"How's the economy in your hometown?"

US map from Moody's Economy

Is the US in a recession?

"Is your state in a recession?"

According to the legend on the map in USA TODAY the red states are "In Recession"... yellow states are "At Risk" and the green states are "Expansion."

The linked map is interactive, go to USA Today and click on your state to see how your state breaks out by metropolitan area. The map for your state will tell you what communities are "In Recession", which areas are "At Risk" or those deemed "Expansion" as well. There are also white according to the map although no states are white for "Recovery." On a statewide basis in Louisiana, New Orleans gets a white dot. Looking further I found some more white dots, Bangor Maine, Biloxi Mississippi... some town in Minnesota.

Ohio

Good news for Columbus, in Ohio, Akron, Columbus and Weirton - Steubenville (I've never heard of Weirton) are green dots. Again green dots mean "Expansion."

Other Ohio cities? Only Toledo gets a red dot for "In Recession." Cleveland, Cincinnati, Dayton, Youngstown get yellow dots for "At Risk" as do many of the smaller cities in Ohio.

The USA

The USA Today article "How's the economy in your hometown?" from Barbara Hagenbaugh says:

"While business owners and workers in parts of the country for months have weathered recession-like conditions — job losses, home foreclosures and slumping consumer and business spending — others have been doing well. Some areas are likely to feel very little effect from the slowing economy.

That's mainly because a marked contraction in housing is leading the overall economy down this time. Housing had been instrumental in boosting many regions, particularly the Southwest, in recent years.

During the housing expansion, job growth in related industries flourished, and consumers tapped their growing home equity to buy everything from cars to couches.

But in many parts of the country, housing never boomed, so now there's not likely to be a corresponding bust. And a number of other elements of the economy are still doing well, helping to keep some regional economies above water."

Columbus is one of the areas where housing did not boom like other parts of the country.

According to the USA Today article California, Nevada, Arizona, Florida and Michigan account for a quarter of the US "nation's total economic output" and were already in recession at the beginning of this year. The article breaks down the economy by tourism, motor vehicle production, exports, agriculture, housing and automobile manufacturing and breaks each industry out by states. In example "Top 10 states with motor vehicle production as highest percentage of gross state product in 2006" Ohio was 4th... of course our neighbor Michigan was number one on that list and "Top 10 states with agriculture as the highest percentage of gross state product in 2006."

 
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9 Comments on "How's the economy in your hometown?"

Hey Maureen,

Thanks, that is an interesting article.  I am in the Charlotte NC area and we are still growing rapidly.  Home sales are down but we can't complain compared to other areas of the coutry.

 

 

03/10/2008 08:50 AM by Roby Robertson (Real Living In Style)


 

   I envy your market... ours is better than some so I can't complain.  Thanks for the comment.  

03/10/2008 10:13 AM by Maureen McCabe - Central Ohio real estate (Real Living HER)


I have to agree with Roby.  While things are slower, we still have alot of movement with the arrival of new families constantly.

03/10/2008 10:18 AM by Latonia Parks (Keller Williams Realty)


We are busy but not setting the world on fire by any means. I think with oil prices rising like the tide it makes for a slower economy and with food pices rising things don't look all that great. It's an election year and I was optimistic earlier on but I am not sure now.

03/10/2008 08:57 PM by Jay McGillicuddy~Real Estate Broker (Prudential Verani Realty)


Great article Maureen. It is no surprise to me that Massachusetts is at risk. It is one of the only States that has more people leaving than coming.

03/11/2008 07:24 AM by Bill Gassett Metrowest Massachusetts Real Estate (RE/MAX Executive Realty)


After reading the NH state stats in a report generated by NHAR it looks better on paper then it does in reality.  Things are a bit slow here in the White Mt area of NH and western Maine.   On paper we were down less then 2% for median sales price from the previous year.  It seems to be the # of units selling that has taken the hardest hit however as we are down 10% from last and 17% from last to the year prior.  I did read some very optimistic news however that said by June of July of this year we may see some recovery.  Any good news is welcome.  Thanks for sharing the report and I will use that in my portfolio to help me analyze the overall economy. 

Thanks also for noticing Jay's introduction to me on Active Rain.  It seems like some very helpful professions are involved and I look forward to keeping up with all of the news.

Cheers, Bernadette

Bernie@badgerrealty.com

03/11/2008 11:36 AM by Bernadette Friberg (Badger Realty)


Thanks for the comments Bernie and Don.  Bernie I am going to email you through AR,  be on the look out for the email.  Thanks.

03/14/2008 03:22 AM by Maureen McCabe - Central Ohio real estate (Real Living HER)


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Real Estate Agent: Maureen  McCabe -  Central Ohio real estate  (Real Living HER)
Maureen McCabe - Central Ohio real estate
Columbus, OH
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Real Living HER

Office Phone: (614) 388-8249
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A blog written by an agent with Real Living HER in Columbus Ohio.


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