NEW YORK, Aug. 22, 2017 /PRNewswire/ -- While the stock market is currently climbing into off-the-charts territory and the economy has vastly improved since the 2008 financial crisis, many economists predict the next economic recession may be lurking right around the corner.
Is your state strong enough to weather the next recession?
Fit Small Business, an online publication serving small business owners, compiled publicly available data from heavyweight sources such as the Bureau of Labor Statistics, Bureau of Economic Analysis, and the Federal Deposit Insurance Corporation and analyzed it in order to give you a definitive and comprehensive ranking of the best states to determine the most resilient states to weather an economic crisis.
You'll find the complete list here. The Plains States overwhelmingly appear to have what it takes to shield your business from being swept away into the next financial storm.
"We based our analysis on 10 distinctive categories that influence a state's ability to withstand an economic downturn," says David Waring, Editor-in-chief, Fit Small Business. "From this list, we can strongly predict from where your business is located whether it will be able to survive the next recession."
Rounding out the Top 10 best states to weather an economic downturn:
1) North Dakota
3) South Dakota
8) West Virginia
In ranking each state, Fit Small Business selected 10 categories that significantly influence a state's ability to withstand an economic downturn. These categories include:
1) State's existing debt level
2) Unemployment rate
3) State's fiscal balance (deficit vs. surplus)
4) Stability of housing market
5) Dependence on exports
6) Economic diversity
7) Per capita savings/checking account deposits
8) Per capita credit card debt
9) State income tax rate
10) State's GDP levels during 2008 recession
About Fit Small Business:
With a rapidly growing monthly readership of 800,000, Fit Small Business is an online publication devoted to helping small business owners. Its full-time staff of writers spends hours of research, data analysis, and interviews with industry experts to answer the questions that owners ask in order to run a successful small business.
For further information, please contact:
Sarah Johnson, Public Relations Specialist
SOURCE Fit Small Business