Jacksonville is not in this list, but some may find the list of cities mentioned interesting.
1. Arlington, Va.
Arlington, located across the Potomac River from Washington, has a highly educated populace, many of whom work for the federal government or in lobbying and legal jobs. Only 7% of the residents are in the vulnerable financial, real-estate and insurance sector â€" about half the percentage in financial centers such as Jersey City, N.J., (outside Manhattan) and Charlotte, N.C., home of Wachovia and Bank of America.
2. District of Columbia
Government is the dominant industry in the nation's capital, which fills up each day with lawyers, lobbyists, legislative aides and journalists. D.C. could feel the impact of shrinking tax revenues in a weakened economy, but the damage likely won't be as severe as it might be in cities dependent on retail, banking and other industries. The city could also benefit by being home to major educational institutions such as Georgetown University and American University. It's also a major tourist destination and might continue to draw foreign tourists attracted by the weak dollar.
3. Durham, N.C.
Durham, home of Duke University, is part of the world-famous Research Triangle, along with Raleigh, the site of North Carolina State University and Chapel Hill, home of the University of North Carolina. The residents of Durham will have significant protection in a recession. It's a college town that's close to other economically vibrant college towns and is within commuting distance to state government jobs in Raleigh, the state capital. The Durham area also has six hospitals and the Research Triangle Park, the largest research park in the world.
4. Madison, Wis.
Madison, the Wisconsin state capital, is dependent on two strong employers: the University of Wisconsin at Madison and the state government. The city's economy has remained strong despite the economic downturn. Many of the city's other employees are involved in biotech and the medical fields: two industries that will likely bear up well in a recession.
5. Boston
Boston's residents work in a variety of resilient industries, including education, health and law. The Boston area is home to world-class universities with massive endowments, including Harvard and the Massachusetts Institute of Technology. It also has many large hospitals. The city, however, has plenty of finance, retail and hospitality jobs that could get hit in a downturn.
6. Pittsburgh
Residents of Pittsburgh, once a steel town, are now employed in fields such as biomedical, health and education. Two of the major employers: the University of Pittsburgh and the University of Pittsburgh Medical Center. The city does have some vulnerable industries, especially manufacturing, which makes up 6% of jobs.
7. Baltimore
Baltimore, once a major port and manufacturing center, has developed sturdier industries such as medicine, law and health. Major employers include Johns Hopkins University and Johns Hopkins Hospital. The city, however, still struggles with poverty and crime and could face challenges, especially with its financial sector and tourism-related jobs, if the economy continues to worsen.
8. Baton Rouge, La.
Baton Rouge, the state capital and home to Louisiana State University and Southern University at Baton Rouge, is thriving. Firms are rushing to use special financing for post-Katrina hurricane recovery work. About $6.5 billion in construction activity is under way (compared with about $750 million in a typical year), including a new refinery, chemical plant and road projects. And like many Louisiana cities, it isn't dependent on the weak durable-goods sector. LSU economics professor Loren C. Scott projects the city will see an increase of 2,400 jobs next year or about 0.06% of the work force.
9. New Orleans
New Orleans has plenty of challenges as it recovers from 2005's Hurricane Katrina. The population has shrunk, putting pressure on university enrollments and hospitals. And tourism is way down. But the unemployment rate remains low. The city's banks, which did not make a large number of risky loans during the housing boom, are relatively healthy. And firms are investing heavily in construction projects in the city, rebuilding levies and building a new refinery.
10. Philadelphia
The city has plenty of large hospitals and educational institutions, including the University of Pennsylvania, Jefferson Medical School and Temple University. It also has a large number of lawyers. Tourism could do fine in a downturn if Northeasterners decide to travel locally and foreigners continue to stream in to take advantage of the weak dollar. But Philadelphia has many stores and restaurants, which might get hit hard in a downturn.
http://realestate.msn.com/slideshow.aspx?cp-documentid=11291215&imageindex=1
The scary part is that there are no Florida Cities on that list. IMO, Jax should be the best equipped to ride out the recession in this state.
Speaking from personal experience, we're just as bad as Florida's other major metropolitan areas right now. Our real estate, finance and insurance sectors are taking a beating right now.
We're definitely taking a beating, but based on Jax's historical ability to ride out the tough times, I think we may be a tad bit better off than the other major metros.
Quote from: Jason on October 28, 2008, 10:45:37 AM
The scary part is that there are no Florida Cities on that list. IMO, Jax should be the best equipped to ride out the recession in this state.
i'd say us & Pensacola - smaller pops (vs. Tampa or Orlando, for instance) and more jobs tied to the govt (military)...not dependent on tourism either...but Lake is right about the financials here.
Maybe people in these cities are alredy broke so it can not get any worse,they got nothing to lose and therfore immune to recession.