The recession of 2008 — aka the Great recession was the worst financial crisis in America since the great depression. Millions of jobs are lost, countless homes have lost their owners, and many people have exhausted their savings trying to stay afloat, says GOBankingRates.
Despite the fact that since and the end of the great recession has been more than ten years, some U.S. cities still recovering from its effects.
For example, in Illinois alone, the city has lost almost 60% of the value of the property, from which he never recovered. And in the same city in California in the decade the unemployment rate rose from 9.7% to 19.6%.
To find out which cities still trying to recover from the great recession, GOBankingRates analyzed the average values of the cost of housing, unemployment, the workforce and the average income of families in 2007, 2009, 2017 and 2019.
The city of Reedley is going through the worst of times for unemployment. For 10 years, the rate here jumped to 8.5% from 8% in 2007 to 16.5% in 2017.
Of the five largest cities in California are less likely to have recovered from the great recession, in Indio experienced the highest reduction in workforce. The rate dropped 5.5 percentage points in 10 years.
Titusville, most were struggling with unemployment. From 2007 to 2017, the unemployment rate rose by 5.8 percentage points, from 3.7% to 9.5%. Fruit Cove is a place that suffered most from the recession — showed the growth rate to 3.6%, from 2.9% to 6.5%.
Harvey suffered greatly from the recession compared to other cities in Illinois. From 2007 to 2019 the average cost of housing has decreased from 104 to 42 592 550 dollars, which is 59,32% less. In addition, the average income of families fell from 39 to 24 378 343 dollars in just 10 years — by 38.18% less. However, Syracuse has shown the sharpest increase in the unemployment rate — 6.7 percentage points — from 5.8% to 12.5%.
The average cost of housing in new Brunswick in the period from 2007 to 2019 decreased by 10.4%, down from 300 517 dollars in 2007 to 269 270 dollars in 2019. In addition, the average family income in this city fell by 17.86% from 2007 to 2017. The unemployment rate rose 4.6 percentage points in the period from 2007 to 2017, from 4.9% to 9.5%.
The average cost of housing in Shirley has declined by 14.55% since 2007, falling from 309,000 USD-264 050 USD. Meanwhile, the unemployment rate in Harrison increased by 3.3 percentage points in the period from 2007 to 2017, an increase from 4.2% to 7.5%. In deer Park the unemployment rate increased by 3 percentage points over the decade, an increase from 3.9% to 6.9%.