Published Jul 09, 2020 by Maggie Martin
Texas is one of the best states for businesses to weather economic challenges brought on by COVID-19.
As reported by InnovationMap, a new study from Fit Small Business ranked Texas #3 when it came to business owners weathering the economic fallout from the pandemic. Ohio and South Dakota ranked #1 and # 2 respectively. New York was last.
The study analyzed several metrics, including infection rates, consumer confidence and overall financial health.
Texas ranked #1 in the Emergency Reserves & Relief category, which considered the overall reserve of funds the state has to help provide financial relief to those affected by the pandemic. The study noted the state's adequate economic reserves and unemployment compensation. Authors also cited an article by Richard Fisher, former president and CEO of the Federal Reserve Bank of Dallas, who called Texas "the case study for economic recovery from the COVID-19 recession."
The study also pointed to the state's diversified economy, noting it as a key aspect of a state's ability to recover, and said while Texas has felt some affects of the economic downturn, it has enough resources to weather the storm.
Register for the next Greater Houston Partnership Economy Series. Patrick Jankowski, the Partnership's Senior Vice President of Research, will share a broad overview of major economic impacts from the first half of 2020 and the outlook for the rest of year.