New York’s Uneven Economic Recovery

A Tale of Two States

by E.J. McMahon

Ten years ago this fall, the collapse of Lehman Brothers accelerated an economic meltdown that became the Great Recession. Before it was over, the nation’s unemployment rate had reached 10 percent, nearly 9 million payroll jobs had been lost, housing prices had plummeted and the stock market had crashed.

Although New York City was the epicenter of the 2008 financial crisis, the recession was less severe in the Empire State than in the nation as a whole. This was largely because the federal government’s immediate response to the crisis was focused on propping up New York-based financial institutions—and because much of New York State had never experienced the real estate bubble and boom that catalyzed the economic collapse.

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Source: NY Torch Blog - EMPIRE CENTER (via Empire Report New York)