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Wednesday, March 7, 2012
TRIAL PROCESS
Jury Selection
The first step in the actual trial of a jury case is the selection from the jury panel of the number of jurors required to try the case. It is sometimes six but most often twelve. At the beginning of this process, there are usually thirty prospective jurors present in the courtroom.
The juror selection process in any particular case usually begins with a brief explanation by the judge of the general nature of the case and the names of the parties and the attorneys.
The judge begins the procedure by questioning the members of the jury panel so as to determine each member's ability to serve as a juror in that particular case. Some questions may be directed to all of the jurors at once while others may be directed to individual jurors. The types of questions asked are determined by the judge, with suggestions from the attorneys representing the parties. The judge, for example, may inquire whether any of the jurors have any knowledge of the case.
The lawyers in the case will also have the right to ask additional questions of the jurors. This questioning process is called "voir dire", is designed to allow the lawyers to determine whether each juror can serve fairly and impartially in the case. Voir dire also provides the attorneys with the opportunity to become acquainted with the prospective jurors.
If you have never before served as a juror, it may seem that some of the questions are personal but it is not intended that any question should embarrass or reflect negatively on a juror in any way. Lawyers have a duty to their clients to ask those questions, which they feel, will assist them in deciding which jurors to select.
After questioning, a juror may be excused or challenged from sitting on a particular case. There are two (2) kinds of challenges: a challenge "for cause" and a peremptory challenge.
Whenever the questioning of a juror discloses some reason why the juror might not be objective or unbiased in the case (i.e. if the juror was related to or employed by one of the parties), that juror may be excused "for cause". This excuse for cause may be on the judge's initiative or upon motion by one of the parties' attorneys. There is no limit to the number of jurors who may be excused for cause.
After voir dire has been concluded and there are no further challenges for cause by either attorney, the attorneys may finally choose their jury by exercising a certain number of jurors without having to show a reason. A juror who is challenged and thereby excused for service should not be offended, as each attorney as a different idea as to the type of juror who would be most beneficial to the trial of the case.
When the jury has been selected and the required number of jurors are in the jury box, the jurors are sworn to try the case. This is called "empaneling" the jury.
Opening Statements
The opening statement is made, first by the attorney for the plaintiff (or prosecution, in a criminal case), then by the attorney for the defense. The purpose of the opening statement is to outline to the jury the facts of the case and what each side will attempt to establish through the presentation of evidence. This is only an explanation of what each side claims.
Presentation of Evidence
After both sides have been given the opportunity to make opening statements, the trial moves to the stage in which evidence is presented by each side. The plaintiff (or prosecutor, in a criminal case) first presents all the evidence, which supports the plaintiff's contentions. Once the plaintiff has presented all of his or her proof, then the defendant may present evidence. It is important to remember in a criminal trial that the defendant has a constitutional right not to testify and that you may not be influenced by a criminal defendant's decision not to testify. Finally, the plaintiff may then put on more evidence to disprove or explain some evidence presented by the defendant.
Evidence may be in the form of a written document, an object, a photograph or an x-ray. Some pieces of evidence are called exhibits. In a civil trial, this physical evidence may be taken with you to the jury room and may be considered in your deliberations.
Most evidence is presented in the form of spoken testimony of witnesses who have taken an oath to tell the truth. The attorney who has called the witness asks questions of that witness first. This questioning is called direct examination. After direct examination is concluded, the lawyer for the opposing party may ask questions of the witness, or cross-examine the witness. After cross-examination, the lawyer who called the witness has a final opportunity to ask questions of the witness. This is called re-direct examination.
In some instances, an important witness cannot be present to testify in court. If such a witness has previously given testimony under oath and that testimony was written down, this testimony can be read into evidence. Such testimony, called a deposition, should be treated as though the witness was actually testifying in court.
From time to time during a trial, you may hear the attorney's make what are known as "objections". Objections may be made for several reasons, including objections to the conduct of the parties, to the conduct of the attorney's, to the form of the questions asked during the examination of a witness or the introduction of evidence. If the objection is deemed improper or not well founded, the judge will "over-rule" it and allow the proceedings to continue and the evidence to be introduced. If, on the other hand, the judge finds the objection to be valid and proper, the objection may be "sustained", there by discontinuing that conduct or questioning and prohibiting the introduction of the evidence in question.
Under the rules of law governing the introduction and admission of evidence, a lawyer has the right to object to the introduction of any evidence that he or she believes is not proper. The judge is the sole authority on what evidence is proper. Since the evidence may by excluded, the jury is usually not allowed to hear arguments as to admissibility. Thus, the judge may send the jury out of the courtroom to allow the attorneys to argue whether the evidence should be admitted or not. Sometimes evidence gets before the jury before the attorney has a chance to object. The judge may order the jury to disregard such evidence completely. If so ordered, the jury must disregard the evidence and not consider it as evidence.
