HomeSearch PropertiesGirdwoodResourcesOur Team

RE/MAX of Alyeska is a member of the Alaska Multiple Listing Service and can assist you with all properties contained herein.

Girdwood Real Estate Blog 
Tuesday, 04 November 2008

Recession Nation: 49 States at Risk

In March, Five States Were in Recession; Now There Are 30, With 19 More at Risk

map
What started as a recession in just a few states has now spread to 30 with another 19states near recession, according to Moody's Economy.com.

More Photos

What started out as a housing problem in a few states has now exploded into a full-fledged recession, with a majority of states now in or dangerously close to recession.

At the end of September, 30 states were in recession, according to Moody's Economy.com. Back in March, only five states were in recession: Arizona, California, Florida, Michigan and Nevada.

Even in the last month, the picture has grown more dire. At the end of August, 27 states were in recession and a few were still expanding. But now, Moody's has determined that Hawaii, Minnesota and Utah have fallen into recession.

Colorado, Massachusetts, Montana, New Hampshire and Texas are also no longer classified as expanding economies. They now are at risk of falling into recession.

The just leaves one part of the country -- Alaska -- with a still-expanding economy. (The District of Columbia, with its government and government-related jobs, also still has an expanding economy.)

"There's no way around the map. It says the nation is in recession. The recession is coast to coast," Mark Zandi, chief economist and co-founder of Moody's Economy.com told ABC News recently. "One of the unique features of this downturn is how broad-based it is, regionally."

What happened between March and today?

"The job market has eroded measurably and industrial production has weakened sharply in the last couple of months. Those are the two key things. The other thing is that retail sales have also sharply weakened," Zandi said.

The one bright side is part of the middle of the country. Agriculture and energy are still strong and providing jobs.

"In the past, in recessions, you saw people moving from areas that were hard hit to areas that were holding up better, looking for jobs and better incomes," he said. "Now, there is nowhere to go."

Economy.com explains that what started in housing has now become a more broad-based slowdown.

"Financial market turmoil is weighing on businesses' ability to finance daily operations, and weak domestic demand and near recession-like conditions globally have brought the industry to its knees," economist Andrew Gledhill wrote on the firm's Web site. "Michigan has been in recession the longest, although its malaise was chiefly its own at that point. The national recession began last December or January in California, Arizona, Nevada, Florida and others. States across the industrial Midwest were the next to drop, and it spread from there."

There is also plenty of bad news for most of the nation's cities. Economy.com looks at 381 metro areas. Of those, 276 are in a recession, the largest being Los Angeles, Chicago and Atlanta. In September, Minneapolis; Portland, Ore., and Camden, N.J. also joined that list.

Now, there is also risk of cities such as Houston, Dallas and Seattle falling into recession.

POSTED BY: Bryan Epley AT 05:30 pm   |  Permalink   |  0 Comments  |  E-mail this
Comments:

Post comment:
Name:
 *
Email Address:

Message: (max 750 characters)
*
Verify image below:
*
* Required Fields
Note: All comments are subject to approval. Your comment will not appear until it has been approved.


Girdwood's real estate office.

RE/MAX Of Alyeska
P.O. Box 1029
Girdwood, AK 99587
Located in the Girdwood Townsite at 224 Hightower Rd.
Phone: 907-783-2010
Fax: 907-783-2011
Email: Bryan@BryanEpley.com

Real Estate Website Design &
Real Estate Marketing Services Provided by:

Pro Step Marketing

PRIVACY POLICY 
RE/MAX of Alyeska is the sole owner of the information collected on this site. Neither RE/MAX of Alyeska nor the team associates will sell, share, or rent this confidential information to others. Your privacy is the primary issue for RE/MAX of Alyeska.

CONTACT POLICY
By submitting personal information such as name, address, phone number, email address and/or additional data, the real estate client/prospect consents that RE/MAX of Alyeska or its authorized representative may contact client/prospect by phone, U.S. Postal System, or e-mail whether or not client/prospect is participating in a state or federal or other "do not contact" program of any type.

Site Map

Copyright© RE/MAX of Alyeska. All Rights Reserved.

 

Site Powered By
    prostepmarketing.com
    Online web site design