Honolulu Among ‘Recession-Proof’ Cities
Honolulu was named among the top ten most ‘recession-proof’ cities in the country, according to a new MetroMonitor report out of The Brookings Institution. The capital of the Aloha State ranked tenth, sandwiched between Texas cities El Paso and Houston. Albany, New York took top honors.
The report examined 100 large metropolitan areas for stable labor and housing markets and robust economic activity. (CNNMoney.com pulled out the Top 21.) Honolulu was noted for seeing strong job growth (the only metropolitan area outside of the U.S. south to gain jobs two quarters in a row), as well as for having recovered its “pre-recession levels of output.”
According to preliminary figures released by the U.S. Department of Labor on Friday, the jobless rate in Honolulu was 5.2 percent last month, with employment in Hawaii as a whole down to 6.7 percent. This compared to the national average of 9.7 percent.