b'Headline St oryThe Economic Recovery Outlook for Where You Live: Four Things to KnowThe shape of the recovery in your businessthe least heavily in debt as a percentage of GDP (in order is first and foremost a function of thefrom least indebted to more indebted):decisions that you make. Ultimately, it is not- Wyoming - Idahoup to the federal government, state/municipal governments, or COVID-19.- Idaho - North CarolinaHowever, these three influences must be- North Carolinaconsidered to varying degrees based on the nature of your business. We are going to3. It is good to have low debt levels, but having take a look at some state influences.well-funded debt also matters.Perhaps they won?t impact your business directly, but they could have a bearing on your finances and the economicThe next list presents the five states with the most complete well-being of your community. funding:1. The GDP hit was not equally felt - Wisconsin - OklahomaThe lightest blue are the more severely impacted states,- South Dakota - Delawarebased on Bureau of Economic Analysis data. New Jersey is- Tennesseeparticularly notable as a state in trouble given the drop in GDP and a significant drain of its ?rainy day? funds. 4. The map below is where it all happens. Medium- to light-blue-colored areas that are heavilyDemographics drive growth because more people dependent on tourism are not a healthy combination headingequals more economic activity.through 2023. The states best suited for a rebound are the darker-colored states that are more dependent on manufacturing.Adding up the lists, with a state having to appear on at least two of them, indicates the best prospects for a sooner-rather-than-later recovery from the COVID Recession are:The darkest-colored states (less severely impacted) are (from- North Carolina - Utahleft to right) some of the better prospects for recovery: - Georgia - Arizona- Washington - North Dakota - Tennessee - Idaho- Utah - Arkansas - Colorado- Colorado - Georgia- Arizona - Delaware Knowing where the best economic prospects are from - New Mexico 2021?2023 considering COVID and finances and demographics means businesses can take action by 2. Some states are better positioned to ride throughallocating resources in geographic areas where it may do the the economic storm most good. Perhaps you aren?t in a position to shift gears in these states, but you likely know which of your customers A hit to revenues for the states could also impact creditface the greatest upside exposure from these states. I?d ratings and impair longer-term prospects in addition tomarshal my resources in a manner that ensures I am giving creating pressure on cutting services and raising taxes in themy company the best possible means of maximizing revenue near term based on debt obligations and how well thoseand profits. Pivoting to where the obligations are funded. better business will be provides an important leg up on the amount of What we are looking at via the list below are states that arerecovery you will harvest.7'