Recovering from Volatile Times: The Ongoing Financial Struggles of America’s Big Cities. Pew Charitable Trusts. November 2014.
In the three years between 2009 and 2012, the U.S. economy began recovering from the Great Recession. Nationally, housing prices rose and the unemployment rate fell, but for many major U.S. cities, the fiscal crisis persisted, making the recovery a geographically uneven experience. In fact, in some major cities, revenue declines continued into 2012—a full three years after the national recession ended.
The Pew Charitable Trusts reviewed the latest available data from 30 major U.S. cities and found that more than half—18—saw governmental revenue decline from 2011 to 2012 after adjusting for inflation. Of these, eight reported their lowest revenue since the downturn began in 2007. This analysis expands on Pew’s previous report, America’s Big Cities in Volatile Times, which examined the fiscal conditions of the same 30 cities from 2007 to 2011. [Note: contains copyrighted material].
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