Who's Right? Me or Frank Williams?

Peter Coy

I was on CNBC last night talking about my story in the new issue on areas of the country that would be hurt the most if housing goes into a big slump. I said one place that's pretty vulnerable is the high and dry Inland Empire of California--the fast-growing territory east of Los Angeles. In Riverside and San Bernardino counties, jobs in construction accounted for 33% of all jobs created between August 2004 and August 2005. That's the most of any big metro area in the country. So if housing slumps nationally, it stands to reason that parts of the country that have been heavily reliant on construction for growth would get hurt more.

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