Four States To Survive A Recession

Runaway inflation, interest rate hikes, skyrocketing oil prices, and geopolitical turmoil are starting to make one look recession .Led by Texas, followed by the Midwestern states; Nebraska, Minnesota, and North Dakota may be the best places to sit out a recession thanks to large reserves, good debt-to-income ratios, and relatively low unemployment.

A recession is a decline in economic activity that can last for months sometimes years and have a negative effect on the economy, including jobs, sales, production and income. The word “recession” can stir fear and anxiety across a wide swath of sectors, often affecting the livelihood and prosperity of workers and businesses alike. In terms of the economy, a recession is identified as two negative quarters of economic activity when there are declines in gross domestic product (GDP) and inflation.

If you want to bring in more attention towards your business during a recession, finding the right users is crucial. However, that also means you need to optimize your offline and online presence, while also finding ways to stand out in front of competitors. You also require a powerful selling point, and that’s where Wyoming Investor comes into play.

Here are our five states to survive a recession:

1) Texas

From its landmass (268,596 square miles)to its population (29.1 million residents in 2020), everything is bigger in Texas—except for the taxes. The state’s most notable recession-resistant feature is that the state has no income tax—that’s right, Texas’ income tax rate is 0%.

Despite not collecting income tax, the petroleum-rich Lone Star state’s government reserves are above average (15.5%), as is its GDP per capita ($67,958). Texas also benefits from respectably low household debt levels (18th-lowest nationally).

Texas can survive a recession. The Lone Star State has an abundance of natural resources. Texas remains the nation’s largest producer and refiner of oil and gas. Higher oil prices and the rapid expansion of gas production from shale formations continue to boost the state’s economic growth aiding the states economy.

During the Great Recession, Texas steadied itself thanks to stable real estate prices and an extremely diverse mix of industries to keep the jobs flowing. about 12 million cattle, more than any other state in the country. Texas also produces wool and cotton, and has one of the largest wind-power-producing farms in the world with more than 100,000 acres of wind turbines. At one point the turbines provided 45 percent of the state’s electricity needs.

Austin’s strong economy is supported by companies across a range of business sectors, from manufacturing to telecommunications.

2) Nebraska

Ranked as one of America’s Top 10 States for Business year-in and year-out, Nebraska is a state that combines affordability, opportunity and an environment primed for growth. The cost of doing business in Nebraska is 8% below the national average, and they are a right-to-work state. Agriculture plays a major role in economic growth and development with Nebraska being a major crop producer. Furthermore, the economy of Omaha, Nebraska has served as a major commercial hub in the Midwestern United States since its founding in 1854. Dubbed the “Motor Mouth City” by The New York Times, Omaha is widely regarded as the telecommunications capital of the United States.

Nebraska’s largest industry is food processing

3) Minnesota

The “Land of 10,000 Lakes” is not only rich in bodies of water, but also when it comes to GDP per capita ($73,097, or 12th nationwide), thanks to its diversified economy.

In fact, many of the top 1,000 publicly traded companies, including Target, UnitedHealth Group, Cargill, 3M, and General Mills, are headquartered in Minnesota. Among the leading milk, butter and cheese production states, Minnesota is also a top producer of frozen and canned vegetables. The manufacture of machinery (agricultural machinery, metalworking, heating and cooling, machines for making microchips)

Minnesota is a leading state in annual farm income. 

4) North Dakota

Experience is paramount. North Dakota’s economy, primarily dominated by agriculture, experienced a huge rebound following the Great Recession, with the state’s GDP skyrocketing 19.7% from 2007 to 2010 – a bigger jump than any other state. North Dakota leads the nation in production of spring wheat, durum wheat, dry edible peas, dry edible beans, honey, flaxseed and canola. North Dakota is the No. 1 producer of honey in the nation.

North Dakota’s economy is based more heavily on farming than the economies of most other states

Increase Your Business

Wyoming Investor is here to assist with state of the art services that can finally showcase the true value of your company and stand out in front of competitors. We know that it’s never easy to show off the right ideas and bring them to life, especially in a very competitive market. Wyoming Investor offers the know-how, expertise and consulting services you need to surpass all those challenges and expand your company unlike never before. Reach out to us to discuss your business goals.

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