Closing Statements
After both sides have had an opportunity to present their evidence and have both "rested" their cases, they are given a chance to make final or closing arguments to the jury. The plaintiff's attorney (or prosecutor, in a criminal case) will argue first, followed by the attorney for the defense. Both sides will sum up the evidence and testimony and try to persuade the jury to find in favor of their respective clients. These arguments, like the opening statements, should be listened to attentively but should not be considered as evidence in themselves.
Jury Instructions
At the end of the final arguments by the lawyers, the judge will instruct you on the law that applies in the case and must apply that law to the facts as you find them in arriving at your verdict. You are bound under your oath to give full effect to the law as the judge states it to you. You must pay close attention to his or her instructions.
Jury Deliberations
Following the reading of the jury instructions or charge by the judge, the court officer will escort the jury to the jury room to conduct deliberations. The jury must first elect a foreperson who will preside during the deliberations. The foreperson's duty to see that discussions are carried on in a free and orderly manner, that the matters and issues submitted for the jury's decision are fully and freely discussed and that every juror is given an opportunity to express himself or herself.
In a civil trial, after you retire to the jury room, you are entitled to have all exhibits brought to you.
If you have a question for the judge, or need to be re-instructed on the law, please write it out and hand it to the court officer who will present it to the judge. The judge will then take the appropriate action to either answer your question or to notify you that the question cannot be answered and explain why the question cannot be answered.
You should not submit questions to the judge without giving them careful consideration. Questions from the jury to the judge can be answered only by returning the jury to the courtroom and resuming court. The procedure may require considerable time but is justifiable if you seriously believe it to be necessary or helpful to you in discharging your duty.
In weighing evidence, an important distinction between civil and criminal case is the degree of proof required to sustain an allegation. In a criminal case, the defendant is presumed to be innocent, and, to be convicted must be proven guilty beyond a reasonable doubt. In a civil case, the party who has made an affirmative allegation against another party must prove that allegation by a preponderance of evidence to support a finding in his or her favor on that allegation. In each case, the judge will carefully explain to you the degree of proof required to support particular findings and you should pay the same careful attention to instructions on this subject as you are required to pay to all other instructions.
Quite often, differences of opinion arise among the jurors in the jury room. When this occurs, each juror should express his or her opinions and reasons therefore. By the process of careful and thorough reasoning, it is generally possible for jurors to reach a verdict. As a juror, you should not hesitate to change your mind when there is good reason for doing so. If, however you have a definite opinion on a question, you should not change that opinion unless conscientiously moved to do so as a result of the deliberations, your consideration of the views of your colleagues, and your own further thought on the matter.
It would be wrong for a juror to refuse to listen to the arguments and opinions of the other jurors or to deny the right of another juror to express his or her opinion. All jurors should deliberate and vote on each issue to be decided.
Announcement of the Verdict
After the decision is made on the case, the court officer will escort the jury back into the courtroom. At this time the foreperson will present the verdict to the court.
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PRE-TRIAL PROCESS
The court may set any criminal case for a pre-trial hearing
before it is set for trial.
A pre-trial is a meeting with the state’s attorney and the
defendant and/or his or her attorney to determine the following:
Ø Any
motions that the defendant or defendant’s attorney wants to file.
v Motion
of discovery (any facts and information about the case)
v Motion
for continuance (to set another trial date)
v Motion
to suppress evidence (to keep secret, to keep from revealing to a jury)
v Motion
for appointment of interpreter, if needed
v The
exceptions to the form or substance of the complaint (defendants in municipal
court may file a motion that says there is a problem with the form or substance
of the complaint)
Ø The
pre-trial is used to try to resolve the case in a way that is agreeable to both
the defendant and the court, whenever possible.
The pre-trial process, however, should not be used as a tool to thwart a
defendant’s effort at obtaining a trial before the court.
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Wednesday, August 31, 2011
International Business Management
MAN430 – INT’NAL Business Management
PROFESSOR: Alfio Ferrea
STUDENT: Isaac Hepburn
Chapter: 3 Page 119: Discussion Question.
1. What is meant by the culture of a society, and why is it important that international managers understand it? The Culture of a society comprises the shared values, understandings, assumptions, and goals that are learned from earlier generations, imposed by present members of a society, and passed on to succeeding generations. International managers must understand the importance, of Culture of a Society because culture results in a basis for living grounded in shared communication, standards, codes of conduct, and expectations. Managers assigned to foreign subsidiary must expect to find large and small differences in the behavior of individuals and groups within that organization. Do you notice cultural differences among your classmates? Yes, I do notice the cultural differences among my classmates. How do those differences affect the class environment? Your group projects? My classmate’s mannerism, attitude, and background are different. These cultural differences provide an opportunity to learn and grow.
3. Discuss the types of operational conflicts that could occur in an international context because of different attitudes toward time, change, material factors, and individualism. Give examples relative to specific counties.
Time: To Americans, time is a valuable and limited resource; it is to be saved, scheduled, and spent with precision, lest we waste it. The clock is always running – time is money. The word bukra in Arabic can mean “tomorrow” or “sometime in the future.” While Americans usually regard a deadline as a firm commitment, Arabs often regard a deadline imposed on them as an insult.
