Brookings: Miami one of the worst hit by recession

Some of the reasons South Florida ranked so low were the change in employment levels compared to 2007 (-10.3%), the current unemployment rate (11.6%), the drop in gross metropolitan product since 2006 (-3.3 %), and the 1-year and 3-year drop in housing prices (-43.5 % and -14.6 % respectively). The number of real estate owned (REO) properties more than doubled the national average, ranking as the 9^th worst in the country.

The report also notes that:

- While all of the 100 largest metropolitan areas had growth in output in the first quarter of 2010, the rate of output growth declined in 9 out of ten metro areas.

- Although 36 metro areas saw quarter-to-quarter rises in employment in the first quarter of 2010, employment recovery remains less consistent than output recovery. Job growth in one quarter is also no guarantee of continued job growth. Of the 25 metropolitan areas that gained jobs in the last quarter of 2009, only 10 gained jobs in the first quarter of 2010. The most consistent job growth has been predominantly in the south.

- As of March 2010, housing prices had plummeted between one-fourth and one-half of their value in three years in 25 metro areas. All 100 areas posted 1-year price declines, as overall prices fell 10.2 percent. Only 12 areas saw smaller declines last year than they did between 2007 and 2009.