CLEVELAND — As the COVID-19 pandemic continues, cities across the nation are trying to find a way to recover from the economic turmoil that the virus has brought forth. According to a new study by Wallethub, some cities know the key ingredients for long-term prosperity better than others.
Unfortunately, the numbers show that Cleveland still has a lot of work to do.
WalletHub's report on 2020’s Fastest-Growing Cities in America show Cleveland ranking 65 out of the 66 largest cities in the nation. Overall, Cleveland checked in 470th out of 515 cities in the U.S.
To determine where the most rapid local economic growth occurred over a period of seven years, WalletHub compared 515 U.S. cities across 17 key metrics. The data set ranges from population growth to college-educated population growth to unemployment rate decrease.
Here was how Cleveland fared in several of the key metrics:
- 475th – Population Growth
- 305th – Median Household Income Growth
- 460th – Job Growth
- 149th – Poverty Rate Decrease
- 281st – Regional GDP Growth
- 241st – Unemployment Rate Decrease
- 501st – Growth in Number of Businesses
- 427th – Working-Age Population Growth
- 110th – Foreclosure Rate Decrease
- 497th – Median House Price Growth
Here is how other Ohio cities fared in the study:
- Columbus - #22 among large cities (141st overall)
- Cincinnati - #37 among large cities (242nd overall)
- Akron - #231 among mid-size cities (460th overall)
- Dayton - #243 among mid-size cities (492nd overall)
- Toledo - #247 among mid-size cities (497th overall)
- Youngstown - #152 among small cities (433rd overall)
- Canton - #175 among small cities (477th overall)
- Parma - #190 among cmall cities (508th overall)
The Wallethub study comes after reports surfaced last month that Cleveland is now considered the poorest large city in the country, according to new data released by the U.S. Census Bureau's American Community Survey.
Poverty and economic hardship was a focal point of Mayor Frank Jackson's annual State of the City address, which was held virtually Thursday night.
"We will never create communities where all people can thrive and share in quality of life and prosperity," Jackson stated during his speech. "The question is do we have the will and courage to become a great city?"