Gettin’ Listy With UP’s Economy
UP is no stranger to national media attention, especially when it comes to being placed on a list. So, it should come as no surpise that Business Week put the U on a list with some other heavy hitters.
But what started my head scratchin’ and my sucker alarm ringing was the list being touted by B Dub:
“Towns That Could Be Hit Hardest by the Financial Crisis”
You can read the full article here. University Park’s profile is here. Why did UP hit the list at No. 9? According, to BW it’s because 18.83 percent of our fair town’s population is employed in either real estate or finance which happens to be the two areas being hit hardest by our ever plummeting economy.
Needless to say the article made me skeptical for two reasons:
1. It looked like BW was using a stats laden story to strike fear in the hearts of their target demographic: the wealthy business elite.
2. Everything I’ve read has said Dallas has missed the worst of the housing market crash.
That’s not to say that times aren’t tough, but to say that UP is going to be hit harder than the city of Dallas just seems off and an obvious attempt to sell more magazines.
Can any Parkies in real estate or finance report on whether they are feeling the crush of our current economic woes?
I can’t comment on real estate or finance, but I wanted to add another question: median income of $110k?! I don’t think it’s possible to live here on that income. I wish that it was. $110k? I’m just saying…
Of course this is to get people in just enough of a tizzy to buy the magazine, and I have to admit that it’s a pretty genius move. But to answer the question, being employed in real estate or finance is not a precursor to doom. For example, the successful realtor or the successful banker/broker with solid relationships are not going away. Maybe the wall street guys who made a living securitizing wild mortgages and whatnot will take a hit, but that stuff wasn’t done in DFW. And I doubt that University Park (with its realtively stuffy reputation relative to the Uptowns or Friscos of the world) attracted a bunch of get-rich-quick mortgage lenders who are among those jobless ones - the successful relationship based mortgage lenders will continue to be successful. University Park remains in great shape.
Are you just plain BF or BFF? If you’re BFF, you’re my husband and we’re sitting in the same room, blogging. If you’re just BF, well, okay then.
There’s only one BFF,
BFF
Maybe I’m BFF’s BF.