Change: Based largely on long-standing religious beliefs, values regarding the acceptance of change and the pace of change can vary immensely among cultures. Western people believe that an individual can exert control over the future and can manipulate events, that is individuals feel they some internal control.
Non- Western societies, generally believe in destiny, or the will of their God. Control is considered external and therefore they adopt a passive attitude or even feel hostility toward those introducing change.
Material Factors: Americans attitude toward nature contends that it is for our benefit. Indians and Koreans worship of nature is part of their religious beliefs.
Individualism: Americans value individual achievement, accomplishments, promotions, and wealth above any group goals. In china much more of a “we” consciousness prevails, and the group is the basic building block of social life and work.
4. Give some example of counties in which the family and its extensions play an important role in the workplace. How are managerial functions affected, and what can a manager do about this influence?
Saudi Arabians culture is intertwined with the pervasive influence of Islam. Shared culture, religion, and language underlie behavioral similarities throughout the Arab world. Islam “permeates Saudi life - Allah is always present, controls everything, and is frequently referred to in conversation.”
Arab history and culture are based on tribalism, with its norms of reciprocity of favors, support, obligation, and identity passed on to the family unit, which is the primary structural model. Family life is based on closer personal ties than in the West. Arabs value personal relationships, horn, and saving face for all concerned; these values take precedence over the work at hand or verbal accuracy.
In the Chinese businesses, especially in small businesses, it is all – pervasive presence and use of Guanxi that provides the little red engine of business transaction in China. Guanxi means “connections” –the network of relationships the Chinese cultivate through friendship and affection. It entails the exchange of favors and gifts to provide an obligation to reciprocate favors. Guanxi Networks share an unwritten code.
The Philosophy and structure of Chinese businesses comprise paternalism, mutual obligation, responsibility, hierarchy, familialism, personalism, and connections. Autocratic leadership is the norm, with the owner using his or her power, with a caring about other people that may predominate over efficiency.
The Chinese human centered management style puts people ahead of a business relationship and focuses on friendship, loyalty, and trustworthiness. The family is extremely important in Chinese culture, and any small business tends to run like a family.
Chapter: 3 Page 120: Experiential Exercises.
2. How might you help Bill deal with his frustration?
Mr. Bill Nugent needs to engage in the small talk, and show enthusiasm. Mr. Bill Nugent friendly, positive attitude will ensure that he builds a personal relationship based on trust, and respect. Mr. Bill Nugent must understand that many activities can be taking place at the same time, with constant interruptions which is commonplace or the norm. The imposition of deadlines is considered rude, and business schedules take a backseat to the perspective that events will occur “sometime” when Allah wills (bukra insha Allah). Arabs give primary importance to hospitality; they are cordial to business associates and lavish in their entertainment, constantly offering strong black coffee, which you should accept, and banquets before considering business transactions. Americans must realize the importance of personal contacts and networking, socializing and building close relationships and trust, practicing patience regarding schedules, and doing business in person.
Wednesday, June 29, 2011
10 Cities That Will Take A Decade To Recover From The Recession: 24/7 Wall St.
First Posted: 06-27-11 12:22 PM | Updated: 06-27-11 12:22 PM
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North Carolina , Great Recession , Roger And Me , Third World America , Detroit
, Flint , Michigan
, Morgantown , Ohio ,
Pennsylvania , South
Bend , Toledo , Business
News
24/7 Wall St.: The
Great Recession officially began in December 2007 and ended in July 2009. This
doesn’t mean that the economy has returned to where it was before the steepest
downturn since the Great Depression and may not for years. According to a
recent report by IHS Global Insight, employment is not expected to return to
its pre-recession peak until 2014.
To be sure,
parts of the U.S. are recovering. Experts expect the economy to grow an average
of 3% in the second half of this year. Thirty metropolitan areas will have
reached their pre-recession peaks by the end of 2011. More than half of the
nation’s 363 metropolitan areas are expected to return to their employment
peaks by 2014 or before. Others are not so lucky.
The IHS report
lists 37 metropolitan areas which are not expected to return to peak employment
until after 2021. These areas are facing a “Lost Decade.” Some may never fully
recover, although it’s probably useless to try to predict what may happen a
decade or more from today.
One trait
shared by most of these troubled cities is that they were built on declining
industries that will never regain their earlier glory days. Many of these
metropolitan areas are part of the “Rust Belt,” an area covering portions of
the Mid-Atlantic and Midwest that was once an international center for heavy
manufacturing. Cities such as Canton and Youngstown, Ohio were once hubs of the
steel industry. Detroit and Flint, of course, were at the heart of the US
automobile industry. These areas were decimated by the recession and some have
unemployment rates in the double digits. Unlike other parts of the country,
they have not been able to replace the old manufacturers with new businesses.
According to IHS, unemployment has dropped in many of these areas since the
worst parts of the recession, but “the current surge in manufacturing payrolls
is not anticipated to last, and by the latter part of the decade the sector is
expected to be in secular decline again.”
