Between 2007 and 2010, the median home value in Reno-Sparks, Nevada declined 37.4%, the 13th biggest drop in the country among metro areas. The problems of the recession have plagued states in the southwest, which once had booming housing markets, arguably more than any other part in the country.
The nation continues to be mired in an anemic, jobless recovery. And according to a report commissioned by the United States Conference of Mayors, and prepared by IHS Global Insight, many regions in the country still continue to lose jobs. Of the 363 U.S. metropolitan regions reviewed by IHS, only 61 will fully recover all the jobs that were lost during the recession by the end of this year. The rest will recover far fewer — the average city will only recover roughly 40% of jobs lost from peak employment.
24/7 Wall St. examined nine metropolitan regions that are projected to recover less than 5% of the jobs lost during the recession by the end of 2012. These five cities, in particular, were hurt by the housing crash, the loss or decline of an industry, and a reduction in government services and jobs.
Many of the cities that will recover the least jobs by the end of this year experienced particularly heady housing markets through 2006. As a result, they also had among the worst housing crashes in the country. In Reno-Sparks, Nevada, median home values dropped nearly 40% between 2007 and 2010.
According to the Conference of Mayors’ report, many cities that rely heavily on merchandise exports, such as the automotive-based Flint, have been suffering as manufacturing businesses continue to move overseas. In 2005, nearly 10% of the Flint Michigan’s economy was based on exported goods. As of 2009, the number dropped to just 3.2%. Over that time, the value of the city’s annual exports dropped by roughly $850 million, or 70% of its original value.
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