SRSA Presidential Address: Local Economic Impact of the Great Recession of 2008-2009

SRSA Presidential Address: The 2008/2009 recession has been the worst recession since World War II. The national unemployment rate went from 5.0 percent to over 10 percent in less than two years. GDP was negative during five of the six quarters during 2008 and the first half of 2009. Over 8.3 million establishment jobs were lost during the first 24 months of the recession. While the national numbers are staggering, the state and local impacts are quite varied. In this presentation I will identify the disparity of impact at the state and local level. In addition, I will also try to dispel a number of myths surrounding the cause and reactions to this economic crisis.