According to a new study, Laredo, Texas, currently enjoys the best economic environment in the country while Denver, Colorado, leads in employment opportunities. The WalletHub study compared city data to determine which areas have made the most successful recovery from the recent recession.
WalletHub's research compiled information on a number of statistics usually related to economies experiencing a recession. Cities that have made the fullest recovery are more likely to have low crime rates, more new businesses, new college graduates and low unemployment. Metrics of employment opportunities included income, unemployment rate, number of workers with a college education, and the ratio of full-time to part-time jobs. Economic environment measures included crime rate, business and GDP growth, and consumer debt.
Laredo, which ranked first in economic environment and 33rd in employment opportunities, was also named the most recovered city. While Denver had the best employment outlook, it was placed below Irving, Texas, and Fayetteville, North Carolina, in terms of total recovery from the recession.
Data from the U.S. Bureau of Labor Statistics showed that Denver's unemployment rate fell from 6.4 percent in January 2014 to 5.3 percent in May. Its unemployment is below the national average but not the lowest in the country.