Wondering how to skirt the effects of a recession?
Take a page from Sioux Falls’ book. The city (and entire state of South Dakota) was featured in this week’s LA Times as a rare U.S. community that’s thriving despite a floundering economy.
Some highlights:
- The region from North Dakota to Texas includes five of the six states that analysts at Economy.com have classified as not yet in recession.
- Sioux Falls has an unemployment rate of 4.8% - less than half that of Los Angeles.
- Despite the pummeling the financial sector has taken, banks have only made limited cuts in Sioux Falls because it is so much cheaper to operate here. Citibank, for example, has slashed 53,000 jobs around the world but only 122 here.
- The state is aggressively pro-business, which some also credit for its resilience amid the recession.
Read the rest of the story right here.
