. Tucson, Arizona
Overall rank: 149
Employment and earning opportunities' rank: 145
Economic environment rank: 147
1. San Bernardino, California
Overall rank: 150
Employment and earning opportunities' rank: 148
Economic environment rank: 150
Also came in as the:
No. 122(fourth from last place) city with the lowest home price appreciation
No. 146 (fifth from last place) city with the lowest decrease in poverty rate
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