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Maybe it’s that reporters don’t like malls. After all they tend to be young, highly urban, single, and highly educated, not the key demographic at your local Macy’s, much less H&M.
But for years now, the conventional wisdom in the media is that the mall—particularly in the suburbs—is doomed. Here a typical sample from The Guardian: “Once-proud visions of suburban utopia are left to rot as online shopping and the resurgence of city centers make malls increasingly irrelevant to young people.”
In the aftermath of the Baltimore riots, there is increased concern with issues of race and opportunity. Yet most of the discussion focuses on such things as police brutality, perceptions of racism and other issues that are dear to the hearts of today’s progressive chattering classes. Together they are creating what talk show host Tavis Smiley, writing in Time, has labeled “an American catastrophe.”
This is the overview from a new report, Best Cities for Minorities: Gauging the Economics of Opportunity by Joel Kotkin and Wendell Cox for the Center for Opportunity Urbanism. Read the full report here (pdf viewer).
This study provides an initial analysis of African-American, Latino and Asian economic and social conditions in 52 metropolitan regions currently and over the period that extends from 2000 to 2013. Our analysis includes housing affordability, median household incomes, self-employment rates, and population growth. Overall, the analysis shows that ethnic minorities in metropolitan regions with significant economic growth and affordable housing tend to do better than in other locations irrespective of the dominant political culture.
California, our beautiful, resource-rich state, has managed to miss both the recent energy boom and the renaissance of American manufacturing. Hollywood is gradually surrendering its dominion in a war of a thousand cuts and subsidies. California’s poverty rate – adjusted for housing costs – is the nation’s worst, and much of the working class and lower middle class is being forced to the exits. Our recent spate of high-tech growth has created individual fortunes, but few jobs, outside the Bay Area.
In the coming decades, no ethnic group may have more of an economic impact on the local level in the U.S. than Asian-Americans. Asia is now the largest source of legal immigrants to the U.S., constituting 40% of new arrivals in 2013. They are the country’s highest-income, best-educated and fastest-growing racial group — their share of the U.S. population has increased from 4.2% in 2000 to 5.6% in 2010, and is expected to reach 8.6% by 2050.
In this column, we often rate metropolitan areas for their performance over one year, five or at most 10. But measuring economic and social progress often requires a longer lens, spanning decades.
Nowhere is this clearer than in education, which many claim is the key to higher-wage economic growth. Yet there are two sets of numbers that need to be distinguished: those states with the highest percentage of educated workers and the states that have increased their numbers most rapidly.
The millennial generation has had much to endure – a still-poor job market, high housing prices and a generally sour political atmosphere. But perhaps the final indignity has been the tendency for millennials to be spoken for by older generations, notably, well-placed boomers, who often seem to impose their own ideological fantasies, without actually finding out what the younger cohort really wants. The reality, in this case, turns out far different than what is bespoken by others.
The election of Barack Obama six years ago was hailed as a breakthrough both for minorities, particularly African Americans, and for his being the first “city guy” elected president in recent history. Both blacks and urbanistas got one of their “own” in power, and there were hopes that race relations and urban fortunes would improve at a rapid pace.
Since 1980, the percentage of Americans who claim Hispanic heritage has grown from 6% to 17%. By 2040, Latinos will constitute roughly 24% of the population.
Many Democrats no doubt see President Obama’s executive actions on immigration as a step not only to address legitimate human needs, but their own political future. But perhaps a more important question is how these new Americans will fare economically.
The U.S. may have its first black president, but these have not been the best of times for African-Americans. Recent shootings of unarmed black teenagers and the murder of two New York City police officers have inflamed racial tensions. A Bloomberg poll in December found that 53% of respondents believed that race relations have declined since Obama was elected in 2008.
In this information age, brains are supposed to be the most valued economic currency. For California, where the regulatory environment is more difficult for companies and people who make things, this is even more the case. Generally speaking, those areas that have the heaviest concentration of educated people generally do better than those who don’t.
President Obama’s amnesty edict, likely to be the first of other such measures, all but guarantees California’s increasingly Latino future. But, sadly, for all the celebration among progressives, the media, Democratic politicans and in the Latino political community, there has been precious little consideration about the future of the newly legalized immigrants, as well as future generations of Latinos, in the state.
Much has been made of Japan’s latest relapse into recession. For the most part, economists have focused on the efficacy of the once much-ballyhooed “Abenomics,” the stimulus and structural reform program that was seen as the key to turning around the island nation’s torpid economy.
With his questionably Constitutional move to protect America’s vast undocumented population, President Obama has provided at least five million immigrants, and likely many more, with new hope for the future. But at the same time, his economic policies, and those of the progressive wing of the Democratic Party, may guarantee that many of these newly legalized Americans will face huge obstacles trying to move up in a society creating too few opportunities already for its own citizens, much less millions of the largely ill-educated and unskilled newcomers.
In this difficult recovery, many of the strongest local economies have been those with a high share of educated people in their workforce, particularly areas where technology companies and other knowledge-based industries are growing most rapidly.