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NC State Economist Dr. Mike Walden – “Speed of the Recovery”

Mary:  I’m Mary Walden, with economist MW, welcoming you to the economic perspective.   Today’s program looks at the speed of the recovery. Mike, we are now almost six years past the bottom of the recession, and much progress has been made in recovering from this downturn.  But all states haven’t bounced back at the same pace.  Do we know why?

Mike:  Summary Answer

  1. Actually I tried to answer with some new research just published
  2. Looked at determinants of the speed of recovery in states between bottom of recession and 2013
  3. Several interesting findings
  4. First, economic structure of the state matters
  5. States with greater concentrations in financial services and motor vehicle and parts manufacturing bounced back faster
  6. Makes sense – these were most sensitive to the downturn
  7. States that increased income taxes during the recession grew more slowly during the recovery
  8. Last, states receiving more federal stimulus funds had faster post-recession recoveries
  9. I’m MW

Mary:  And I’m Mary Walden for the North Carolina Cooperative Extension Service