Like Rodney Dangerfield, the middle of the country may not get much respect – but one place in particular is quietly humming along.
In a recent Forbes Magazine list of the metropolitan areas poised for the quickest economic recovery, Omaha came out convincingly on top.
Diversification and stable housing have been the keys to Omaha’s ability to successfully weather the storm.
The city’s unemployment rate is just 5%. (No, that’s not a typo.)
It also has a very low foreclosure rate: one in every 3,246 housing units.
Omaha benefits from a varied economy: no industry sector accounts for more than a third of total employment.
You’ll find everything from agriculture, trade and transportation to utilities, health services and finance. The city is home to five Fortune 500 companies as well as the headquarters of roughly 30 insurance companies and regional banks. In addition, more than 30 other Fortune 500 corporations have manufacturing plants in the area.
That said, the fact that Omaha is less dependent on manufacturing than other Midwestern cities and doesn’t specialize in the types of financial institutions that took big risks (and paid the price) has resulted in a significantly greater level of stability during this recession.
No, housing values didn’t double every 5 minutes in Omaha a few years back. They're pretty happy about that now, thank you. Not as big of a bubble, not as much bubble to burst.
And because it isn’t a one-industry metro area (like Elkhart County, IN – RV capital of the world – 17.4% unemployment), the jobless rate is extremely low.
Omaha. Maybe it doesn’t have the panache of some other spots.
It also doesn’t have housing prices falling like so many rocks and hasn't been buried by double digit unemployment.
Flashy? Maybe not. Durable? Absolutely. Depending on the situation where you live, a place like Omaha may be looking pretty good right about now.
Let's hear it for Nebraska. (Go Big Red)
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