College towns less affected by economic recession

Apparently with economies on steroids, college towns appear to be less affected by the recent economic downturn (?meltdown) than other American cities. We write from Iowa City, a virtual vortex of economic activity.  To the Wall Street Journal:

Morgantown, W.Va., home to West Virginia University, has one of the lowest unemployment rates in the U.S. -- just 3.9% -- and the university itself has about 260 job openings, from nurses to professors to programmers.

"We're hurting for people, especially to fill our computer and technical positions," says Margaret Phillips, vice president for human relations at WVU.

Of the six metropolitan areas with unemployment below 4% as of January, three of them are considered college towns. One is Morgantown. The other two are Logan, Utah, home of Utah State University, and Ames, Iowa, home of Iowa State University. Both have just 3.8% unemployment, based on Labor Department figures that are not seasonally adjusted.

The pattern holds true for many other big college towns, such as Gainesville, Fla., Ann Arbor, Mich., Manhattan, Kan., and Boulder, Colo. In stark contrast, the unadjusted national unemployment rate is 8.5%.

While college towns have long been considered recession-resistant, their ability to avoid the depths of the financial crisis shaking the rest of the nation is noteworthy. The ones faring the best right now are not only major education centers; they also are regional health-care hubs that draw people into the city and benefit from a stable, educated, highly skilled work force.

The big question hanging over these communities is whether their formula for success can outlast the nation's nastiest recession in at least a quarter-century. Amid investment losses and state budget woes, many college cities are starting to see their unemployment rates rise, even though they're still lower than the national average. The longer the recession drags on, the more likely college towns are to catch up with their harder-hit peers.

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