Some cities are
forced to address problems beyond manufacturing, yet in the end they face the
same results. Atlantic City’s gaming industry has lost its previous strength
due to increasing competition from neighboring states such as Pennsylvania
which have legalized gaming in recent years. Hickory, North Carolina, was once
a major center for furniture production. Many jobs there have since been sent
overseas, causing textile mills to close down and workers to be laid-off.
The ten
American cities discussed in this article were chosen for the large sizes of
their workforces and the fact that they are not expected to have recoveries to
their pre-recession employment rates until after 2021. They have lost the
industries which once made them prosperous and they will probably never get
them back.
> Change in
employment 2001-2011: -10.1%
> Population: 404,422
> Unemployment: 9.3%
> Poverty level: 12.3%
> Median income: $44,799
Like many of the cities on this list, Canton was once a powerful industrial
city but has since come on hard times. Major employers, such as LTV Steel and
The Hoover Company, have either closed down or moved away from the city. Between
2000 and 2010, the city lost just under 10% of its population. The city's
economy is now becoming more service-based, although it will be hard to replace
the number of jobs which were once provided by the steel and iron industry.
> Change in
employment from peak: -16%
> Population: 425,417
> Unemployment: 11.7%
> Poverty level: 11.7%
> Median income: $55,578
Although Nevada was one of 24 states to see a decrease in unemployment this
past May, unemployment increased in Reno. The city's economy relies on gaming
and tourism, two industries which have been hit extremely hard by the
recession. Additionally, about "25% of the [city's] workforce is employed
in the fields of construction, manufacturing, transportation, communications,
public utilities, and finance related services," according to Reno's
website. These sectors cannot flourish without the development produced by
gaming within the city. It will now take more than a decade for the 36,000 jobs
lost in the metropolitan area during the recession to return to the area,
according to IHS
> Change in
employment 2001-2011: -15.8%
> Population: 425,790
> Unemployment: 10.8%
> Poverty level: 17.3%
> Median income: $44,376
Flint is another city which has struggled due to the decline of the US auto
industry. In this way, the city's problems cannot be fully attributed to the
recession -- the US was already losing market share to Japanese auto companies
before 2007. In 1960, General Motors, which was started in Flint, employed
80,000 people there. Today, it employs fewer than 8,000. Home values have
dropped 10% in the last 12 months, and the city has a vacancy rate of 14%.
> Change in
employment 2001-2011: -15.8%
> Population: 4,296,250
> Unemployment: 11.1%
> Poverty level: 14.2%
> Median income: $52,954
Detroit was once one of the country's largest and most industrious cities.
Since 2005, the Detroit-Warren-Livonia area experienced a loss of 323,400 jobs.
The recession was particularly hard on the area. As it is located at the heart
of the nation's auto industry, The Motor City was devastated by the Chapter 11
filings of GM and Chrysler. Although lower now, unemployment almost reached 30%
in late 2009.
> Change in
employment 2001-2011: -13.6%
> Population: 365,497
> Unemployment: 11.7%
> Poverty level: 14.4%
> Median income: $40,181
Unemployment in Hickory, NC, soared from 2% to 16% during the recession,
according to USA Today. The jobless rate has since decreased to 11.7%, although
this is still significantly higher than the national average of 9.1%. The
area's economy is largely based on the production of furniture and fiber
optics. Both industries have seen mass layoffs in recent years. According to an
article in the Washington Post, "the region has lost more of its jobs to
international competition than just about anywhere else in the nation."
> Change in
employment 2001-2011: -12.1%
> Population: 651,429
> Unemployment: 9.4%
> Poverty level: 15.4%
> Median income: $45,657
Toledo is the last of four metropolitan areas within Ohio to be included on
this list. Toledo is a major center for production of auto parts and is home to
major GM and Chrysler plants. The auto industry was one of the industries hit
worst by the recession, and from its peak Toledo lost about 40,500 jobs.
Employment has gotten somewhat better over the last few months, yet the road to
recovery is still quite bumpy for the auto industry. In April 2011, 3,400 jobs
in the industry were lost nationally, according to the Bureau of Labor
Statistics.
> Change in
employment 2001-2011: -11.5%
> Population: 274,549
> Unemployment: 12.5%
> Poverty level: 10.6%
> Median income: $54,934
Atlantic City's tourism-driven economy has been hurt in two ways. First, the
recession has caused revenues to nosedive at the city's casinos, as people have
less money to gamble with. Second, there is growing competition from
neighboring states such as Pennsylvania, Delaware, Connecticut, and Maryland,
which have legalized gaming in recent years. As a result, it is unlikely
Atlantic City will see the traffic that it once did when the economy returns to
pre-recession levels.
> Change in
employment 2001-2011: -11%
> Population: 565,773
> Unemployment: 9.1%
> Poverty level: 15.5%
> Median income: $40,734
Youngstown, OH, is a former steel city and is the center of an area called
"Steel Valley", the largest part of which was Pittsburgh. The
disappearance of the steel mills has left the city's economy dependent on
health care and education, notably Youngstown State University -- the city's
largest employer. According to one local paper, the city has more than 4,500
vacant structures and a shrinking population.
