The 2006–09 US housing crisis had scarring local effects. For a given county, a housing shock generating a 10% reduction in housing wealth from 2006 through 2009 led to a 4.4% decline in employment by 2018 and a commensurate decline in value added. This persistent local effect occurred despite the shock having no significant impact on labor productivity. The local labor market adjustment to the housing shock was particularly costly: local wages did not respond, and long-run convergence in the local labor market slack instead took place entirely through population losses in affected regions. Moreover, the 2002–06 housing boom does not generate significant employment gains, indicating that the employment losses relative to 2006 are also losses relative to the counterfactual case in which there was no housing cycle.

2006-09年美国的住房危机在当地产生了令人恐惧的影响。对于一个给定的县，住房冲击导致从2006年到2009年住房财富减少了10％，导致到2018年就业人数下降了4.4％，附加值也相应下降。尽管受到冲击，但对劳动生产率没有显着影响，但仍存在这种持续的局部影响。当地劳动力市场针对住房冲击的调整特别昂贵：当地工资没有反应，而当地劳动力市场疲软的长期收敛完全是通过受影响地区的人口损失而实现的。此外，2002-06年度的房地产繁荣并没有创造大量的就业机会，这表明与2006年相比，与没有住房周期的事实相反，与2006年相比的就业损失也是损失。