Which Cities Are Set To Make A Comeback?

"A century ago, cities boomed as waves of industry and immigration first filled urban centers, then forced expansion outward. From 1810 to 1910, Pittsburgh, Pa., experienced more than 50 percent growth every decade except one, swelling a hundredfold from a small village of 5,000 to over half a million in that time and becoming the eighth-largest city -- and the fourth-densest -- in the country. (By contrast, total U.S. population increased only about twelvefold during the same period.)

But in the five decades following World War II, Pittsburgh lumbered along with a population that eventually sank below half its 1950s' peak of nearly 700,000. Census figures for dozens of other cities tell a similar story: Wilmington, Del., fell to 65 percent of its peak population; Buffalo, N.Y., around 50 percent; and Detroit, most famously, around 45 percent.

Now, after 50 years of decline, many cities are showing signs of rebounding. City centers in particular are experiencing a renaissance, even as noncore areas continue to decline. Knowing what parts will return, and how to best capitalize on such changes, presents opportunities for canny investors.

But to know these cities' futures, we need to study their histories. What happened to these once-great behemoths?"