Howard Wial, Brookings Institution and Richard Shearer, Brookings Institution (9/24/2010)
In the September 2010 edition of its MetroMonitor, the Brookings Institution ranks the economies of the country's 100 largest metro areas based on factors including unemployment, housing prices, and economic output. The report issued some key findings for the second quarter of 2010:
• Housing was substantially underpriced in 41 of 94 large metro areas, and overpriced in 23 of those areas. Metros with underpriced housing included Boise, Idaho; Cape Coral, Florida; Fresno, California; and Las Vegas. Housing was overpriced in Los Angeles and Bakersfield, California; Jacksonville and Tampa, Florida; and Allentown, Pennsylvania. Foreclosures continued to rise in most studied metro areas.
• For the first time since the recession began, most metro areas, 83 in total, experienced job growth. But only 10 metros regained more than a quarter of jobs lost between pre-recession highs and post-recession lows. They included Augusta, Georgia; Charleston, South Carolina; El Paso and McAllen, Texas; and Honolulu.
• Manufacturing job growth strengthened overall job expansions in most metros, especially in the Midwest. Ogden, Utah; Portland, Maine; Riverside and Sacramento, California; and Portland, Oregon all benefited from manufacturing growth.
Overall, the five top performing metros were Albany, New York; Augusta, Georgia-South Carolina; Austin, Texas; Baton Rouge; Buffalo, New York; and Dallas. The five overall worst performing metros were Boise City, Idaho; Cape Coral, Florida; Detroit; Fresno, California; and Jacksonville, Florida.