Sunbelt Migration and Industry Investments Fuel Economic Growth in Southern States
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Sunbelt states like Georgia and Arizona are seeing economic growth due to investments in electric vehicle and semiconductor facilities.
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These states have benefited from migration of workers during the pandemic, boosting their labor markets.
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Population growth in Sunbelt states helps insulate them from economic downturns affecting the broader U.S.
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Coastal states like California and New York are struggling due to high interest rates and population declines.
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Wells Fargo forecasts a mild economic contraction in 2024 but no major recession like 2008.