The Next Recovery: Regional Leaders & Laggards
Thursday, October 22, 2020
To call the road that most metro areas have traveled this year rocky would be akin to labeling Mount Everest a speed bump. But the most turbulent period of our lifetimes will eventually give way to a sustained recovery. And when it does, certain types of metro areas are in far better shape to take advantage.
In the short run, places that suffered the steepest job and income losses will struggle most, which bodes especially ill for the Northeast and tourism-dependent Hawaii and Nevada. But what happens after that? Much depends on the course of the virus, such as whether outbreaks in the South and West are contained and if large cities manage to avoid a second wave. But the places that boast the best prospects in the years to come will be those with a strong work force and the ability to capitalize upon changing preferences.