Report: Cary ranks No. 1 as ‘most resilient’ economy; Raleigh is 12th, Durham 37th

RALEIGH – As talk of a recession grows as inflation continues to rise, a new study finds Cary ranked #1 among the top 50 US cities for so-called “resilient economies.” Raleigh finished 12th, Durham 37th.

The report comes from financial news site SmartAsset and reinforces views from executives at JPMorgan Chase and the Federal Reserve. The ranking is based on a variety of data points, including employment, housing, social assistance and healthcare, and economic stability – strong points for the Triangle’s economy, with its growing population and increasingly diversified employment base.

“Of course North Carolina is a great state. The Triangle is one of the fastest growing parts of America,” JPMorgan Chase Jamie Dimon recently told WRAL TV’s Sarah Krueger. “It has innovation and growth and universities and corporations. It has everything you need.”

A key factor for Cary: “The cost of housing in Cary accounts for just 16.38% of median household income, which is the lowest percentage of any 286 cities in our study,” SmartAsset said.

Cary scored 90.71 out of 100 for Employment, 94.48 for Housing, 96.33 for Social Assistance and Health Care, and an Economic Stability Score of 57.52.

Also Read :  Why Didn't The IMF Tranche Help The Economy As Expected?

The city placed second in two categories: Housing and Social Assistance-Healthcare. It ranks 10th in employment.

The report’s findings were recently previewed in some fashion by Tom Barkin, CEO of the Federal Reserve Bank of Richmond, at an event in Raleigh last month. The triangle is considered a “shining star,” Barkin said.

That’s because the region continues to attract talented workers who move to the region and become a part of the local economy, Barkin explained.

Triangle a “shining star” in US economy, says senior Fed official

According to the latest data from the Bureau of Labor Statistics, unemployment was 3.3% in Raleigh-Cary and 3.2% in Durham-Chapel in August. The Triangle’s housing market is among the strongest in the country, with prices rising to record levels earlier in the summer.

Scores in each SmartAsset study category are based on a scale of 1 to 100.

Raleigh’s results: 73.54 employment; 87.45 case; 75.33 social assistance/health care; 57.52 economic stability.

Durham’s results: 75.81 employment; 79.22 housing; 43.02 social assistance/health care; 63.38 economic stability

Charlotte also cracked the top 50, finishing 48th.

Here are the categories considered:

  • Occupation: Change in unemployment rate during the Great Recession, 2020 pandemic unemployment rate, 2020 pandemic labor force participation rate, and 10-year employment growth.
  • Housing: Change in home values ​​during the Great Recession, housing costs as a percentage of income, mortgage arrears rate, and 10-year housing unit growth.
  • Social Welfare & Healthcare: Percentage of households dependent on welfare, average welfare amount, and percentage of residents with health insurance.
  • Economic stability: Annualized three-year GDP growth rate, government inflation rate, and government money for rainy days as a percentage of government spending.
Also Read :  Tyson to move corporate employees out of Chicago

SmartAsset data and methodology:

To find the cities with the most resilient economies in the US, we analyzed the 300 locations, including cities, towns, and census-designated locations. Of these, 286 had data available, which we then compared across four categories and a total of 14 individual metrics. Specifically, we looked at the following:

  • Occupation. For our employment category, we looked at the change in unemployment rate during the Great Recession (from 2007 to 2010), the 2020 pandemic unemployment rate, the 2020 pandemic labor force participation rate, and 10-year employment growth. Data is from the 2007 and 2010 Census Bureau 1-year American Community Surveys and the 2020 5-year American Community Survey.
  • Housing. For our housing category, we examined the change in median home value during the Great Recession (from 2007 to 2010), the cost of housing as a percentage of income, the rate of mortgage defaults in December 2021, and 10-year housing unit growth. Data is from the Census Bureau’s 2007 and 2010 annual American Community Surveys and the 2020 five-year American Community Survey and Consumer Financial Protection Bureau (CFPB).
  • Social Welfare & Healthcare. For our Social Assistance & Health Care category, we analyzed the percentage of the population that relied on public assistance, the average annual amount of assistance per household, and the percentage of residents with health insurance coverage. Data is from the Census Bureau’s 2020 5-year American Community Survey.
  • economic stability. For our category of economic stability, we examined the annualized three-year GDP growth rate, the government inflation rate from January 2021 to May 2022, and government funding for rainy days as a percentage of government spending. The data comes from the Joint Economic Committee, the Bureau of Economic Analysis and the Pew Charitable Trusts report Fiscal 50: State Trends and Analysis.
Also Read :  Exxon employees are quitting in droves over company's strict culture, report says 



Source

Leave a Reply

Your email address will not be published.