With the ongoing recession the number one factor in recovering is LOCATION. Some cities are expected to have a fast recovery. Most of these areas did not have a huge real estate bubble and have a diverse economy with many high growth areas such as health care and education.
Many cities with strong technology areas are expected to have stronger recovery rates than cities that have strong finance and manufacturing sectors. These cities could see a fast recovery in the next few months.
Many factors are taken into consideration when ranking the cities such as gross domestic product (GDP) and unemployment rates.
5. San Antonio, Texas
Current GDP: $66.3 billion. Projected GDP by the end of 2010: $68.4 billion
Unemployment rate: 5.4%
San Antonio has experienced rapid growth in education and health care division, which have helped reduce the unemployment rates. The recession has affected the city, but the GDP of San Antonio will barely go down before it returns to a growth period by the third quarter of 2009.
4. Huntsville, Alabama
Current GDP: $16.1 billion. Projected GDP by the end of 2010: $17.2 billion
Unemployment rate: 6.1%
Huntsville’s economy has a big focus on technology and it is home to one of the largest research parks in the United States. A major NASA center and Space Camp is also located in Huntsville.
3. Boulder, Colorado
Current GDP: $15.6 billion. Projected GDP by the end of 2010: $16.3 billion.
Unemployment rate: 5.7%
Boulder is home to the University of Colorado, which supplies a wealth of steady jobs in the city. There are also many high-tech laboratories located in Boulder. Boulder’s economy is projected to drop less than 1% before the growth increases in the first part of 2009.
2. Fayetteville, Springdale, Rogers, Arkansas
Current GDP: $13.9 billion. Projected GDP by the end of 2010: $14.5 billion.
Unemployment rate: 5.0%
Bentonville, Arkansas is located in the Fayetteville region and is home to the most powerful retailer in the world: Wal-Mart. Wal-Mart is one company that is considered to be recession-proof and keeps the business community in the area bustling.
1. Austin, Round Rock, Texas
Current GDP: $72.4 billion. Projected GDP by the end of 2010: $77.7 billion.
Unemployment rate: 5.8%
Austin’s economy is expected to increase by $5 billion by the end of the year 2010 and unemployment rates are expected to stay fairly low. Austin has a very strong diverse economy and is home to the University of Texas, Dell Corporation, and the Texas state government. Austin was also recently ranked as the Best Big City for Jobs by Forbes.com.