recession061709
On the homepage
Afghanistan
Out There
Music
Television
Twin Cities are No. 61 in measure of recession's toll
Print this story
E-mail this story
Save to del.icio.us
Share on Facebook
Share on Digg
Minnesota business by the numbers
See Minnesota's top earning companies, CEOs and non-profits
More from Business
The recession's toll on the Twin Cities economy puts the region about in the middle of the pack among large U.S. cities, a report out today says -- except for a lackluster housing market.
The Brookings Institution report, measuring economic performance of the nation's 100 largest metropolitan areas during the recession, ranks Minneapolis-St. Paul No. 61. (No. 1 is best, 100 the worst.)
By most measures -- employment, jobless rate, gross metropolitan product -- the Twin Cities are close to the median. But the metro area's change in housing prices ranked 66th -- although not nearly as bad as the California and Florida cities that have seen the steepest declines.
The Twin Cities area also suffers from what could be dubbed the Wright County Effect: a high concentration of bank-owned properties, which the report attributed to "significant exurban expansion in recent years." Minneapolis-St. Paul ranked 92nd in this category.
The Brookings report's broader aim is to show that the recession's varied effect on different parts of the nation requires specialized solutions. Generally, the report found the strongest local economies were in the south-central United States and the lower Plains, thanks in part to the energy industry; the weakest were in California, Florida and the manufacturing-dependent areas of Michigan and Ohio.
The top-ranked metro area was San Antonio, Texas. Coming in last: Detroit. The report can be found online at www.brookings.edu/metromonitor.
CASEY COMMON
Recent Business stories
Oklahoma Corporation Commission gives final approval to 'OU Spirit' wind farm project - June 16, 2009
Oklahoma Corporation Commission gives final approval to 'OU Spirit' wind farm project - The University of Oklahoma's plan to power its Norman campus with wind energy was approved Wednesday by the Oklahoma Corporation Commission. More
- Dubai requests 'standstill' on $60B debt
- Ponzi scheme suspect liked cars -- and his submarine
- 2 charged with running $190M Ponzi scheme
- Shoppers got a turkey deal
- China executes 2 for role in tainted milk scandal
- Tight economy forces some to stay home for holiday
- Asian stocks tumble amid Dubai fears, dollar slump
Blog: Patent Pending
Lights out at U energy conference. Irony police notified.
Just as Lawrence Kazmerski, a top official at the National Renewable Energy Laboratory, was about to give the keynote address at the University of Minnesota's annual E3 conference at the RiverCentre in St. Paul, the lights went out, bathing the audience in darkness and a deep sense of irony.
Comment on this story | Read all 16 comments | Hide reader comments