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Cape Coral a work in progress

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  • | 10:00 a.m. August 1, 2014
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Cape Coral, the city across the river from Fort Myers, was one of the hardest-hit areas in the economic downturn and foreclosure crisis.

Although Cape Coral has seen a dramatic turnaround in its real estate market, some wounds of the recession will likely take longer to heal.

In a ranking of 150 metro areas, financial website WalletHub reports that Cape Coral is one of the areas that has recovered the least from the downturn.

The major strike against Cape Coral was the increase in the city's poverty rate, which grew 8%, WalletHub's research shows. The research considered 18 metrics since the recession ended five years ago, including the inflow of college-educated workers, the number of new businesses, unemployment rates and home-price appreciation.

Of the 150 areas, Cape Coral ranked with Detroit, Newark, N.J., and Stockton, Calif., as one of the least-recovered areas of the country.

Despite the negative mark, Cape Coral is likely in better shape than the survey indicates. As job creation continues and the residential market comes back to life, the city may make a comeback in the ranking next year.


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