Has Your State Recovered From the Great Recession?
See which states are still hurting from the Great Recession.
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The Great Recession lasted from December 2007 to June 2009, but the effects were felt long after that. Unemployment during the Great Recession peaked in October 2009, while median home values reached their low in 2012. However, not every state was as affected by the recession as others.
Click through to see if your state is recovering from the effects of the Great Recession.
Alabama
Percent change in home value (2007-2017): -1.09%
Percent change in unemployment (2007-2017): -20.5%
Percent change in labor force participation (2007-2017): -7.7%
Percent change in wages (2008-2016): 17.5%
Although the total number of employed people in Alabama has dropped 1.7 percent from the beginning of the recession until now, unemployment is still relatively low in the state at 3.5 percent.
Alaska
Percent change in home value (2007-2017): 0.88%
Percent change in unemployment (2007-2017): 14.1%
Percent change in labor force participation (2007-2017): -6.6%
Percent change in wages (2008-2019): 21.4%
Alaska’s 2017 unemployment rate is almost as high as it was in 2009, when unemployment levels across the country were at their highest. On the plus side, a separate GOBankingRates study found that Alaska is one of the states with the least amount of debt.
Arizona
Percent change in home value (2007-2017): -0.70%
Percent change in unemployment (2007-2017): 2.3%
Percent change in labor force participation (2007-2017): -4.3%
Percent change in wages (2008-2019): 17.8%
Home values have risen dramatically in Arizona since hitting a low of $163,900 in 2012 — they have increased about 47 percent. However, they have still not reached pre-recession levels.
Arkansas
Percent change in home value (2007-2017): 16.13%
Percent change in unemployment (2007-2017): -28.8%
Percent change in labor force participation (2007-2017): -6.4%
Percent change in wages (2008-2019): 17%
Unlike most states, Arkansas never saw a dramatic dip in home prices during the recession. In 2007, the median home value was $105,400; in 2012, it was $105,600; and the 2017 median home value was $122,400.
California
Percent change in home value (2007-2017): 9.4%
Percent change in unemployment (2007-2017): -28.3%
Percent change in labor force participation (2007-2017): -5.2%
Percent change in wages (2008-2019): 18.2%
California had the sixth-highest unemployment rate of any state in 2009: 11.3 percent. Fortunately, unemployment has decreased significantly since then, and was at 4.3 percent in 2017. However, California is one of the states with the biggest real estate bubbles.
Colorado
Percent change in home value (2007-2017): 51.46%
Percent change in unemployment (2007-2017): -24.4%
Percent change in labor force participation (2007-2017): -6%
Percent change in wages (2008-2019): 18%
Colorado’s unemployment rate reached 8.7 percent in 2010, but it has since dropped to 3.1 percent — one of the lowest unemployment rates in the U.S.
Connecticut
Percent change in home value (2007-2017): -13.92%
Percent change in unemployment (2007-2017): -6.1%
Percent change in labor force participation (2007-2017): -3.4%
Percent change in wages (2008-2019): 17%
Connecticut has experienced the second-largest decrease in home values of any of the states from the beginning of the recession until now. In 2007, the median home value was $304,500; as of 2017, it was $262,100.
Delaware
Percent change in home value (2007-2017): 3.67%
Percent change in unemployment (2007-2017): 24.3%
Percent change in labor force participation (2007-2017): -5.9%
Percent change in wages (2008-2019): 12.6%
Delaware has seen one of the largest increases in unemployment between 2007 and 2017. The unemployment rate at the start of the recession was 3.7 percent, and it’s now 4.6 percent.
Delaware is also still struggling with a potential housing problem. A previous GOBankingRates study found that Delaware is one of the states still suffering from a foreclosure crisis.
Florida
Percent change in home value (2007-2017): 1.54%
Percent change in unemployment (2007-2017): -24.5%
Percent change in labor force participation (2007-2017): -7.5%
Percent change in wages (2008-2019): 14.5%
Florida has a relatively low unemployment rate of 3.7 percent now. But at the peak of unemployment in 2009 it had one of the highest rates at 10.7 percent. Still, Florida is one of the worst states to be unemployed if you want a job.
