Archive for January, 2011

Richard Florida
by Richard Florida
Sat Jan 29th 2011 at 11:00am UTC

Foreclosures Still Concentrated in Sunbelt Cities

Saturday, January 29th, 2011

The economic fallout from the nation’s housing crisis continues to be geographically concentrated. New figures on foreclosure rates for 2010 from RealtyTrac show that Sunbelt metros continue to see the highest levels of foreclosure in the nation.

Miami tops the list with more than 171,704 foreclosures followed by Phoenix with 124,720 and Riverside with 101,210. The map above prepared by Zara Matheson of the Martin Prosperity Institute shows the 20 metros with the highest total number of foreclosures based on the RealtyTrac data.

And, 19 of the 20 metros with the highest foreclosure rates are located in just three Sunbelt states –  Nevada, California, and Florida. In Las Vegas, a staggering one in 10 housing units (10.88 percent) went through foreclosure in 2010.

Unfortunately, foreclosure rates were up in nearly three-quarters (72 percent) of the 206 metros  tracked by RealtyTrac.  But, foreclosure activity was down in the 10 metros with the highest foreclosure rates, which could be a signal that the worst of the housing crisis is finally past.

Richard Florida
by Richard Florida
Wed Jan 26th 2011 at 1:00pm UTC

The Great Housing Reset Continues

Wednesday, January 26th, 2011

U.S. housing prices are continuing to reset according to the latest Case-Shiller housing price figures.

From Calculated Risk

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Steven Pedigo
by Steven Pedigo
Tue Jan 25th 2011 at 10:01am UTC

“Creativity in Play” Interview

Tuesday, January 25th, 2011

Richard Florida’s on-line radio interview with “Creativity in Play” hosts, Steve Dahlberg and Mary Alice Long on why creativity matters in cities and communities, what the state of today’s economy means for creativity, and where we stand in “The Great Reset.” Listen to the full interview here.

Richard Florida
by Richard Florida
Sun Jan 23rd 2011 at 10:00am UTC

Geographies of Scope

Sunday, January 23rd, 2011

That’s the title of my new article with Kevin Stolarick and Charlotta Mellander just out in the Journal of Economic Geography.

Here’s the abstract:

The geographic clustering of economic activity has long been understood in terms of economies of scale across space. This paper introduces the construct of geographies of scope, which we argue is driven by substantial, large-scale geographic concentrations of related skills, inputs and capabilities. We examine this through an empirical analysis of the entertainment industry across U.S. metropolitan areas from 1970 to 2000. Our findings indicate that geographies of scope (or collocation among key related entertainment subsectors and inputs) explain much of the economic geography of entertainment even when scale is controlled for, though our regressions over time suggest the role of scope is decreasing. Furthermore, we find that the entertainment sector as a whole and its key subsectors are significantly concentrated in two superstar cities—New York and Los Angeles—far beyond what their population size (or scale effects) can account for, while the pattern falls off dramatically for other large regions.

The full article is here.

Steven Pedigo
by Steven Pedigo
Thu Jan 20th 2011 at 10:24pm UTC

Lady Gaga’s Monster Influence

Thursday, January 20th, 2011

We all know Lady Gaga as a singer, dancer and performer.   But in the last two years, she’s climbed from just an entertainer to a monster endorser and creative visionary.

According to CCG’s very own CEO Rana Florida,

She [Lady Gaga] has changed the way endorsement deals work. She’s putting more of her influence, thought and creative energy into a line rather than just endorsing them. She has been able to successfully marry music, fashion and culture, making her a truly visual maven. She is her own movement.

Read more about Lady Gaga’s influence  at CNN International.

Is Lady Gaga the first artist to truly exemplify the qualities of the creative class?  How has she leveraged the 3-T’s: technology, talent and tolerance to build her brand  and influence?

Richard Florida
by Richard Florida
Thu Jan 20th 2011 at 6:02pm UTC

The Global State of Work

Thursday, January 20th, 2011

This map below from the Gallup organization shows the results from its newly released Global Employment Index.  The Index is based on Gallup data on workers that are employed full time for an employer, underemployed, and unemployed; it charts these employment trends by global region. An interactive map can be found here.

