• 2013 GMP change: -2.2% (tied-7th worst)
• 2013 change in employment: -1.9% (tied-5th worst)
• Projected 2014 GMP change: -3.8% (2nd worst)
• Unemployment rate: 8.6% (66th lowest)
Many of the nation’s economies that have contracted the most do not share much in common. These cities are geographically diverse, located from the Northeast to the Gulf Coast and the Midwest to the West. They also have very different economies. Charlottesville, Virginia, and Binghamton, New York, are home to large universities, while in Decatur, Illinois, the largest employers are in the manufacturing sector.
Local economies often rely on one production or trade sector. As long as the sector is booming, it can be a source of economic and job growth, but there can be a downside to this reliance. Local economies often follow the cycles of large companies manufacturing products for the global markets in their backyards, Alec Friedhoff, senior research analyst at the Brookings Institution, told 24/7 Wall St. “If you’re a small metro area depending on a vulnerable export sector, once that industry goes, you’re in big trouble,” Friedhoff said. In one prominent example of this, Caterpillar cut hundreds of jobs in Decatur last year in response to a global slowdown in the mining industry. Decatur’s economy shrank by nearly 5% last year, and no metro area had a larger proportional job loss.
Based on the U.S. Conference of Mayors’ most recent economic report, produced in conjunction with forecasting company IHS Global Insight (IHS), 24/7 Wall St. identified the metropolitan statistical areas with the largest contraction in real gross metropolitan product during 2013. Figures for 2013 gross metropolitan product(GMP) growth are estimates. Employment changes for 2013, as well as forecasts for 2014, are also from the report. Unemployment rates are from the Bureau of Labor Statistics (BLS), are seasonally adjusted and reflect figures from October. We also utilized employment data from the BLS, as well as economic statistics from the U.S. Census Bureau’s 2012 American Community Survey.
Click on the photo above to see America's fastest-shrinking economies.
Source
Posting before the gob network starts making threats. Great info, Joe.
ReplyDeleteYeah, let's build little Mini Parks and pony up $24,000,000.00 for a Rain Tax that the Governor isn't even requiring and the County REFUSES to participate with.
ReplyDeleteJake Day and Jim Ireton are failing Salisbury and don't you dare say they have nothing to do with it.
Jake and Jim became a team during the election and Jake is following right along with Ireton's feel good projects that bring in no real revenue and especially good paying jobs.
Don't think that Rick Pollitt isn't the BIGGEST part of all of this. REMEMBER, Salisbury IS in Wicomico County and this is why Rick Pollitt must be removed from Office and a BUSINESS PERSON needs to step in and do what is right/best for the County.
I have a very strong feeling REPUBLCANS will take over all of these seats in the near future.
I could not agree with you anymore. This place(Salisbury & Wicomico)is cursed. Just tonight my wife and I went to Chic Fila, and guess where the homeless were panhandling. They were right on the corner at the intersection next to WaWA - and that is directly located across from the State Police barracks.
ReplyDeleteEverywhere I go, I see panhandlers. And when I visit Wal-Mart, every other customer is paying using an EBT card. So I know that this economy is sucking wind. There are no decent jobs and all our of our City & County officials do is keep raising the bar, (taxes). It is a no win situation. Where is the economic development? What has our County Executive been doing? Why doesn't he embark on a fiscally sound path as opposed to destroying average citizens. I could not agree more with your assessment.
And people wonder why crime is rhampant around here. There are no jobs. Population is steadily increasing and yet there are less and less jobs.
ReplyDeletePROVERBS 29:18
ReplyDelete'Where there is no vision, the people perish: but he that keepeth the law, happy is he.'
Need I say more. We haven't had a visionary leader in this City or County for well over a decade now. And this place shows it.
Beezer,
ReplyDeleteFirst half of your post was excellent. Second half very good also.
I was thinking recently of writing Geo.Chevallier and asking him 'who were the Greats' that made Salis/Wico Cty. I can think of a doz. or more from the 60's and 70's. Different economic cycle and times but....."These times,like all times,are but good times, if we know but what to do with them."
R.W.Emerson (?)
tc flippo
This is just more evidence and confirmation, ANYWHERE liberals are in control there is blight and economic failure. Period. They are con-artists promoting big Government controlled socialism and demoralizing perversion. Nothing more.