Georgia
Percent change in home value (2007-2017): 3.28%
Percent change in unemployment (2007-2017): -13.7%
Percent change in labor force participation (2007-2017): -6.9%
Percent change in wages (2008-2019): 16.1%
Georgia has seen a relatively large drop in the labor force participation rate between 2007 and now. In 2007, the labor force participation rate was 68.1 percent; in 2009, at the end of the recession, it was 65.2 percent. It now is 63.4 percent.
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Hawaii
Percent change in home value (2007-2017): 19.2%
Percent change in unemployment (2007-2017): -37.5%
Percent change in labor force participation (2007-2017): -5.5%
Percent change in wages (2008-2019): 18.7%
Hawaii has seen one of the biggest decreases in unemployment from the start of the recession until now. The island state had an unemployment rate of 3.2 percent in 2007; it reached its highest level in 2009 at 7.3 percent. It’s now at 2 percent — the lowest unemployment rate in the U.S. Currently, it’s considered one of the best states if you’re unemployed.
Idaho
Percent change in home value (2007-2017): 1.12%
Percent change in unemployment (2007-2017): -9.4%
Percent change in labor force participation (2007-2017): -4.6%
Percent change in wages (2008-2019): 12.3%
The percent change in annual wages in Idaho from 2008 until now has increased the second-smallest amount of all the states.
Illinois
Percent change in home value (2007-2017): -13.88%
Percent change in unemployment (2007-2017): -12.7%
Percent change in labor force participation (2007-2017): -6.6%
Percent change in wages (2008-2019): 14.4%
Home values in Illinois have not fully recovered since the recession. In 2007, the median home value was $198,100. At its low point in 2012, the median home value was $141,900. As of 2017, the median home value is $170,600.
Indiana
Percent change in home value (2007-2017): 7.47%
Percent change in unemployment (2007-2017): -29.2%
Percent change in labor force participation (2007-2017): -4.2%
Percent change in wages (2008-2019): 13.7%
The unemployment rate in Indiana reached a high of 10.7 percent in 2009. The unemployment rate in the state is now 3.4 percent, which is below the national average of 4.1 percent.
Iowa
Percent change in home value (2007-2017): 42.38%
Percent change in unemployment (2007-2017): -24.3%
Percent change in labor force participation (2007-2017): -5.7%
Percent change in wages (2008-2019): 21.2%
The median home values in Iowa do not seem to have been affected by the recession, with values increasing from 2007 to 2012, and from 2012 to 2017.
Kansas
Percent change in home value (2007-2017): 19.59%
Percent change in unemployment (2007-2017): -20.9%
Percent change in labor force participation (2007-2017): -4.6%
Percent change in wages (2008-2019): 16.8%
As with Iowa, Kansas’ housing market seems to have escaped the effects of the recession. In 2007, the median home value was $107,200; in 2012, it was $110,800; and in 2017, it was $128,200.
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Kentucky
Percent change in home value (2007-2017): 20.17%
Percent change in unemployment (2007-2017): -20%
Percent change in labor force participation (2007-2017): -4.4%
Percent change in wages (2008-2019): 14.8%
Although the labor force participation rate has not decreased much from before the recession until now, the state has one of the lowest rates in the U.S. at 59.2 percent.
Maine
Percent change in home value (2007-2017): 0.75%
Percent change in unemployment (2007-2017): -38.8%
Percent change in labor force participation (2007-2017): -3.6%
Percent change in wages (2008-2019): 17.3%
Maine has seen the second-largest drop in unemployment from the beginning of the recession to the present day.
Maryland
Percent change in home value (2007-2017): -11.96%
Percent change in unemployment (2007-2017): 17.6%
Percent change in labor force participation (2007-2017): -1.4%
Percent change in wages (2008-2019): 17.5%
Maryland has not yet recovered from the recession. Home values are lower now than they were in 2007, and the unemployment rate is greater now than in 2007.
