No Jobs in Youth Magnet Cities, But Crowds Keep Coming

Cities like Portland and Austin have been magnets for young professionals. Amid the recession, these cities have few jobs to offer. But the hipsters keep coming.

"This drizzly city along the Willamette River has for years been among the most popular urban magnets for college graduates looking to start their careers in a small city of like-minded folks. Now the jobs are drying up, but the people are still coming. The influx of new residents is part of the reason the unemployment rate in the Portland metropolitan area has more than doubled to 11.8% over the past year, and is now above the national average of 8.9%.

Some new arrivals are burning through their savings as they hunt for jobs that no longer exist. Some are returning home. Others are settling for low-paying jobs they are overqualified for."

"...The worst recession in a generation is disrupting migration patterns and overturning lives across the country. Yet, cities like Portland, along with Austin, Texas, Seattle and others, continue to be draws for the young, educated workers that communities and employers covet. What these cities share is a hard-to-quantify blend of climate, natural beauty, universities and -- more than anything else -- a reputation as a cool place to live. For now, an excess of young workers is adding to the ranks of the unemployed. But holding on to these people through the downturn will help cities turn around once the economy recovers."

Full Story: 'Youth Magnet' Cities Hit Midlife Crisis

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