Cities’ financial spreadsheets remain balanced between these challenges and the advantages of low unemployment and pandemic relief funds.
The website TheCreditReview.com wanted to know how large cities – specifically, those with more than 1 million residents – were weathering the current financial climate.
It looked at 11 factors in the economic categories of metro financial health, business financial health and resident financial health to determine which metropolises were on strong financial footing at the beginning of 2023, because when a city’s businesses create more jobs, residents can pay their expenses and contribute to its coffers.
That benefits cities, the site says, because they spend less on services for needy residents and reap a stable income in property taxes.
Although some cities ranked particularly high in one area compared to the others, the results were averaged to compile a list of metropolitan statistical areas that have emerged from the storms to find themselves on stable financial ground. Those areas are:
- Indianapolis-Carmel-Anderson, Indiana
- Salt Lake City, Utah
- Atlanta-Sandy Springs-Alpharetta, Georgia
- Austin-Round Rock-Georgetown, Texas
- Charlotte-Concord-Gastonia, North & South Carolina
- Raleigh-Cary, North Carolina
- Houston-The Woodlands-Sugar Land, Texas
- Minneapolis-St. Paul-Bloomington, Minnesota & Wisconsin
- Dallas-Fort Worth-Arlington, Texas
- San Jose-Sunnyvale-Santa Clara, California