I grew up across the river (inland sea?) in Iowa and knew very little of Omaha when I moved here in 2003 for work. I'd heard that the city was fairly racially segregated (which is true), and that there were a lot of rich people living here (also true). What I didn't know about was the thriving culture of arts, music, and philanthropy. I didn't know that there was a major movement by young professionals and innovators in the city, and that the city itself was a bit of a progressive oasis in a state-wide ocean of staid conservatism. With progress comes development, innovation, and healthy economic stability. Although Nebraskans, who I find to be culturally pessimistic, speak ominously of falls in housing prices and employment numbers, comparatively to other cities around the country Omaha's economy is still healthy and is improving.
The jobs numbers in Omaha have been optimistic. A recent report by Indeed.com shows that Omaha jobs postings is up 33% in the last year, while nationally jobs postings have fallen 32%. In addition there are two Census indeces that measure employment growth over time, the CES and CPS (Current Employment Statistics and Current Population Survey respectively). The CES measures the number of jobs in an area, and the CPS measures the number of employed persons. In other words, if you're employed part-time and you get another part-time job, the CES will tick up one number, while there won't be a change in the CPS. Both indeces find consistant growth for the last two years and, as of April of this year, Omaha has the highest employment rate since February 2010, but has never fallen beneath the pre-recession employment numbers. In other words, though the recession slowed many things down (including job growth), our numbers have never fallen behind the employment picture in 2008. The CES shows a significant uptick in jobs numbers in the last year, while CPS annua; numbers are lower, implying that many more people in the Omaha area are working more than one job, keeping the economy healthier than in comparable cities around the country.
Likewise, the housing market in Omaha ahs been under the gun, with home sales sliding 64% since the end of Obama's housing stimulus in 2009. However, the housing market shows a nearly stable valuation in the metropolitan areas, with only slight decreases in suburban home values. The buyers market has necessitated some price reductions by local realtors, but combined with a healthy jobs market people are more able to afford the higher home-loan qualifications, according to Omahaliving.com
In 2006, shortly before the Great Recession hit, Omaha received major acknolwedgment from a number of media sources and organizations including Money Magazine, New York Times, and Budget Travel. In 2010, partly due to the area's resilience to the recession, Omaha was again lauded as a great place to live by MSN Real Estate, CNN Money, Forbes, Travel, and Sperling. Omaha's economy continues to grow, and initiatives on the part of local advocacy organizations like the Omaha's Young Professionals and Wellness Omaha, as well as by our own city government, have spurred new and innovative ideas for growth. We have one of the strongest healthcare communities in the country (which is also one of the fastest growing industries), as well as a number of large corporate headquarters in the city. In education Omaha-area school districts consistantly rank above national averages and, despite criticism, the Learning Community is the first attempt in the country to attempt to create a more efficient and equitable educational landscape in the city. We have the largest community theater in the country, a thriving arts and philanthropic culture, and major iniatives in the city to improve and revitalize underserved neighborhoods.
Omaha is a city in transition, and despite its drawbacks it's continued to be one of the most vital urban centers in the Midwest. It's thrilling to see the culture and environment of the city change as it continues to grow and progress. I hope that as Omaha enters a new era as a larger metropolitan hub, it can continue to improve; breaking down barriers and building up the companies, institutions, and people that call it home.
Nebraska Department of Labor (employment numbers PDF)
