What Causes Cities' Decline During Recessions?
Which cities suffer the most during a recession? How about several recessions?
Researchers at the Federal Reserve Bank of St. Louis analyzed how 50 U.S metro areas, including Phoenix, fared during recessions between the 90’s and the Great Recession. Phoenix fared better than cities like Las Vegas, San Jose and Detroit.
Charles Gascon is a regional economist at the Federal Reserve Bank of St. Louis and an author of the paper.