S. Fla. MSAs tumble on Best-Performing Cities index - South Florida Business Journal:

South Florida did not fare very well on this year’s Best-Performing Cities index, complied by the

Milken Institute in Santa Monica, Calif., and

Greenstreet Real Estate Partners in Miami’s Coconut Grove.

The report is considered to be a scorecard for the economic vibrancy of metropolitan areas.

Florida’s metropolitan areas tumbled as the economy took a toll on jobs and the depressed housing market.

The Miami metropolitan area fared the worst, falling to 179 in 2009 from 117 last year. The West Palm Beach metropolitan area was No. 175, tumbling 70 places from No. 105 in 2008. The Fort Lauderdale metropolitan area also fell 70 spots, to No. 131 in 2009 from No. 61 a year ago.

“One glance at the list of metros recording the biggest declines reveals the extent of the housing bust in Florida,” the report noted.

Twelve of the 20 metropolitan areas experiencing the biggest declines were in Florida.

“Much of the economic growth through mid-decade in these metros was driven by residential and commercial construction activity, and this sector has ground to a halt. Several of these metros are also dependent on travel and tourism, which plunged late last year,” according to the report.

The Pensacola area fared the worst, not only in the Sunshine State, but nationwide – falling 124 spots to No. 157 from No. 33 last year.

Nationwide, the Hartford, Conn., metropolitan area fared the best, climbing 101 spots to No. 48.

The good news, according to the report, is that the economy appears to have bottomed out. The question, however, remains: When will there start to be a recovery?

Click here to see the full report.