Amid coronavirus, recession-resistant cities ranked
The coronavirus outbreak has put a strain on many economies
Capital Wave Strategist Shah Gilani says the market should have more confidence in the federal government after President Trump's economic adviser Larry Kudlow's recent statements and the Federal Reserve's emergency rate cut to zero.
Amid panic surrounding the coronavirus, stock markets have been on a rollercoaster.
Markets took some steep dives Monday even after intervention from the Federal Reserve. Losses put the Dow Jones Industrial Average down nearly 30 percent from its all-time high and the S&P 500 and Nasdaq Composite 26 percent below their records last month.
Some financial experts are warning of recession.
With that in mind, researchers at SmartAsset looked at the 264 largest cities in the United States and found the 10 most resistant to recession. Each city’s score is based on its adeptness in employment, housing and efficiency in providing social assistance.
And of the top 10 cities, five are in Texas. The key places — Frisco, Plano, Denton, Austin and Lubbock — ranked well in four metrics: change in the unemployment rate during the Great Recession (from 2007 through 2010); change in home value during the Great Recession; the percentage of the population relying on public assistance; and state rainy-day funds.
Here are the top 10 cities:
1. Frisco, Texas
2. Cedar Rapids, Iowa
The levies are doing their work in Cedar Rapids during the 2019 Midwest floods
3. Plano, Texas
Plano, Texas, is the home of many major corporations
4. Denton, Texas
Recently restored Denton County Texas courthouse in the North Texas town of Denton, built in 1896.
5. Austin, Texas
Austin, Texas
6. Sunnyvale, California
Sunnyvale, California
7. Lubbock, Texas
Downtown Lubbock, Texas
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8. Cary, North Carolina
Walser Wealth Management President Rebecca Walser and Ladenburg Thalmann Asset Management CEO Phil Blancato discuss how the market could perform if the federal government locks everyone down.
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9. Raleigh, North Carolina
Downtown Raleigh, North Carolina, at night.
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10. Sioux Falls, South Dakota
Sioux Falls is the most populous city in the state of South Dakota