Wall Street Journal: Major U.S. Cities Still Not Recovered From Crisis
Thirty major U.S. cities face a tough and uncertain road to recovery, according to a report released Monday by The Pew Charitable Trusts.
The revenues collected by a majority of the cities analyzed by Pew were still below their precrisis peaks, even as populations and costs have generally gone up.
“For many of these large cities, the impact of the housing crisis on local revenue could have just been starting, several years after the worst of the nationwide collapse,” says Pew, a research nonprofit.
But some costs continue to rise. Pension and health-care costs for public-sector workers are growing and are a “particular concern” for local governments, said Kil Huh, director of Pew’s state and local fiscal health unit.
Read the full article at blogs.wsj.com.
- American Cities Project