In California metros, unemployment remains high, job growth sluggish and foreclosures common.
Sunny California has been taking a beating lately on our 2011 Forbes cities lists. Stockton took first place as the Most Miserable City for the second time in three years, and four Golden State metros ranked high on our Most Toxic Cities list.
Alas, California also claims the top spots on our newest list: Cities Where The Economy May Get Worse. Riverside ranked No. 1 thanks to a high unemployment rate (13.9%) coupled with weak job growth, a hefty number of mortgage loans 90 days or more delinquent (8.21% of all loans) and a projected migration pattern that finds 4,000 residents expected to leave the area this year.
Other Golden State metros on the list: Stockton at No. 2, Los Angeles at No. 3, Bakersfield at No. 5, San Francisco at No. 6 and Sacramento at No. 7. All of these cities have double-digit unemployment rates and paltry job growth projections. All except LA have housing markets in which prices continue to decline or remain stagnant.
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“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
Morgan Brennan, 03.16.11, 06:00 PM EDT - FORBES
In California metros, unemployment remains high, job growth sluggish and foreclosures common.
Sunny California has been taking a beating lately on our 2011 Forbes cities lists. Stockton took first place as the Most Miserable City for the second time in three years, and four Golden State metros ranked high on our Most Toxic Cities list.
Alas, California also claims the top spots on our newest list: Cities Where The Economy May Get Worse. Riverside ranked No. 1 thanks to a high unemployment rate (13.9%) coupled with weak job growth, a hefty number of mortgage loans 90 days or more delinquent (8.21% of all loans) and a projected migration pattern that finds 4,000 residents expected to leave the area this year.
Other Golden State metros on the list: Stockton at No. 2, Los Angeles at No. 3, Bakersfield at No. 5, San Francisco at No. 6 and Sacramento at No. 7. All of these cities have double-digit unemployment rates and paltry job growth projections. All except LA have housing markets in which prices continue to decline or remain stagnant.
“Our deepest fear is not that we are inadequate. Our deepest fear is that we are powerful beyond measure. It is our light not our darkness that frightens us. Actually, who are you not to be? You are a child of God. Your playing small doesn’t serve the world. There’s nothing enlightened about shrinking so that other people won’t feel insecure around you. We were born to make manifest the glory of God that is within us.”
- Nelson Mandela