Posted by Brian McCullough
As we all know, even in a recession, not all areas of the economy suffer equally… or at all. As I said before, 2002 would have been a bad year to work in computer programming, but would have been a great year to be hired as a programmer at Google.
According to a January report by Moody’s Economy.com, 30 states still showed signs of economic expansion, 15 were at risk of sliding into recession, and five had already entered a downturn. The five states already in recession – Arizona, California, Florida, Michigan, and Nevada (…) Some of the states that are still growing are in agricultural areas, benefiting from soaring wheat, corn, and soybean prices. This includes Iowa, Kansas, Nebraska, and Indiana.
More tidbits of good news?
North Dakota is one of only three states to gain manufacturing jobs, he says. Behind that gain is a push to export – up 34 percent in 2007 over 2006, the fastest rate of growth of any state in the United States. The state has also seen a big rise in energy investments in coal, oil, natural gas, and renewables. On top of that, North Dakota merchants are profiting from Canadian tourists, who are crossing the border to shop with their strong currency.
The state’s unemployment rate is hovering around 3 percent. This has prompted state officials to host job fairs in Minneapolis and Denver.
“We don’t see any sign of recession in our economy,” says Shane Goettle, commissioner of North Dakota’s Department of Commerce.
And the weakness of the dollar means that outsourcing jobs overseas now means jobs are coming our way for a change.
Some cities are attracting foreign investors who want to build in the US, in part because of the weak dollar. Take the giant German steel manufacturer ThyssenKrupp, which decided to build a $3.7 billion steel mill in Mobile, Ala.