Regional Impacts of the 1990s Stock Market Boom

Barney Warf and Joseph C. Cox
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Barney Warf: Florida State University, Tallahassee, FL
Joseph C. Cox: Economics, Ryerson Polytechnic University, Toronto, Canada

The Review of Regional Studies, 2000, vol. 30, issue 3, 331-342

Abstract: Stock markets in the United States experienced a surge of growth throughout the 1990s as an expanding national economy, deregulation, and demographic change produced the longest bull run in history. This paper explores the reasons for this boom. Next, it charts rising employment in securities and commodities firms, emphasizing the dominant role played by New York. Third, it analyzes the local economic impacts of the bull market using regionalized input-output models of the New York, Los Angeles, and Chicago metropolitan areas to estimate regional output, employment, and personal income effects. In the three combined regions over the years 1991-1999, the bull market generated more than $4.1 billion in output, two-thirds of which was in the securities industry; 136,000 work-years of employment, primarily in producer services; and $8.2 billion in personal income. Geographically, these effects were heavily concentrated in the New York region.

Date: 2000
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