Denver Post: Study: Denver Weathered Recession Better Than Most American Cities
Cities across the country could learn a lot from how Denver weathered the economic recession, according to a study released Monday by The Pew Charitable Trusts.
Because Denver's tax base relies primarily on sales and income taxes and less on property taxes, the metro area felt the economic pain immediately and bounced back sooner, according to the study, "America's Big Cities in Volatile Times: Meeting Fiscal Challenges and Preparing for the Future."
Cities that rely on property taxes, however, didn't feel the decline in real estate values on their tax bases until more than a year later. At the end of 2011, two-thirds of the cities in the study had not recovered, according to Pew researchers. Denver had.
"Cities like Cincinnati and Denver saw declines earlier and hit the bottom in 2009," said Kil Huh, Pew's director of state and local fiscal health.
Read the full article at denverpost.com.
- American Cities Project