> Change in
employment 2001-2011: -10.9%
> Population: 319,224
> Unemployment: 9.1%
> Poverty level: 13.7%
> Median income: $44,579
South Bend-Mishawaka was once a major industrial hub, known primarily for
manufacturing automotive parts. Most employment in the area is now in
education, health care, and small businesses. Unfortunately, these are among
the sectors which have shed the most jobs in recent years. According to numbers
from the Bureau of Labor Statistics, the private educational and health
services sector lost 1,500 jobs between 2009 and 2010 -- the most out of any
industry. The sector to lose the second largest number of jobs was government,
which includes public schools and hospitals.
> Change in
employment 2001-2011: -10.3%
> Population: 841,502
> Unemployment: 9%
> Poverty level: 13.3%
> Median income: $47,145
At the turn of the century, Dayton generated more patents per capita than any
other U.S. city. Dayton was a major manufacturing center and was also home to a
number of GM plants. Currently, things are not going as well. According to
George Zeller, a Cleveland-based economic research analyst, in the Dayton Daily
News, "Dayton is in the worst recession that it has ever seen since the
Great Depression." As manufacturing continues to decline in the area,
health and education services seem to be the only hope for employment.
The Best and Worst Cities for Recession Recovery
Cities
poised for a rebound--and cities with a long slog ahead.
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Austin-Round Rock, Texas |
The three most
important things in real estate: location, location, location.
It's true for
recovery from a real estate bubble too. Overall, many economists expect the
national economy to return to growth later in 2009, perhaps as soon as this
summer. But that won't be the case everywhere. While some cities are poised for
a quick rebound, others face a slog to recovery that could take years.
Poised for
swift recovery are many Texas
cities, such as Austin, San Antonio,
Dallas
and McAllen.
These areas did not see the massive real estate bubble that formed in states
like California, Nevada and Florida. The economy is diverse,
with heavy growth coming from education and health care in recent years.
Many of the
cities with the longest road to recovery are California cities, where home
prices rocketed out of control, and entire economies were supported largely by
a real estate bubble. Fresno,
Modesto,
Salinas,
Bakersfield,
Stockton
and Los
Angeles all saw home prices soar to unsustainable levels and then begin
their inevitable plunge. The collapse of the housing markets pushed
unemployment rates in these cities above 10%.
Even as a flood
of foreclosures makes home prices look affordable again, a sign that some of
the worst real estate markets may be finding their bottom, it will still take
years for unemployment rates as high as 16.8% in Modesto
or 15.5% in Fresno
to return to healthy levels.
To find the 10
cities that look best poised for recovery (and the 10 cities likely looking at
the longest climb back), we examined estimates from data provider Moody's
Economy.com of the projected gross domestic product of metropolitan areas
across the U.S., as well as unemployment figures from the Bureau of Labor
Statistics and home prices, incomes and affordability data from the National Association
of Home Builders. Because, in general, healthy cities were not victims of as
severe a housing collapse, home prices were not used in ranking the cities
poised for recovery.
|
More
from Yahoo! Finance:
• Mid-Year
Housing Update: The Good, the Bad, the Unknown
• Why
Your Home May Not Be a Good Investment
• Cities
Where Your Dollar Stretches Furthest |
The analysis
also shows the importance of a city's economic make-up. Manufacturing has been
battered by the recession, leaving cities like Detroit
and Flint,
Mich., or Youngstown,
Ohio, with bad unemployment and a changing economy that's unlikely to
replace the lost jobs. Moody's projects the economy in Flint, for
example, will decrease by 16% from the start of recession to the end of 2010.
(One commonly cited rule of thumb for depression is a decline of 10%.) Flint
might never return to its original size.
New York
City, too, once the capital of finance, is now saddled with Wall
Street-induced unemployment and homes that are completely unaffordable for most
of the region's residents. The NAHB's Housing Opportunity Index reports that
only 14% of homes in the New York-White Plains-Wayne area are affordable on the
area's median income--by far the least affordable region measured by NAHB.
Cities with
robust technology sectors are poised for stronger recoveries than manufacturing
or finance centers. Cities with high-tech capabilities like Seattle,
Huntsville,
Ala., or Boulder,
Colo., could see quick recovery in coming months.
The
Best Cities for Recession Recovery
1.
Austin-Round Rock, Texas
Current
GDP: $72.4 billion
End of 2010: $77.7 billion (projected)
Unemployment: 5.8%
From now to the
end of 2010, the economy of Austin is projected to grow by $5 billion, and
unemployment has stayed relatively subdued. The city's diverse economy, home to
Dell, the University of Texas and the Texas state government, has kept the
economy strong. Forbes.com also recently ranked Austin the Best Big City for
Jobs.
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2.
Fayetteville-Springdale-Rogers, Ark.
Current
GDP: $13.9 billion
End of 2010: $14.5 billion (projected)
Unemployment: 5.0%
What better way
to sit pretty during a recession than to have the ultimate recession-proof
company headquartered in your neighborhood. The Fayetteville region is home to
Bentonville, Ark.-based Wal-Mart. Wall Street may be struggling, but the
presence of the world's most powerful retailer keeps northwest Arkansas'
business community humming.
