Economic growth for U.S. cities will depend on mix of industries
Economic growth for U.S. cities will depend on mix of industries
A new report out Monday forecasts the biggest cities in the U.S. will fare differently in an upcoming global economic slowdown, depending on their mix of industries, cost of living and quality of life. The forecasting firm Oxford Economics said San Francisco will grow fastest over the next two years at an average of 2.4% a year, thanks to its strength in the tech sector.
Oxford Economics projects Chicago’s economy to see the slowest growth, at 1.4%, due to multiple factors, including mounting pension debt and uncertainty over future tax policy, as well as regional economic factors such as population declines and the slowing manufacturing sector.
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