Wall Street’s woes are going to have an impact on communities all over the country.
Not only because the $700 billion bailout will most likely result in higher taxes for most Americans, but because people who work in industries related to the financial sector will be vulnerable as companies make cutbacks.
The financial, insurance, and real estate sectors employ approximately 9.8 million people in the U.S., or nearly 7 percent of the entire American workforce.
New York may be the center of the financial market, but people in small cities could feel the downturn even more.
BusinessWeek identified the top-10 communities across the country that are most likely to be most affected by the financial crisis, based on how many people are employed in finance, real estate, and insurance, and leasing. To view a slideshow, click here.
Darien, Conn.: 27.23 percent employed in finance and real estate
Bloomington, Ill.: 26.31 percent
Hoboken, N.J.: 23.33 percent
West Des Moines, Iowa: 22.15 percent
Garden City, N.Y.: 20.22 percent
Summit, N.J.: 19.74
Westport, Conn.: 19.39 percent
University Park, Texas: 18.83 percent
Wethersfield, Conn.: 18.73 percent
Mountain Brook, Ala.: 18.66 percent
Source:Business Week (9/25/2008)