Massachusetts
Percent change in home value (2007-2017): 16.35%
Percent change in unemployment (2007-2017): -23.9%
Percent change in labor force participation (2007-2017): -1.9%
Percent change in wages (2008-2019): 19.3%
Massachusetts’ unemployment levels have been able to bounce back since the recession. The 2017 rate is less than half of what it was during its peak in 2009.
Michigan
Percent change in home value (2007-2017): 6.39%
Percent change in unemployment (2007-2017): -35.6%
Percent change in labor force participation (2007-2017): -4.7%
Percent change in wages (2008-2019): 10.4%
Wages have not changed much in Michigan since the recession. In fact, they have increased the least of any state compared to the rest of the U.S.
Minnesota
Percent change in home value (2007-2017): 6.91%
Percent change in unemployment (2007-2017): -34%
Percent change in labor force participation (2007-2017): -2.1%
Percent change in wages (2008-2019): 16.4%
Minnesota has seen one of the largest decreases in unemployment since the recession. The unemployment rate peaked in 2009 at 8.1 percent, and it’s down to 3.1 percent as of 2017.
Mississippi
Percent change in home value (2007-2017): 21.79%
Percent change in unemployment (2007-2017): -22%
Percent change in labor force participation (2007-2017): -7.7%
Percent change in wages (2008-2019): 15.6%
Mississippi has one of the largest drops in labor force participation from the beginning of the recession to today. In 2007, the labor force participation rate was 60 percent, and in 2017, it was 55.4 percent. Today, Mississippi is one of 13 states still suffering from the effects of the Great Recession.
Missouri
Percent change in home value (2007-2017): -2.48%
Percent change in unemployment (2007-2017): -35.2%
Percent change in labor force participation (2007-2017): -5.4%
Percent change in wages (2008-2019): 15.7%
Missouri’s home values took a hit during the recession, and they haven’t bounced back yet. In 2007, the median home value was $149,300. Values dropped down to $122,500 in 2012, and the 2017 median home value was $145,600.
Montana
Percent change in home value (2007-2017): 20.15%
Percent change in unemployment (2007-2017): -2.4%
Percent change in labor force participation (2007-2017): -6.3%
Percent change in wages (2008-2019): 21.2%
Unemployment in Montana is just slightly lower now, at 4.1 percent, than it was in 2007, at 4.2 percent.
Nebraska
Percent change in home value (2007-2017): 24.11%
Percent change in unemployment (2007-2017): -10%
Percent change in labor force participation (2007-2017): -6.3%
Percent change in wages (2008-2019): 22.2%
Unemployment in Nebraska stayed relatively low throughout the recession. In 2009, unemployment reached its highest level at 4.8 percent. In 2017, the unemployment rate was 2.7 percent, one of the lowest rates in the country.
Nevada
Percent change in home value (2007-2017): -4.23%
Percent change in unemployment (2007-2017): -2%
Percent change in labor force participation (2007-2017): -8.1%
Percent change in wages (2008-2019): 12.9%
Nevada is one of the least recession-proof states, a separate study found. Nevada’s unemployment rate went up to 13.6 percent in 2010 — the highest of all the states.
New Hampshire
Percent change in home value (2007-2017): 5.77%
Percent change in unemployment (2007-2017): -25.7%
Percent change in labor force participation (2007-2017): -4%
Percent change in wages (2008-2019): 17.6%
New Hampshire has recovered from the recession in terms of both home values — which are now higher than they were pre-recession — and unemployment, which is more than 25 percent lower than it was in 2007.
New Jersey
Percent change in home value (2007-2017): -11.69%
Percent change in unemployment (2007-2017): 8.7%
Percent change in labor force participation (2007-2017): -5.4%
Percent change in wages (2008-2019): 15.1%
New Jersey has experienced one of the largest drops in home values since the recession.