3.
Boulder, Colo.
Current
GDP: $15.6 billion
End of 2010: $16.3 billion (projected)
Unemployment: 5.7%
The University
of Colorado provides an abundance of stable jobs for the region. Boulder is
also home to a number of high-tech laboratories. Moody's projects the economy
of Boulder will dip less than 1% before growth resumes in the first half of
this year.
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4.
Huntsville, Ala.
Current
GDP: $16.1 billion
End of 2010: $17.2 billion (projected)
Unemployment: 6.1%
In a recession
characterized by battered housing, banking and manufacturing markets, having an
economy with a heavy focus on technology helps. Huntsville is home to one of
the country's largest research parks and a major NASA center (not to mention
Space Camp).
5.
San Antonio, Texas
Current
GDP: $66.3 billion
End of 2010: $68.4 billion (projected)
Unemployment: 5.4%
San Antonio's
rapidly growing health care and education sectors have kept unemployment low in
San Antonio. Moody's projects recession will not entirely pass the Alamo by,
but the GDP of the city will barely dip before returning to growth in the third
quarter of this year.
The
Worst Cities for Recession Recovery
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1.
Flint, Michigan
GDP
at start of recession: $10.96 billion
End of 2010: $9.25 billion (-15.6%, projected)
Unemployment: 14.2%
Median home/median salary ratio: 1.5
Nowhere has
been hurt by the recession more than Flint. Once an automotive center, the
city's economy is projected to shrink by a Depression-like -15.6% from the
start of the recession to the end of 2010. (A 10% decline of GDP is sometimes
cited as a rule of thumb for depression.) Moody's estimates that Flint will not
recover to its pre-recession size in the next decade.
2.
Fresno, Calif.
GDP
at start of recession: $30.1 billion
End of 2010: $29.4 billion (-2.5%, projected)
Unemployment: 15.5%
Median home/median salary ratio: 3.4
One of
California's housing bubble cities that has seen jobs disappear along with
collapsing home prices. Unemployment has soared over 15% in Fresno, as new home
construction and realty (except for foreclosures) have lost their momentum.
Moody's projects the economy will not return to its old size until the third
quarter of 2011. Although home prices have plummeted, they're still not cheap.
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3.
Detroit-Warren-Livonia, Mich.
GDP
at start of recession: $160 billion
End of 2010: $149.8 billion (-6.4%, projected)
Unemployment: 13.6%
Median home/median salary ratio: 1.7
The collapse of
General Motors and Chrysler has not been good for Detroit. Even if the
countries emerge from bankruptcy newly triumphant, it will take a long time to
reabsorb the ranks of the unemployed. On the plus side, those finding stable
employment can take advantage of great home prices. Moody's projects the city's
economy will not find a new peak for three years, by the second quarter of
2012.
4.
Modesto, Calif.
GDP
at start of recession: $14.5 billion
End of 2010: $14.2 billion (-1.8%, projected)
Unemployment: 16.8%
Median home/median salary ratio: 2.8
This California
housing hot spot has seen unemployment soar as the bubble deflates, creating
one of the highest rates of unemployment for any big city in the country. Home
prices have fallen so far, however, that Modesto is starting to look affordable
again.
|
|
5.
Salinas, Calif.
GDP
at start of recession: $13.8 billion
End of 2010: $13.4 billion (-2%, projected)
Unemployment: 11.7%
Median home/median salary ratio: 3.8
The Salinas
area, south of San Francisco along the coast, saw a tremendous surge in home
prices and subsequent collapse. Prices are still high, far out of price ranges
for many of the incomes earned by the agriculture that sustains much of the
region.
<img width=1 height=1 alt="" src="http://us.bc.yahoo.com/b?P=btMUs0wNcmDf5hCQfAs97wAnQjexYk4LQ1IAC2xO&T=17uohl1u0%2fX%3d1309360978%2fE%3d2143567397%2fR%3dfin%2fK%3d5%2fV%3d2.1%2fW%3dH%2fY%3dYAHOO%2fF%3d2500461176%2fH%3dc2VydmVJZD0iYnRNVXMwd05jbURmNWhDUWZBczk3d0FuUWpleFlrNExRMUlBQzJ4TyIgc2l0ZUlkPSI0NDUxMDUxIiB0U3RtcD0iMTMwOTM2MDk3ODc4OTEwOCIg%2fQ%3d-1%2fS%3d1%2fJ%3dCC720D4C&U=12cj8ej7l%2fN%3dbBn4E0wNPRo-%2fC%3d-1%2fD%3dFSQR%2fB%3d-1%2fV%3d0">
To find the 10 cities poised for recovery, and the 10 cities with longest road to recovery, we used data on gross domestic product from Moody's Economy.com, unemployment and employment from the Bureau of Labor Statistics, home prices and affordability from the National Association of Homebuilders, and population data from the U.S. Census Bureau. Data are for Metropolitan Statistical Areas. Because, in general, healthy cities were not victims of as severe a housing collapse, home prices were not used in ranking the cities poised for recovery.
