Photo courtesy: City of El Paso
A recent study from personal finance website WalletHub.com has ranked El Paso 3rd in its list of 2017’s Most Recession-Recovered Large Cities. The Sun City also ranked among the best when looking at cities of all sizes, coming in at 13th.
According to the website, the purpose of the study is “to measure the progress of local economies since the financial crisis.” WalletHub did this by comparing 505 U.S. cities of varying sizes across 18 key economic indicators, which include unemployment rate, home ownership rate, poverty rate, number of businesses, and gross metropolitan product (GMP) to name a few.
WalletHub officials said,” For many Americans today, the Great Recession is nothing more than the distant shadow of a troubled economic past. After all, the longest downturn since the Great Depression officially ended in June 2009, and cities coast to coast have completely bounced back. Some have even surpassed their pre-recession economic levels, thanks to lucrative industries that helped them rebuild or stay afloat through the crisis.
The study also revealed that El Paso ranked 3rd in its list of cities with the highest decrease in poverty rate.
“The results of this study shows that El Paso continues to move in the right direction,” said Mayor Oscar Leeser. “We’ve worked hard to address issues like unemployment and business growth, which is exactly what this study analyzed to determine which economies have grown in strength. It is reassuring to see an outside entity recognize the outcome of our efforts and hard work.”
2017’s Most Recession-Recovered Large Cities (WalletHub.com)
Overall Rank City
1 Austin, TX
2 Denver, CO
3 El Paso, TX
4 Fort Worth, TX
5 Corpus Christi, TX
To view full study, click HERE.
To measure the progress of local economies since the financial crisis and how much work remains to be done in the name of recovery, WalletHub compared 505 U.S. cities of varying sizes across 18 key economic indicators. The data set ranges from “inflow of college-educated workers” to “share of households receiving public assistance” to “homeownership rate.”