Miami Tops Forbes List of U.S. Cities in "Free Fall"
|a piece by Li Wei|
Miami boasts a popular South Beach club scene, Art Deco Architecture, and perhaps the best Cuban food in the country. But residents don't have much else to celebrate.While we don't think there's any "perhaps" about us having the best Cuban food outside of Cuba, the rest is, yes, sadly correct.
More than three years after the economy started its downward slide, the Miami metro area, like a handful of Sun Belt cities, still hasn't begun to recover. Median home prices in Miami have fallen 38% since its market peaked in the second quarter of 2007; the city's 11% unemployment rate is above the national average and has grown more than most of the 40 cities we surveyed.
The rating includes the entire Miami/Ft. Lauderdale/Port Saint Lucie area. So while we're in misery, at least we have company.
Forbes used population migration, the number of new homes being built, unemployment, and per capita gross domestic product. These averaged out for a low score in South Florida.
Here's a look at the statistics:
Net Population Change, 2006-2009: 1.47%
Per Capita Gross Domestic Product: $42,645.52
Change in New Building Permits, February 2007-February 2010: -77.46%
Change in Unemployment, January 2007-January 2010: 202.70%
Change in New Jobs Added, February 2007 - February 2010: -9.68%
Change in Median Home Price from Market Peak: -38%
Tom Petty, tell us it's all going to be alright.