Forbes: SLC will weather storm

Salt Lake City is one of the 10 most "recession-proof" cities in the country, according to Forbes magazine.
    Oklahoma City is No. 1 on the magazine's list of cities best suited to do just fine during the national downturn. Others include Austin, Texas; Charlotte, N.C.; Dallas; Houston; Raleigh, N.C.; San Antonio; San Jose, Calif.; and Seattle.
    A recession nationally is generally defined as at least two consecutive quarters of decline in the Gross Domestic Product. At the state level, definitions vary, but most economists say job growth - or lack of it - is a key measure. Because Utah still has positive job growth, most economists believe the state's economy is unlikely to slip into any marked and prolonged economic slowdown.
    To compile its list of "recession-proof" cities, Forbes examined the health of the nation's 50 largest cities by looking at job growth, the housing market and a November 2007 report, "U.S. Metro Economies: The Mortgage Crisis," by the U.S. Conference of Mayors.
    Forbes noted that although Salt Lake City's unemployment rate is rising, it's still among the lowest of the country's 50 largest cities.
    The magazine also referenced the U.S. Conference of Mayors report that predicted Salt Lake City would be one of the few large cities in the country not to suffer a decline in gross metropolitan product from the mortgage crisis.