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Study: Miami Amongst 20 Weakest Metro Areas

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Here's the bad news: According to a new study of the 100 most populous metro areas in America by the Brookings Institution, the Miami area, including the rest of South Florida, is one of the 20 economically weakest metro areas in the country. Here's the good news: We're only 82, and doing better than almost everyone else in Florida.

The Brookings' MetroMoniter report took into account a number of factors including the percent change in employment from a peak in the first quarter of 2009 (that would be -4.5% for us), the change in gross metropolitan product (ours dropped -41%), and change in housing prices.

In most cities, the biggest loss of jobs has occurred in lower-paying industries. However, Miami is one of 14 metro areas where the average wage has actually declined, and Brookings suggests we may be shedding more high-paying jobs than other areas. But the average wage has only declined by 0.2%.


We're also noted for having the 6th greatest fall in the house price index during 2008, with a drop of 23%. And we have the 15th highest incidence of bank owned properties. 

Of al the other metro areas in the state, only Orlando fares better, coming in 2 spots higher than us, barely missing the weakest fifth of the list. All the other major areas of Florida find themselves in the bottom ten, including Jacksonville, Lakeland, Palm Bay, Bradenton, Tampa and Cape Coral-Ft. Myers (which comes in second to Detroit's last.) 

This all means our path to recovery is going to be a lot longer than other cities, and some in America are already showing signs of recovery. One problem though:if you want to move to a recession resistant city that may mean moving to Texas, Oklahoma, or Kansas.

Keep Miami New Times Free... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we would like to keep it that way. Offering our readers free access to incisive coverage of local news, food and culture. Producing stories on everything from political scandals to the hottest new bands, with gutsy reporting, stylish writing, and staffers who've won everything from the Society of Professional Journalists' Sigma Delta Chi feature-writing award to the Casey Medal for Meritorious Journalism. But with local journalism's existence under siege and advertising revenue setbacks having a larger impact, it is important now more than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" membership program, allowing us to keep covering Miami with no paywalls.

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Join the New Times community and help support independent local journalism in Miami.

 

Join the New Times community and help support independent local journalism in Miami.