New Mexico
Percent change in home value (2007-2017): -3.88%
Percent change in unemployment (2007-2017): 50%
Percent change in labor force participation (2007-2017): -8.4%
Percent change in wages (2008-2019): 17.8%
Unemployment rates have not been able to get back to pre-recession levels in New Mexico, which has seen the largest increase in unemployment since 2007.
New York
Percent change in home value (2007-2017): -16.33%
Percent change in unemployment (2007-2017): -6.1%
Percent change in labor force participation (2007-2017): -2.9%
Percent change in wages (2008-2019): 18.8%
Home values have suffered more in New York than any other state, with the 2007 median home value at $313,000, and the 2017 median home value at $261,900.
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North Carolina
Percent change in home value (2007-2017): 10.16%
Percent change in unemployment (2007-2017): -10%
Percent change in labor force participation (2007-2017): -5.7%
Percent change in wages (2008-2019): 18.4%
Unemployment peaked in North Carolina in 2009 with a rate of 10.7 percent, but it’s now back down to 4.5 percent.
North Dakota
Percent change in home value (2007-2017): 52.18%
Percent change in unemployment (2007-2017): -16.1%
Percent change in labor force participation (2007-2017): -3.1%
Percent change in wages (2008-2019): 34.1%
North Dakota has seen the second-largest increase in home values since the recession, as well as the largest increase in wages. A separate GOBankingRates study found that it is one of the most fiscally successful states.
Ohio
Percent change in home value (2007-2017): 6.82%
Percent change in unemployment (2007-2017): -17.5%
Percent change in labor force participation (2007-2017): -6%
Percent change in wages (2008-2019): 15.3%
Although unemployment in Ohio has decreased since the recession, the unemployment rate is still higher than the national average at 4.7 percent.
Oklahoma
Percent change in home value (2007-2017): 35.88%
Percent change in unemployment (2007-2017): 13.9%
Percent change in labor force participation (2007-2017): -3.9%
Percent change in wages (2008-2019): 22.5%
Home values have climbed steadily in Oklahoma, even during the recession. In 2007, the median home value was $86,400, and as of 2017 the median home value was $117,400.
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Oregon
Percent change in home value (2007-2017): 23.83%
Percent change in unemployment (2007-2017): -22.6%
Percent change in labor force participation (2007-2017): -3.3%
Percent change in wages (2008-2019): 20%
Oregon’s home values have seen some of the largest recoveries since the recession, with an overall increase of nearly 24 percent, and a 59 percent increase between 2012 and 2017.
Pennsylvania
Percent change in home value (2007-2017): 4.6%
Percent change in unemployment (2007-2017): -2.1%
Percent change in labor force participation (2007-2017): -3.7%
Percent change in wages (2008-2019): 17%
The unemployment rate in Pennsylvania has dropped only 0.1 percent between 2007 and 2017.
Rhode Island
Percent change in home value (2007-2017): -1.21%
Percent change in unemployment (2007-2017): -27.9%
Percent change in labor force participation (2007-2017): -6%
Percent change in wages (2008-2019): 19.6%
Although home values have increased nearly 28 percent between 2012 and 2017, the median home value in Rhode Island is still lower than it was in 2007.
South Carolina
Percent change in home value (2007-2017): 14.48%
Percent change in unemployment (2007-2017): -28.1%
Percent change in labor force participation (2007-2017): -6.2%
Percent change in wages (2008-2019): 15.2%
Unemployment in South Carolina has decreased substantially since the start of the recession. At its highest in 2009, the state’s unemployment rate was 11.6 percent, and it’s currently down to 4.1 percent.
South Dakota
Percent change in home value (2007-2017): 27.01%
Percent change in unemployment (2007-2017): 29.6%
Percent change in labor force participation (2007-2017): -4.7%
Percent change in wages (2008-2019): 22.3%
South Dakota has experienced the third-largest increase in unemployment between 2007 and 2017.
