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U.S. State and Regional Economic Impact of the 2008/2009 Recession

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  • Connaughton, John E.
  • Madsen, Ronald A.

Abstract

This paper identifies the states that suffered the largest job losses and the states whose employment levels suffered the least during the 2008/2009 recession. State-by-state performance varied widely during this downturn, with Nevada having the largest percentage job loss, a drop in employment of 13.11 percent of its December 2007 employment level. At the other extreme North Dakota had an employment gain of 1.24 percent of its December 2007 employment level. In addition, this paper also provides insight into why some states fared so poorly and other states suffered so little during this downturn. The results suggest strong regional differences between the states, with the states in the New England Census Region showing weaker relative job performance and states in the Southwest, Rocky Mountain, and Far West Census Regions showing stronger job growth.

Suggested Citation

  • Connaughton, John E. & Madsen, Ronald A., 2012. "U.S. State and Regional Economic Impact of the 2008/2009 Recession," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 42(3), pages 1-11.
    • Handle: RePEc:ags:jrapmc:143779
    DOI: 10.22004/ag.econ.143779
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    References listed on IDEAS

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    1. Rubina Vohra, 1997. "An empirical investigation of forces influencing productivity and the rate of convergence among states," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 25(4), pages 412-419, December.
    2. N/A, 2009. "On the Recession," Local Economy, London South Bank University, vol. 24(3), pages 253-253, May.
    3. William Levernier & Dan S. Rickman & Mark D. Partridge, 1995. "Variation in U.S. State Income Inequality: 1960-1990," International Regional Science Review, , vol. 18(3), pages 355-378, July.
    4. John Connaughton & Ronald Madsen, 2009. "Regional implications of the 2001 recession," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 43(2), pages 491-507, June.
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    Cited by:

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    2. Rui Pereira, 2014. "Okun’s law, asymmetries and regional spillovers: evidence from Virginia metropolitan statistical areas and the District of Columbia," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 52(2), pages 583-595, March.
    3. Matiur Rahman & Muhammad Mustafa, 2017. "Okun’s law: evidence of 13 selected developed countries," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 41(2), pages 297-310, April.
    4. Saara Tamminen, 2017. "Regional effects or none? Firms' profitability during the Great Recession in Finland," Papers in Regional Science, Wiley Blackwell, vol. 96(1), pages 33-59, March.
    5. Walden, Michael L., 2014. "Recovery from the Great Recession: Explaining Differences Among the States," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 44(2).
    6. Bharman Gulati & Stephan Weiler, 2021. "Risk, Recessions, and Resilience: Towards Sustainable Local Labor Markets through Employment Portfolio Analysis," Sustainability, MDPI, vol. 13(14), pages 1-20, July.
    7. Vakulenko, Elena, 2015. "Analysis of the relationship between regional labour markets in Russia using Okun’s model," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 40(4), pages 28-48.

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