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Austin, Texas -- steady as she goes
Austin, Texas, has the nation’s best-performing economy over the past two years, while Las Vegas has the worst, according to a new study of 150 of the world’s biggest metropolitan areas.
The study of key cities in 53 countries found that many of the areas that flew the highest in the long expansion of 1993 to 2007 fell the hardest in the so-called Great Recession of 2008-09.
Dublin, Ireland; Madrid, Spain; the three Baltic capitals of Riga (Latvia) Tallinn (Estonia) and Vilnius, (Lithuania); along with Las Vegas and Riverside, Calif., moved from the top 30 spots before the recession to the bottom 30 spots during the recession, according to Global Metro Monitor from the Brookings Institution and London School of Economics.
Vegas was the nation’s No. 1 economic performer in the 17 years before the recession, trailed by Phoenix and Austin. Austin appears to hold the distinction of being the American city least affected by the downturn, ranking as No. 3 in economic performance before the recession, No. 3 during the recession and No. 1 since.
The recovery of the past two years, extremely modest in the United States and Europe, has been felt more strongly in other parts of the world.
Of the top 30 ranked metros in the most recent period, 29 were located outside the United States and Europe, according to the report. At the top of the heap is Istanbul, Turkey, a city that straddles Europe and Asia. China and India alone accounted for 10 of the top 30 cities.
Among U.S. cities, Virginia Beach, Va., Washington, D.C., and Dallas appear to be well on the road to recovery along with Austin. Pittsburgh, Indianapolis, and Atlanta join Las Vegas at the bottom of the heap.
The report underscores the sluggish nature of the global recovery: About half the 150 cities studied, especially in the United States and Europe, continue to lose ground in either income or employment.
Click here for a summary of the findings by region or you can get the full, 52-page report.
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Las Vegas was hit hard by this downturn because they have no backup to tourism. The education and there is not future for many of the under achievers in Vegas. Too many people rely on gaming to provide them with jobs, but these jobs are not stable and provide on the basic needs. State of Nevada needs to come up with creative ways to atract industry and corporation and creat Nevada into the industrial might.
Texas run by republicans, Nevada run by democraps...hmm. You reap what you sow.
Pretty simple minded comment. What this casually informed mind lacks in depth it makes up in opinionated pronouncements.
Ummm yeah dont you think the fact that Nevada has very little natural resources, and Texas is rich with oil, and numerous other exportable and tangible goods might have something to do with it too?
Politicians cant create something out of nothing. Im a republican but you still cant say thats why a single city in Texas is performing well. I bet that Austin is the most liberal and democratic city in all of Texas to boot.
Dont be so closed and simple minded
Yes
Texas is a conservative state with no state income tax, a minimal union presence, reasonable real estate values and a favorable business climate.
Nevada is a liberal state with a large union presence,over valued real estate and they just reelected Harry Reid, congratulations.
This is not a coincidence.
What ever you do....don't count Vegas out! We are on our way back baby!
And, better than ever. Get in now or you may be crying..."what have" "should have"....later.
Dubai is run by Arab Sheiks but it's doing pretty well to.....we send hundreds of billions to the Middle East for oil.....and more billions for the military to police the middle east and fight the Terrorists who are supported by oil money.
The article states AUSTIN is bulletproof, not TEXAS. If you know anything about Austin, it is known here in TX as the People's Republic of Austin. VERY Liberal / Left, with a huge government / education / arts / high tech economy. In short, it is a knowledge, creative, liberal, very highly educated economy .... THAT is the medium term recipe for success. (50 years from now, who knows??) Manufacturing as a force in the US is dead forever, despite what politicians of all stripes say they're going to do about it. Tourist based economies are always a house built on sand.
thanks for an honest post. we need more honesty in politics. I am not a republican, but know the facts you stated are true. Austin is one of the top 10 most educated cities, with DC ranking 1st. you are unique in that know and state a fact instead of ignorant hate mongering. thanks for the great post.
Oh, and by the way, I'm not a Democrat, but 100% of the school board, city council and county government elected officials in Austin are Democrats, not Republicans.
Well, Yuall know the saying, don't mess with Texas!! YEE-HA. Now all you toothless, tatooed, tobacco losers in vegas can lay your head in your ashtrays, as you give one more worthless pull on the one-armed bandits at 7-eleven. SUCKERS!!
Texas is full of stears an queers, and you prove it.
What about Detroit where entire city blocks are slated for demolition as shown here:
http://viableopposition.blogspot.com/2010/08/100-house-fact-or-fiction.html
What is with these articles. Every day it is a different city that has the best this, & the least that. It is all a crock. You don't think we actually believe all this do you???
Austin is run by the Democrats and liberals. Not by republicans you ditz! Austin is progressive, open with a strong creative and intellectual base.
The only thing wrong with Austin is that it is surrounded by Texas.
AOL needs better editors. The number of punctuation errors I see everyday is outlandish. Are the editors in their sophomore year in a state college or vo-tech?
Correction: MSNBC needs better editors.
Name one democrat, progressive, union infested state or city that are as successful as Austin or Texas.
I live in California. A state that has been progressive, democrat, union controlled for many years. Our deficit exceeds the budget of many states and countries.
California spends more on Peace Officer retirement benefits than it does for the active, working Peace Officers.
158 business's and their jobs fled California last year. Many for the more business friendly states of Nevada and Texas. Well educated high earning TAX PAYERS are also fleeing California for Nevada, Texas and other less taxed and regulated states.
Democrat, progressive, union infested California has the highest tax rates and onerous regulations in the entire country.
Democrats, progressives and unions hurt the average person.
Most of you are correct in the fact that Las Vegas relies to much on tourism and not enough on more stable manufacturing jobs, but then again the reason most of the Asian countries economies are doing better than ours here in the states is because so many companies have shipped our jobs to these countries that pay very little in the way of wages and this country is left without any jobs to carry thru recession. It does not matter if you are a Republican or a democrat, we need to make sure manufacturing jobs stay in the USA
Think before you type
India and China...no wonder they are doing so well......ALL OUT JOBS ARE GOING THERE. I wish we could boycott all companies that outsource.
i have lived in california grew up there also in l.v.n.v. for 6 held a nongaming job simple answer to issue slam any business or complany who outsourses jobs overseas do business in the u.s. hire u.s. its about big business starts thinking about americans and not there bottom line and profits people first profits next its easy think about it...