Miami Tops Forbes List of U.S. Cities in "Free Fall"
Forbes.com is always busy making their lists, and Miami has finally taken the number one spot on one. Unfortunately it's called "Ten U.S. Cities In Free Fall."
Miami boasts a popular South Beach club scene, Art Deco Architecture, and perhaps the best Cuban food in the country. But residents don't have much else to celebrate.
More than three years after the economy started its downward slide, the Miami metro area, like a handful of Sun Belt cities, still hasn't begun to recover. Median home prices in Miami have fallen 38% since its market peaked in the second quarter of 2007; the city's 11% unemployment rate is above the national average and has grown more than most of the 40 cities we surveyed.
While we don't think there's any "perhaps" about us having the best Cuban food outside of Cuba, the rest is, yes, sadly correct.
The rating includes the entire Miami/Ft. Lauderdale/Port Saint Lucie area. So while we're in misery, at least we have company.
Forbes used population migration, the number of new homes being built, unemployment, and per capita gross domestic product. These averaged out for a low score in South Florida.
Here's a look at the statistics:
Net Population Change, 2006-2009: 1.47%
Per Capita Gross Domestic Product: $42,645.52
Change in New Building Permits, February 2007-February 2010: -77.46%
Change in Unemployment, January 2007-January 2010: 202.70%
Change in New Jobs Added, February 2007 - February 2010: -9.68%
Change in Median Home Price from Market Peak: -38%
Tom Petty, tell us it's all going to be alright.
Get the Weekly Newsletter
Our weekly feature stories, movie reviews, calendar picks and more - minus the newsprint and sent directly to your inbox.
- Poll: Floridians Chill With Gay Marriage, Almost Ready for Medical Marijuana
- Miami-Dade Gained 21,000 New Residents Last Year, but Broward and Palm Beach Are...
- Artist Posts Flyers Around Wynwood For "Lost Art," but Gallery Says He's Full Of It
- Miami Skyline Featured on Jacksonville Jaguars' Draft Hat