Miami Hit Harder By Recession Than Almost Any Other City On Earth

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Next time someone tells you, "Eh, this recession hasn't sucked that much in Miami," whip out this interactive economic graphic report that the Brookings Institute just published. The think tank's conclusions are stunning: Of 200 global cities they analyzed, Miami's economy was harder hit by the recession than all but 17 others, barely topping Moscow (and losing out to St. Petersburg ... the Russian one, not the Florida Gulf coast town.)

Brookings cites a 5 percent drop in Miami's income and a 6.3 percent plunge in employment. At least Istanbul had it worse?

Brookings report analyzed economic data from 2007 until 2010 -- the heart of the global recession. In general, they found developing cities from African to Latin America weathered the storm -- and even grew -- much better than old-world towns in the Americas and Europe.

Thanks to our massive property bubble and cratered tourism industry, Miami was among the worst of the worst on this continent.

California cities including San Francisco and L.A. as well as Atlanta joined Miami as the worst-hit U.S. towns.

But all is not doom and gloom for Miamians who read Brookings reports!

In their look ahead at 2011's economic data, Miami jumps all the way to 133rd in the world. Take that, Budapest!

The Magic City's employment has moved into positive growth, albeit just .8 percent, while income is at least nearly stagnant at .5 percent growth.

Time to start re-inflating that property bubble, boys.

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9 comments
loge23
loge23

Ask a swimming pool builder how bad it is compared to how it was in Miami - if you can find one still in business.

Geo
Geo

Not surprising considering the pit of snakes and vermin that run this state.

Anthonyvop
Anthonyvop

Over regulation, High Taxes and Wasteful Government......and you wonder why?

Gabriel Lopez-Bernal
Gabriel Lopez-Bernal

In order to remain relevant on a global scale - Miami needs viable industries to take root. Technology, Biotech, and Engineering are notably absent... A tourism based economy can only take a city so far.

Slimy politicians
Slimy politicians

When you have stupid elected officials like Bruno Barrerio, Dennis Moss, Marc Sarnoff, Carlos Alvarez and the ex-Mayor disgraced Manny Diaz what do you expect? They were the loudest at preventing the public on the $3 BILLION bailout of the Marlins. A deal now under investigation by the SEC. The County and City are spending $2 mil a year on lawyers to fight the investigation.

Fullerene
Fullerene

Such a pat, all-purpose explanation. And meanwhile, Boston and the Boston area are kicking the butt of Miami and the Miami area.

What regulation here concerns you? Are too many drug and prostitution busts harming the indigenous economy?

Drake Mallard
Drake Mallard

In 2011, Forbes Magazine named Miami the second most miserable city in the United States due to its high foreclosure rate and past decade of corruption among public official

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