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drc72

Top 10 U.S. Cities In Economic Free Fall

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Interesting article I came across on Yahoo.... I think this is a good indicator that Hartford is not as bad off as some of the other major US cities. Not that I am celebrating and it is probably bad for New England as whole, but Providence seems to be in serious economic trouble. Overall I think RI is much worse off compared to CT. The State needs to wake up and pass pro business legislation, so we don't end up as bad as other parts of the country. The film tax credit is a good start.

U.S. Cities In Free Fall

Francesca Levy, Forbes.com

Apr 13th, 2010

Economic indicators in these metros have gone from bad to worse, with no sign of recovery.

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.

A Trouble Spot in the Northeast

Picturesque Providence, R.I., is the only New England metro on our list. Economically, it's struggling far more than other cities in the region. Although Providence saw a slower three-year increase in unemployment than some other major metros, it still has a high unemployment rate, at 14%. The city also added 9% fewer jobs in 2010 than three years earlier. Workers are getting the message and leaving town. Providence is the only city in our top 10 to see a net loss in population.

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Providence is hurting pretty badly. They were kind of on the tail end of the housing bubble and in the Northeast which was the wrong place to be and got burned. They never had much of a corporate climate so it's no wonder that they are stagnant and things look bleak. Hartford has been pretty steady. We never had a bubble so there was nothing to bust. That's the only reason why we are doing OK on paper. I agree about being pro business though but also feel that corporations need to be held accountable and need to be bringing a commitment to the table on their end as well. I don't think anyone big or small should be getting a free ride.

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Providence is hurting pretty badly. They were kind of on the tail end of the housing bubble and in the Northeast which was the wrong place to be and got burned. They never had much of a corporate climate so it's no wonder that they are stagnant and things look bleak. Hartford has been pretty steady. We never had a bubble so there was nothing to bust. That's the only reason why we are doing OK on paper. I agree about being pro business though but also feel that corporations need to be held accountable and need to be bringing a commitment to the table on their end as well. I don't think anyone big or small should be getting a free ride.

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Providence is hurting pretty badly. They were kind of on the tail end of the housing bubble and in the Northeast which was the wrong place to be and got burned. They never had much of a corporate climate so it's no wonder that they are stagnant and things look bleak. Hartford has been pretty steady. We never had a bubble so there was nothing to bust. That's the only reason why we are doing OK on paper. I agree about being pro business though but also feel that corporations need to be held accountable and need to be bringing a commitment to the table on their end as well. I don't think anyone big or small should be getting a free ride.

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