October 24, 2019
Discussions ranging from slowing job growth, to inverted yield curves, to recession abound. In response, FitSmallBusiness came out with a list of “safe states” to be in when the next economic downturn hits. After studying national and state economic data, the organization concluded that Texas was the place to ride out the next recession.
In conducting the study, FitSmallBusiness weighed the availability of surplus/emergency funds, economic strength and diversity, unemployment rate, exports, deposits, average credit card debt, 2008 recession performance and median home value, among other metrics.
Texas came out on top because “it has the second-lowest debt-to-income ratio in the nation . . . the third-highest exports per capita, and a diverse range of industries that make up its GDP portfolio,” FitSmallBusiness analysts said. Furthermore, Texas has a history of doing well in recessions, the analysts noted.
Coming in second place was West Virginia, followed by Nebraska, Indiana, Alabama and North Dakota.
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