By Samuel Stebbins, 24/7 Wall St. via The Center Square
The COVID-19 pandemic sent economic shockwaves through the U.S. economy, tripling the monthly unemployment to nearly 15% and leading to a more than 30% quarterly decline in GDP by far the largest economic contraction in U.S. history.
No corner of the country was untouched by the pandemic’s economic consequences but some states have emerged better off than others. A range of factors, including industrial diversity, labor force education levels, household income, and long-term GDP growth, have an effect on a state’s overall economic strength and its ability to withstand the impact of the pandemic.
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2021-06-02 14:35:35 GMT2021-06-02 22:35:35(Beijing Time) Xinhua English
NEW YORK, June 2 (Xinhua) Attracted by open land, tax breaks, and an increasing number of tech-savvy workers, companies from steel producers to electric car makers are planning and building new plants in the Southwest of the United States, said U.S. media on Wednesday.
Far from the historical industrial hubs in the Midwest and Southeast, the Southwest, comprising Arizona, New Mexico, Texas and Oklahoma, ramped up its manufacturing output more than any other region in the country in the four years through 2020, according to an analysis by The Wall Street Journal of data from the Bureau of Economic Analysis.