Recession Nation: 49 States at Risk
In March, five states were in recession; now there are 30, with 19 more at risk.
Nov. 3, 2008— -- No state is immune from falling into a recession, except for one: oil-rich Alaska.
What started out as a housing problem in a few states has now exploded into a full-fledged recession, with a majority of states now in or dangerously close to recession.
At the end of September, 30 states were in recession, according to Moody's Economy.com. Back in March, only five states were in recession: Arizona, California, Florida, Michigan and Nevada.
Even in the last month, the picture has grown more dire. At the end of August, 27 states were in recession and a few were still expanding. But now, Moody's has determined that Hawaii, Minnesota and Utah have fallen into recession.
Colorado, Massachusetts, Montana, New Hampshire and Texas are also no longer classified as expanding economies. They now are at risk of falling into recession.
The just leaves one part of the country -- Alaska -- with a still-expanding economy. (The District of Columbia, with its government and government-related jobs, also still has an expanding economy.)
"There's no way around the map. It says the nation is in recession. The recession is coast to coast," Mark Zandi, chief economist and co-founder of Moody's Economy.com told ABC News recently. "One of the unique features of this downturn is how broad-based it is, regionally."
What happened between March and today?
"The job market has eroded measurably and industrial production has weakened sharply in the last couple of months. Those are the two key things. The other thing is that retail sales have also sharply weakened," Zandi said.
The one bright side is part of the middle of the country. Agriculture and energy are still strong and providing jobs.
"In the past, in recessions, you saw people moving from areas that were hard hit to areas that were holding up better, looking for jobs and better incomes," he said. "Now, there is nowhere to go."
Economy.com explains that what started in housing has now become a more broad-based slowdown.
"Financial market turmoil is weighing on businesses' ability to finance daily operations, and weak domestic demand and near recession-like conditions globally have brought the industry to its knees," economist Andrew Gledhill wrote on the firm's Web site. "Michigan has been in recession the longest, although its malaise was chiefly its own at that point. The national recession began last December or January in California, Arizona, Nevada, Florida and others. States across the industrial Midwest were the next to drop, and it spread from there."
There is also plenty of bad news for most of the nation's cities. Economy.com looks at 381 metro areas. Of those, 276 are in a recession, the largest being Los Angeles, Chicago and Atlanta. In September, Minneapolis; Portland, Ore., and Camden, N.J. also joined that list.
Now, there is also risk of cities such as Houston, Dallas and Seattle falling into recession.
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