Albany-Schenectady-Troy, NY
Overall rank: 28
Albany, about two and a half hours north of Manhattan, is the state capital and home of the State University of New York at Albany. The economy is closely tied to state government, but the university also brings the area education and technology-related jobs. Employment in the Albany metro peaked in the second quarter of last year. Gross metropolitan product in the second quarter was down 5.3% from the peak in the fourth quarter of 2007. Home prices grew 0.8% in the second quarter compared with the same period a year earlier. And the unemployment rate in June was 7.3%, up 2.5 points from a year earlier. (Please see below for the various criteria used by the Brookings Institution to determine the overall ranking.)
Job growth (since peak) rank: 21
Gross Metro Product (since peak) rank: 71
Unemployment change (year over year) rank: 14
Home price change (year over year) rank: 38