Tennessee
Percent change in home value (2007-2017): 21.75%
Percent change in unemployment (2007-2017): -41.8%
Percent change in labor force participation (2007-2017): -4.9%
Percent change in wages (2008-2019): 15.9%
Tennessee has seen the biggest drop in unemployment between the start of the recession — the unemployment rate was 5.5 percent in 2007 — and 2017, when the rate reached 3.2 percent.
Texas
Percent change in home value (2007-2017): 29.82%
Percent change in unemployment (2007-2017): -9.3%
Percent change in labor force participation (2007-2017): -3.8%
Percent change in wages (2008-2019): 21.5%
Median home values in Texas have recovered since the recession. The median value dropped from $134,800 in 2007 to $124,100 in 2012, but by 2017 it had increased to $175,000.
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Utah
Percent change in home value (2007-2017): 1.73%
Percent change in unemployment (2007-2017): 3.3%
Percent change in labor force participation (2007-2017): -3.5%
Percent change in wages (2008-2019): 19.2%
Although the unemployment rate has increased a small amount since the start of the recession, at 3.1 percent Utah still has one of the lowest unemployment rates in the U.S.
Vermont
Percent change in home value (2007-2017): 8.76%
Percent change in unemployment (2007-2017): -33.3%
Percent change in labor force participation (2007-2017): -5%
Percent change in wages (2008-2019): 19.7%
Vermont has experienced one of the largest decreases in unemployment from 2007 to 2017, with the rate dropping from 4.2 percent to 2.8 percent.
Virginia
Percent change in home value (2007-2017): -4.12%
Percent change in unemployment (2007-2017): 5.7%
Percent change in labor force participation (2007-2017): -4.9%
Percent change in wages (2008-2019): 18.7%
Home values and the unemployment rate have not yet reached pre-recession levels in Virginia.
Washington
Percent change in home value (2007-2017): 16.47%
Percent change in unemployment (2007-2017): -6.3%
Percent change in labor force participation (2007-2017): -5.4%
Percent change in wages (2008-2019): 20.2%
The unemployment rate in Washington reached 9.6 percent in 2010, but it has since dropped to 4.5 percent.
West Virginia
Percent change in home value (2007-2017): 64.75%
Percent change in unemployment (2007-2017): 17%
Percent change in labor force participation (2007-2017): -5%
Percent change in wages (2008-2019): 20.1%
West Virginia had the largest jump in median home values between 2007 and 2017, with the 2017 median value at $103,300.
Wisconsin
Percent change in home value (2007-2017): 7.59%
Percent change in unemployment (2007-2017): -37.5%
Percent change in labor force participation (2007-2017): -2.7%
Percent change in wages (2008-2019): 15%
Wisconsin is tied with Hawaii for the third-greatest decrease in unemployment from 2007 to 2017. The current unemployment rate is 3 percent.
Wyoming
Percent change in home value (2007-2017): 4.21%
Percent change in unemployment (2007-2017): 50%
Percent change in labor force participation (2007-2017): -9.7%
Percent change in wages (2008-2019): 22.7%
Wyoming is tied with New Mexico for the greatest increase in unemployment between 2007 and 2017. It is one of the states that lost thousands of workers in 2017.
The Great Recession Recovery: Has the U.S. Bounced Back?
Although many states have seen home values rise to pre-recession levels, and unemployment overall has been on the decline since its peak in 2009, some states are still struggling to bounce back. One interesting trend is that all states have experienced a decrease in the labor force participation rate — and it’s unclear when that will be on the upswing again.
Up Next: 16 Ways the US Has Changed Since the Great Recession
Methodology: To determine how the Great Recession affected each state, GOBankingRates analyzed (1) wages based on Occupational Employment data from the U.S. Bureau of Labor Statistics, (2) median home values based on Zillow data, (3) unemployment rate based on BLS Unemployment data and (4) labor force participation rate based on BLS Labor Force Participation data. Louisiana was excluded from this study due to insufficient data.
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