Omaha, Nebraska was at the top of a list of economically-stable cities in the country. Out of all of the cities that performed well despite the recession, "The Big O" had the lowest rates of unemployment, especially when compared to the overall rate for the United States - June saw the figure at 5.5% for Omaha, while the country reached 9.5%. Omaha's unemployment figures also changed little from 2008 to the present.
About two and a half years after the start of the recession, economic recovery still seems tenuous, according to the report. Housing markets continued to weaken and the expiration of federal homebuyer tax credits could worsen the situation later in the year.
According to the quarterly report MetroMonitor, which was released by the Metropolitan Policy Program of the Brookings Institute, it's hardly a surprise that it made the list of 20 of the strongest metropolitan areas in terms of economic performance. Compared to Omaha, the status of many local economies is bleak, in no small part due to falling residential real estate prices and record-high unemployment rates, said the report.
Here's the full list of the top 20 recession-proof cities in the United States, alphabetically arranged:
*Albany, New York
*Baton Rouge. Louisiana
*Buffalo, New York
*Des Moines, Iowa
*El Paso, Texas
*Kansas City, Missouri
*Little Rock, Arizona
*Oklahoma City, Oklahoma
*Rochester, New York
*San Antonio, Texas
*Washington, District of Columbia
This list includes a number of American cities, the local economies of which were much improved by the emergence of jobs in manufacturing and modest declines in the prices of residential real estate compared to other cities in the country.
The lowest performers, in comparison, experienced huge declines in the prices of homes.
BMPP Fellow Howard Wial said that the second-quarter job and output growth experienced by many metropolitan areas won't necessarily ensure the local economy's recovery. He continued by saying that the country's overall economic status, even with the growth experienced by cities in the top 20 list, is nowhere near its peak before the recession.