At one point in time, industrial cities were the backbone of the American economy.
After these metros suffered years of decline, COVID has now crippled them with even more unemployment.
Across Buffalo, Cincinnati, Cleveland, Detroit, Milwaukee, Pittsburgh, Rochester and St. Louis, the unemployment rate rose 9.1% from February to May 2020, according to a Brookings Institution analysis of US Bureau of Labor Statistics and Emsi data. From February to June 2020, the number of jobs in these cities declined by 9.6%. From June 2019 to June 2020, the number of job postings declined by a whopping 17.1%.
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Leslie Shaver
Les Shaver has been covering commercial and residential real estate for almost 20 years. His work has appeared in Multifamily Executive, Builder, units, Arlington Magazine in addition to GlobeSt.com and Real Estate Forum.
