Wednesday, February 13, 2008

Recession? What Recession?

Location, location, location goes the saying. All politics is local is another. This article from The Economist shows how some areas of the US are in a boom, and others are a bust:

YOU won't hear the
R-word much in the modest governor's mansion in Helena, Montana. The occupant, Brian Schweitzer, insists that Montana's economy is in better shape than it has ever been. It has had one of the fastest rates of job growth in the country. The state is prospering on the back of booms in mining and farming, as well as steady growth in tourism. Paul Polzin of the University of Montana forecasts that the state's economy will grow by 4.1% this year, the fifth consecutive year of growth above 4%. “We've been searching for realistic doomsday scenarios,” he says, “and we just can't find any.”

Go to Michigan, by contrast, and it is hard to find anything but gloom. The collapse of America's car industry, coupled with a nasty subprime mortgage bust, has left the state reeling. It has the highest unemployment rate in the country (7.6%) and the third-highest foreclosure rate, and was the only state to lose a large number of jobs in 2007. In the run-up to the state's Republican primary (which he won) Mitt Romney traversed Michigan, promising to save voters from a “one-state recession”.

The infographic they have is pretty interesting too. Miami and Tampa among others have a more than 10% drop in housing prices, while others have zero or even positive growth. Unemployment rates are varying as well.


Ms Calabaza said...

John, Paul, George and Ringo? Get out! You made that up . . . I met a couple once who named their kids Bert and Ernie and I thought that was bizarre!

Daniel @ Garanhuns said...

I think you meant to post this in the one about the names, but believe me, dems da names they gave their boys. There are a handful of "Elvis" and variations there of. I mean come on, there is a guy named Creedence Clearwater, after that anything is possible. There was even a case where parents wanted to name their kid "Osama Bin Laden" and the courts stepped in to prevent it.