Raleigh – With talk of a recession growing as inflation continues to increase, a new study says Curry ranks among the top 50 US cities for having so-called “resilient economies.” Raleigh comes in at number 12, Durham 37.
The Report It’s from the financial news site SmartAsset and inflates assessments made by executives at JPMorgan Chase and the Federal Reserve. The rankings are based on a variety of data points, including employment, housing, social assistance, health care, and economic stability—strong points of the Triangle economy with a growing population and an increasingly diverse job base.
“North Carolina is clearly a great state. The Triangle is one of the fastest growing regions in America,” JPMorgan Chase Jamie Dimon recently told WRAL TV reporter Sarah Krueger. “It has innovation, growth, universities and businesses. It has everything you need.”
A key factor in Curry’s favour: “Housing costs in Curry only make up 16.38% of median household income, the lowest percentage of all the 286 cities in our study,” said SmartAsset.
Curry scored 90.71 out of 100 for employment, 94.48 for housing, 96.33 for social assistance and health care, and an economic stability score of 57.52.
The city ranked second in two categories: housing and social assistance – health care. It ranks tenth in employment.
The report’s findings were recently previewed in a way by Tom Barkin, CEO of the Federal Reserve Bank of Richmond, at an event in Raleigh last month. The triangle, Barkin said, is considered a “bright star”.
Parkin explained that the reason for this is that the area continues to attract talented immigrants who move to the area and will become part of the local economy.
Raleigh Curry’s unemployment rate was 3.3% and the Durham Chapel 3.2% in August, according to the latest Bureau of Labor Statistics data. The Triangle housing market was among the strongest in the country as prices soared to record levels earlier this summer.
Scores in each SmartAsset study category are based on a 1-100 scale.
Raleigh scores: 73.54 jobs; 87.45 dwellings; 75.33 social assistance / health care; 57.52 Economic stability.
Durham scores: 75.81 jobs; 79.22 housing; 43.02 Social assistance / health care; 63.38 Economic stability
Charlotte also cracked the top 50, coming in at number 48.
Here are the categories considered:
- Recruit: Change in the unemployment rate during the Great Recession, the 2020 pandemic unemployment rate, the 2020 pandemic labor force participation rate, and 10-year job growth.
- Living: Change in home values during the Great Recession, housing costs as a percentage of income, mortgage delinquency rate, and 10-year housing unit growth.
- Social assistance and health care: Percentage of households that depend on public assistance, the average amount of public assistance and the proportion of the population with health insurance.
- economic stability: Three-year annual GDP growth rate, state inflation rate, and state rain money as a percentage of state expenditures.
Data and methodology from SmartAsset:
To find the cities with the most resilient economies in the United States, we analyzed 300 places including cities, towns, and census-designated places. Of these, 286 had data available, which we then compared across four categories and a total of 14 individual scales. Specifically, we looked at the following:
- Recruit. For our employment category, we looked at the change in the unemployment rate during the Great Recession (from 2007 through 2010), the 2020 pandemic unemployment rate, the 2020 pandemic labor force participation rate, and 10-year job growth. The data comes from the 2007 and 2010 American Community Surveys conducted by the Census Bureau, as well as the 2020 5-year American Community Survey.
- housing. For our housing category, we looked at the change in median home value during the Great Recession (2007 through 2010), housing costs as a percentage of income, mortgage arrears as of December 2021 and 10-year housing unit growth. The data comes from the 2007 and 2010 Census Bureau 1-year American Community Surveys, as well as the 2020 5-Year American Community Survey and Consumer Financial Protection Bureau (CFPB).
- Social assistance and health care. For our social assistance and health care category, we looked at the percentage of the population that relies on public assistance, the average annual amount of assistance per household and the proportion of the population with health insurance coverage. The data comes from the 2020 American Community Survey conducted by the Census Bureau for 5 years.
- economic stability. For our economic stability category, we examined the three-year annual GDP growth rate, the state’s inflation rate from January 2021 through May 2022, and rainy day funds as a percentage of state expenditures. The data comes from the Joint Economic Committee, the Bureau of Economic Analysis, and the Pew Charitable Trusts Financial 50: Country Trends and Analysis Report.