The Best and Worst Cities for Recession Recovery
Cities poised for a rebound--and cities with a long slog ahead.
| © Geoffrey Hammond/iStockphoto |
| Austin-Round Rock, Texas |
The three most important things in real estate: location, location, location.
It's true for recovery from a real estate bubble too. Overall, many economists expect the national economy to return to growth later in 2009, perhaps as soon as this summer. But that won't be the case everywhere. While some cities are poised for a quick rebound, others face a slog to recovery that could take years.
Poised for swift recovery are many Texas cities, such as Austin, San Antonio, Dallas and McAllen. These areas did not see the massive real estate bubble that formed in states like California, Nevada and Florida. The economy is diverse, with heavy growth coming from education and health care in recent years.
Many of the cities with the longest road to recovery are California cities, where home prices rocketed out of control, and entire economies were supported largely by a real estate bubble. Fresno, Modesto, Salinas, Bakersfield, Stockton and Los Angeles all saw home prices soar to unsustainable levels and then begin their inevitable plunge. The collapse of the housing markets pushed unemployment rates in these cities above 10%.
Even as a flood of foreclosures makes home prices look affordable again, a sign that some of the worst real estate markets may be finding their bottom, it will still take years for unemployment rates as high as 16.8% in Modesto or 15.5% in Fresno to return to healthy levels.
To find the 10 cities that look best poised for recovery (and the 10 cities likely looking at the longest climb back), we examined estimates from data provider Moody's Economy.com of the projected gross domestic product of metropolitan areas across the U.S., as well as unemployment figures from the Bureau of Labor Statistics and home prices, incomes and affordability data from the National Association of Home Builders. Because, in general, healthy cities were not victims of as severe a housing collapse, home prices were not used in ranking the cities poised for recovery.
| More from Yahoo! Finance: • Mid-Year Housing Update: The Good, the Bad, the Unknown • Why Your Home May Not Be a Good Investment • Cities Where Your Dollar Stretches Furthest |
The analysis also shows the importance of a city's economic make-up. Manufacturing has been battered by the recession, leaving cities like Detroit and Flint, Mich., or Youngstown, Ohio, with bad unemployment and a changing economy that's unlikely to replace the lost jobs. Moody's projects the economy in Flint, for example, will decrease by 16% from the start of recession to the end of 2010. (One commonly cited rule of thumb for depression is a decline of 10%.) Flint might never return to its original size.
New York City, too, once the capital of finance, is now saddled with Wall Street-induced unemployment and homes that are completely unaffordable for most of the region's residents. The NAHB's Housing Opportunity Index reports that only 14% of homes in the New York-White Plains-Wayne area are affordable on the area's median income--by far the least affordable region measured by NAHB.
Cities with robust technology sectors are poised for stronger recoveries than manufacturing or finance centers. Cities with high-tech capabilities like Seattle, Huntsville, Ala., or Boulder, Colo., could see quick recovery in coming months.
The Best Cities for Recession Recovery
1. Austin-Round Rock, Texas
Current GDP: $72.4 billion
End of 2010: $77.7 billion (projected)
Unemployment: 5.8%
End of 2010: $77.7 billion (projected)
Unemployment: 5.8%
From now to the end of 2010, the economy of Austin is projected to grow by $5 billion, and unemployment has stayed relatively subdued. The city's diverse economy, home to Dell, the University of Texas and the Texas state government, has kept the economy strong. Forbes.com also recently ranked Austin the Best Big City for Jobs.
| |
2. Fayetteville-Springdale-Rogers, Ark.
Current GDP: $13.9 billion
End of 2010: $14.5 billion (projected)
Unemployment: 5.0%
End of 2010: $14.5 billion (projected)
Unemployment: 5.0%
What better way to sit pretty during a recession than to have the ultimate recession-proof company headquartered in your neighborhood. The Fayetteville region is home to Bentonville, Ark.-based Wal-Mart. Wall Street may be struggling, but the presence of the world's most powerful retailer keeps northwest Arkansas' business community humming.
3. Boulder, Colo.
Current GDP: $15.6 billion
End of 2010: $16.3 billion (projected)
Unemployment: 5.7%
End of 2010: $16.3 billion (projected)
Unemployment: 5.7%
The University of Colorado provides an abundance of stable jobs for the region. Boulder is also home to a number of high-tech laboratories. Moody's projects the economy of Boulder will dip less than 1% before growth resumes in the first half of this year.
| Courtesy of the Huntsville Convention & Visitors Bureau |
4. Huntsville, Ala.
Current GDP: $16.1 billion
End of 2010: $17.2 billion (projected)
Unemployment: 6.1%
End of 2010: $17.2 billion (projected)
Unemployment: 6.1%
In a recession characterized by battered housing, banking and manufacturing markets, having an economy with a heavy focus on technology helps. Huntsville is home to one of the country's largest research parks and a major NASA center (not to mention Space Camp).
