Latest Census Data Shows Winners and Losers

Posted by: Chris Palmeri on December 10, 2008


Newspapers and TV stations across the country have been having a field day with latest Census data. The bureau is reporting information every three years—rather than every ten. It includes such stats as the twenty fastest growing mid-sized counties. Lincoln County South Dakota, congrats. In addition to steller population growth, Lincoln County residents are getting smarter. The number of people 25 and over with a bachelor’s degree there increased 82%

Not the everyone in South Dakota is happy about the data. Bloggers at the Madville Times are noting what a disaster the Bush years have been for the country, including 77% of cities showing their median income drop since 2000.

muskegon.jpg


Folks in Muskegon, Michigan (that’s it in the photo) aren’t too happy either. According to the census data, the City of Muskegon was the hardest hit in the country by job losses. Muskegon led the entire nation in unemployment in the period 2005 through 2007 with a jobless rate of 22.1% That was more than triple Muskegon’s rate at the time of the 2000 census. Detroit came in a close second with 21.6% unemployment.

Locals say the census bureau results for Muskegon were more than double the official unemployment rates reported by the State of Michigan’s Department of Labor and Economic Growth for the same years.

Two Ohio towns were listed amount the poorest in the nation. Folks in Oxford and Athens say they are unfairly ranked because of their large student populations.

And guess what, Long Island, N.Y. is more diverse. The Asian population of that original master planned community Levittown nearly doubling to 5%. Some cities on the island are seeing their Hispanic population top 60%. The white population of Harlem also doubled during the tracking period. That doesn’t count former president Bill Clinton who merely offices there.

Reader Comments

Snoz

December 11, 2008 1:24 AM

As the recession reach its abyss, no state in the Union will be as hard hit as California. That's because California has a fake economy. It is fake because it is built on hype instead of reality. In about 1868, the California gold rush was the basis for its economy until the fools and gold ran out and then its economy tanked. Fast forward about one hundred years later, Silicon Valley was the origin of the fake dot-com bubble bust economy. The hype was that we all better invest in computer technology companies because the internet will replace brick-and-mortar stores and all sales will be on-line transactions. Today, California is the epicenter of the real estate bubble bust economy. The familiar feverish pitch that turned into a economic nightmare for the nation had its origin in California: you can be a millionaire by buying real estate now for no-money down and kick your landlord to the curb. There were other hypes that were couched in saving- the-environment propaganda. California taunted the virtue of high tech economy without the burden of dirty industrial-manufacturing plants. Shutting down age old factories in the name of environmental preservation, California became increasing dependent on "pushing paper" jobs. About fifteen years ago, the last steel plant located in Fontana was dismantled piece-by-piece and shipped to China. After shutting down "dirty" electricity plants, Southern California had brown-outs because out-of-state utilities didn't have excess capacity to sell to California. Without any manufacturing base to soften the impact of the current recession, California will suffer the hardest and longest recession than the rust-belt. With highest number of foreclosures and dangerous level of unemployment in the service industry, the State is projected to have a $20billion deficit by middle of 2009 unless the Fed hands out bail out money. With so many unemployed Californians the only thing that is not hype is when the next Los Angeles riot will re-occur.

Post a comment

 

About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

BW Mall - Sponsored Links

Buy a link now!