AUSTIN, Texas – Texas boasts four of the top 10 “most recession-recovered cities, a new report.
Since the economic downturn in 2008 – the longest recovery period since the Great Depression – 14 cities across the nation have declared bankruptcy. Jill Gonzalez, with the personal finance research group WalletHub, said Texas is on the right track.
“Lubbock is at the top of the list – it’s second only to Denver when it comes to the employment and earning opportunities,” she said. “We’ve seen a huge drop in unemployment since the recession. We’ve also seen some wage increases there, too.”
Gonzalez noted that the ability to attract college-educated workers has been critical to recovery. In addition to getting their first jobs, she said, new workers are laying down roots, starting families and reinvesting in communities.
Other Texas cities on the list include Corpus Christi third, Houston fifth and El Paso rounding out the top 10.
Ten Texas cities made the top 30 recession-recovered list, Gonzalez said, more than any other state. The report cited Austin’s tech and festival-rich economy, the number of part-time jobs turning full-time in Fort Worth, rebounding home values in Irving and reduced poverty rates on the Mexico border in Brownsville.
“A lot of good things going on all over Texas,” she said. “Brownsville saw the highest decrease in the poverty rate. Texas really has this ‘special sauce’ brewing – in Brownsville, especially – that has really been able to keep these businesses open, hiring more and more people.”
The study found that cities with diversified economies are faring better than those reliant on a single industry. Gonzalez said additional strategies to protect against future downturns include investing in education, health care and infrastructure, as key ingredients to attracting and keeping businesses and workers.
The report is online at wallethub.com.
Author: Eric Galatas – Texas News Service