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Richard Florida
by Richard Florida
Wed Jan 19th 2011 at 6:00pm UTC

Where the Brains are Going

Wednesday, January 19th, 2011

Cities and regions across America and the world have made significant efforts to attract and retain young college graduates over the past decade or so.  This has been driven by growing awareness that the ability to attract human capital, as well the ability to attract companies plays a key role in economic competitiveness. And since young adults are the most mobile members of the population – people in their mid-20s are three to five times more likely to move than middle aged folks – the ability to attract them early in life can pay big, lasting dividends.

A new study by Brookings demographer William Frey examines trends in the migration decisions of young adults and college grads (as separate groups) over the years 2007 – 2009. His findings are especially interesting and relevant, since they cover the period since the onset of the economic crisis and reset.

The economic crisis has caused a significant decline in migration, with the mobility of Americans hitting record lows. Young adults and college graduates have not been excepted, Frey finds, with a growing number of them staying put or moving back with their parents. That said, the mobility of both college grads and young adults remains considerably higher than for Americans as a whole, according to Frey’s analysis.

But where have young adults and college grads been heading since the economic crisis?

To answer this, Frey charts the migration trends of both young adults and college grads across America’s 52 largest MSA’s, those that are home to more than one million people, using newly released Census data for the 2007-2009 period.

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Richard Florida
by Richard Florida
Fri Jan 14th 2011 at 12:00pm UTC

The Geography of Gun Deaths

Friday, January 14th, 2011

Terrible tragedies like last week’s mass shootings in Tucson cause us to search for deeper answers. Many were quick to blame America’s divisive and vitriolic political culture for the violence; others portray the shooter as an unhinged, clinically deranged person with his own unfathomable agenda. Arizona has been Ground Zero for the battle over immigration. Were the state’s political and economic travails a contributing factor? There has been some talk about guns, too. Might tighter gun control laws have made a difference?

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Richard Florida
by Richard Florida
Thu Jan 13th 2011 at 3:00pm UTC

What Makes Texas Special

Thursday, January 13th, 2011

My colleague Derek Thompson takes on Paul Krugman’s contention that the Texas miracle was a mirage in his comment “Is Texas Special?” Challenging Krugman’s notion that the state’s deficit undercuts the advantages it derives from its population and economic growth, Thompson notes that, when it comes to Texas – and you can say this for just about any kind of economy – it is structural factors rather than short-term policy fluctuations that ultimately matter. “Whether or not Texas has cultivated a uniquely successful business environment at the state level,” he notes, “it’s pretty clear that many of Texas’ largest cities are uniquely positioned to withstand the recession. As a general rule, the cities that survived the recession avoided the housing boom and clung to strong government-backed sectors, like health care, higher education, and military.” Six Texas metros number among the country’s 20 best-performing regions, according to research and rankings by the Brookings’ Metropolitan Policy Program, he adds.

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Richard Florida
by Richard Florida
Thu Jan 13th 2011 at 10:45am UTC

The Psychogeography of Gun Violence

Thursday, January 13th, 2011

The mass shootings in Tucson over the weekend led to all sorts of exercises in arm-chair psychology. The media was quick to portray the shooter Jared Lee Loughner as unhinged and paranoid, digging up his Internet ravings and probing former friends and classmates for detailed testimonials of his bizarre statements and aggressive behavior. And, following its polarization meme, we were subjected to endless accounts of how America’s heated and “vitriolic” political climate helped to trigger such action.

But what can psychology tell us about the specific ways that regional, locational, and geographic factors can affect gun violence and mass shootings in particular?

I was surprised by what I found out when I asked my colleague Jason Rentfrow, the distinguished social psychologist at Cambridge University, about this. While some continue to attribute gun violence and mass shootings to hot climates in the U.S. and elsewhere – “Living in a hot and uncomfortable climate makes people irritable and rates of violence go up,” as Rentfrow summarizes their thinking – the preponderance of studies focus on a “culture of honor” that is especially pervasive in southern and western states. This is something that pundits and commentators need to take a good deal more seriously because, if it is correct, and a considerable body of research suggests that it is, it suggests that deep-seated regional and cultural factors play a substantial role in mass violence.

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