5. San Antonio, Texas
Current GDP: $66.3 billion
End of 2010: $68.4 billion (projected)
Unemployment: 5.4%
End of 2010: $68.4 billion (projected)
Unemployment: 5.4%
San Antonio's rapidly growing health care and education sectors have kept unemployment low in San Antonio. Moody's projects recession will not entirely pass the Alamo by, but the GDP of the city will barely dip before returning to growth in the third quarter of this year.
The Worst Cities for Recession Recovery
| © Mark Scheuern/Alamy |
1. Flint, Michigan
GDP at start of recession: $10.96 billion
End of 2010: $9.25 billion (-15.6%, projected)
Unemployment: 14.2%
Median home/median salary ratio: 1.5
End of 2010: $9.25 billion (-15.6%, projected)
Unemployment: 14.2%
Median home/median salary ratio: 1.5
Nowhere has been hurt by the recession more than Flint. Once an automotive center, the city's economy is projected to shrink by a Depression-like -15.6% from the start of the recession to the end of 2010. (A 10% decline of GDP is sometimes cited as a rule of thumb for depression.) Moody's estimates that Flint will not recover to its pre-recession size in the next decade.
2. Fresno, Calif.
GDP at start of recession: $30.1 billion
End of 2010: $29.4 billion (-2.5%, projected)
Unemployment: 15.5%
Median home/median salary ratio: 3.4
End of 2010: $29.4 billion (-2.5%, projected)
Unemployment: 15.5%
Median home/median salary ratio: 3.4
One of California's housing bubble cities that has seen jobs disappear along with collapsing home prices. Unemployment has soared over 15% in Fresno, as new home construction and realty (except for foreclosures) have lost their momentum. Moody's projects the economy will not return to its old size until the third quarter of 2011. Although home prices have plummeted, they're still not cheap.
| © Shutterstock |
3. Detroit-Warren-Livonia, Mich.
GDP at start of recession: $160 billion
End of 2010: $149.8 billion (-6.4%, projected)
Unemployment: 13.6%
Median home/median salary ratio: 1.7
End of 2010: $149.8 billion (-6.4%, projected)
Unemployment: 13.6%
Median home/median salary ratio: 1.7
The collapse of General Motors and Chrysler has not been good for Detroit. Even if the countries emerge from bankruptcy newly triumphant, it will take a long time to reabsorb the ranks of the unemployed. On the plus side, those finding stable employment can take advantage of great home prices. Moody's projects the city's economy will not find a new peak for three years, by the second quarter of 2012.
4. Modesto, Calif.
GDP at start of recession: $14.5 billion
End of 2010: $14.2 billion (-1.8%, projected)
Unemployment: 16.8%
Median home/median salary ratio: 2.8
End of 2010: $14.2 billion (-1.8%, projected)
Unemployment: 16.8%
Median home/median salary ratio: 2.8
This California housing hot spot has seen unemployment soar as the bubble deflates, creating one of the highest rates of unemployment for any big city in the country. Home prices have fallen so far, however, that Modesto is starting to look affordable again.
| © Craig Lovell/Eagle Visions Photography/Alamy |
5. Salinas, Calif.
GDP at start of recession: $13.8 billion
End of 2010: $13.4 billion (-2%, projected)
Unemployment: 11.7%
Median home/median salary ratio: 3.8
End of 2010: $13.4 billion (-2%, projected)
Unemployment: 11.7%
Median home/median salary ratio: 3.8
The Salinas area, south of San Francisco along the coast, saw a tremendous surge in home prices and subsequent collapse. Prices are still high, far out of price ranges for many of the incomes earned by the agriculture that sustains much of the region.
<img width=1 height=1 alt="" src="http://us.bc.yahoo.com/b?P=btMUs0wNcmDf5hCQfAs97wAnQjexYk4LQ1IAC2xO&T=17uohl1u0%2fX%3d1309360978%2fE%3d2143567397%2fR%3dfin%2fK%3d5%2fV%3d2.1%2fW%3dH%2fY%3dYAHOO%2fF%3d2500461176%2fH%3dc2VydmVJZD0iYnRNVXMwd05jbURmNWhDUWZBczk3d0FuUWpleFlrNExRMUlBQzJ4TyIgc2l0ZUlkPSI0NDUxMDUxIiB0U3RtcD0iMTMwOTM2MDk3ODc4OTEwOCIg%2fQ%3d-1%2fS%3d1%2fJ%3dCC720D4C&U=12cj8ej7l%2fN%3dbBn4E0wNPRo-%2fC%3d-1%2fD%3dFSQR%2fB%3d-1%2fV%3d0">
To find the 10 cities poised for recovery, and the 10 cities with longest road to recovery, we used data on gross domestic product from Moody's Economy.com, unemployment and employment from the Bureau of Labor Statistics, home prices and affordability from the National Association of Homebuilders, and population data from the U.S. Census Bureau. Data are for Metropolitan Statistical Areas. Because, in general, healthy cities were not victims of as severe a housing collapse, home prices were not used in ranking the cities poised for recovery.
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