Forbes has put Omaha-Council Bluffs atop its list of the nation's fastest- recovering major metropolitan areas.
The leader in financial news reporting says, "According to our research, the city has hit upon a formula to weather the economic downturn better than any other in the country.''
What local economists have been touting for some time appears to be true. Having a widely diversied economy that does not depend on the manufacturing sector for its economic well-boing has paid off. "And while the city has a big stake in the financial industry--a factor that nearly spelled ruin for metros like New York--it doesn't specialize in the types of institutions that took big risks and chased exotic financial structures." Forbes.com continues, "Instead, it's home to roughly 30 insurance companies and regional banks like Mutual of Omaha."
Add to that a low unemployment rate (even though there have been lots of layoffs), stable housing prices and a relatively low home foreclosure rate.
In reporting on the Forbes.com release, the Omaha World-Herald notes: "The Forbes study is consistent with a Brookings Institution study that ranked the Omaha metro area 10th among those least hit by the recession. Another study by Moody's had Omaha and Lincoln among the first metropolitan areas moving into recovery. Forbes appears to rank Omaha higher than Brookings does because Forbes relies more heavily on housing measures."
To see the Forbes biggest rebounding metros, go to: http://www.forbes.com/2009/11/19/cities-recovery-unemployment-lifestyle-real-estate-top-ten.html
Stateline.com discusses the Moody's findings in 11 states emerging from recession: http://www.stateline.org/live/details/story?contentId=435215
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