ReplyDelete7. Salisbury, MD
ReplyDelete• 2013 GMP change: -2.2% (tied-7th worst)
• 2013 change in employment: -1.9% (tied-5th worst)
• Projected 2014 GMP change: -3.8% (2nd worst)
• Unemployment rate: 8.6% (66th lowest)
"While nearly every metro area is projected to grow in 2014, Salisbury’s economy is expected to shrink by 3.8% this year, more than any other metro area except for Cumberland, Maryland. The area’s employment level, which already declined by 1.9% last year, is expected to shrink more than any other metro area this year as well. When Superstorm Sandy hit the East Coast in 2012, the city of Salisbury declared a state of civil emergency. According to Moody’s, the area’s businesses and inhabitants have been spending and investing less than in previous years due to the storm and the delayed federal disaster aid."
Interesting theory..... Blame people who have had only a short period of time in office for all the problems....granted most of the shore political leaders are useless....the economic issues of the the shore go way back. Look at the industries that left Delmarva never to return.....yes it is easy to poke at the current political crop and they do have some blame but the problems started decades ago and were ignored. The population on the shore is very small and that doesn't help. There is no quick easy fix folks. You folks need to step away from the shore, look at communities that are thriving.... They are out there!!!, and so what Delmarva as a whole can learn. Finger pointing and whining does nothing.
ReplyDeleteFrom an outsider looking in: Salisbury needs someone with vision. Take a look at Berlin... Take a look at the changes coming to downtown Cambridge. Both towns rising from the ashes and becoming wonderful places to live, work, and play.
ReplyDeleteI've always thought that Salisbury is such a diamond-in-the-rough, but no one seems to capitalize on it's many assets.
Hire a Public Relations expert... (get rid of that "'Bury" stuff first)...
You folks have waterfront... Start there.
8:56 is just another Democrat trying to deflect the fact that his party is failing it's constituents!
ReplyDeleteFinger pointing and whining will solve the PROBLEM! It identifies the Democrat culprits, holds them accountable and purges them from the political picture you shorebilly!
Vote independent and Republican if you want to fix the problems. GET RID OF THE SOCIALIST DEMOCRATS and their DECEPTION, LYING and PROPAGANDA!
8:56 - we know finger pointing and whining does nothing to help improve our situation, however, our leaders will not listen to any ideas either - it is always what "they" want to do, which obviously isn't working.
ReplyDelete8:03 is correct. Liberal 'leadership' are the henchmen for big business. They cater and fawn over a handful of big businesses, while making it hard on small business. The liberal dream is to have a few big businesses controlling all services and commerce. Then the liberals control all those who don't have jobs by giving them handouts, this so they will vote for them.
ReplyDeleteI believe it was under the tilghman admin that the Wash Post did an expose on the WWTP fines that went unpaid by Perdue. This being an example.
Reference to 8:56 Posting - There is no quick easy fix folks
ReplyDeleteAnswer: They could at least try something, anything, but to sit by idle and continue to do nothing is just as bad as letting it fall farther.
We need a rapid response team and quick. If the Beacon group at SU has let us slip this far then it is time to form a new group.
8:56, as much bi*ching and complaining that happens here, people don't want change. It is evident on this blog everyday.
ReplyDeleteThe locals fear change and VERY often criticize those who try to make this area better. If a new store/restaurant opens, they are the first to ridicule the idea.
"oh it will never work"
"bad location"
"we dont do it like that down here"
I could go on and on..
I don't blame Ireton,Pollit, PRMC SU or whoever has the bulls eye this week. I blame the locals of this area who can't wrap their heads around change.
Off topic but funny. You have JT all jazzed up Joe. He thinks because of him, you removed the Sby/mini parks post. I set the loser straight and told him about how every Sunday morning weekly popular posts disappear only to reappear on pg 1 again.
ReplyDeleteHis gloating will be short lived when the post reappears! Want some salt and pepper for those words you will be eating shortly JT?
JT is so lost - all he does is get up everyday and plots ways to try and snare Joe.
ReplyDeleteJoe - outclasses him in every instance, and that pushes JT into another tantrum.
Let's face it - JT is just a Born Loser.
7:55 BULLSEYE!!!!
ReplyDelete