Source: Brookings Institution Metro Monitor. Brookings tracks the following indicators: employment, unemployment rate, gross metropolitan product, housing prices, real estate-owned properties, earnings and recession comparisons. (Click on map for more legible image.)
Richmond and Norfolk are looking pretty grim, and even the Washington metro is nothing to brag about.
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looks like NoVa would be West Virginia if not the center of the gov, eh?
Or, NoVa never hit the doldrums and, therefore, doesn’t hava as far to come back in a “recovery calculation”.
Meanwhile, Richmond struggles. Even with its position as the center of state gov (including quasi-government organizations like Dominion).
So, we have three metro areas all dependent on government spending. And we know that government spending will decrease. Meanwhile, the General Assembly gazes at its navel and Bob McDonnell faces stiff opposition to each and every attempt at progress.
This is a “once in a lifetime” event. We are witnessing the fiscal suicide of an entire state.
If the General Assembly wants an example of success, they should look toward Pittsburgh.
“Akron, Buffalo, Grand Rapids, Indianapolis, Toledo, and Youngstown are among the 20 metropolitan areas that have had the strongest economic recoveries.”
When you are at the bottom of a hole, and have been there for decades, then any recovery is a strong one. Especially when it’s being funded by Government Motors.
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