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Old Posted Oct 25, 2019, 4:17 PM
Obadno Obadno is offline
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Quote:
Originally Posted by Crawford View Post
Right. A lot of the job growth is a reflection of "how bad were the job losses in the previous five years".

For example, DC has minimal growth, and Phoenix and IE had crazy growth. But that's largely a reflection of the fact that DC never really went into recession, and Phoenix and IE had horrible downturns. Both have economies tied to housing construction, which cratered during the recession.

The (relatively) good Detroit numbers are a reflection of the previous regional depression, so any return to normalcy will show healthy growth. If Detroit never cratered, its numbers would be worse, probably in line with Cleveland, Buffalo and Pittsburgh.

The numbers for Seattle are particularly impressive (though not surprising) because Seattle didn't previously crater. Obviously tech-oriented metros are largely responsible for this latest expansion. Though when there's a downturn, I bet Seattle will temporarily have worse-than-average growth, simply because it's going all-cylinders now, so normalcy will look bad.
Employment recovery for most of the country including the IE and Phoenix hit pre recession levels years before our current boom

the 5 year growth numbers are not reflective of recovery but of new growth for the most part.

DC is stable because it is tied to a generally reality proof industry AKA the USA federal government.
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