It now seems almost a given that, even if the U.S. technically avoids a recession, we’ll be hurt by the slowdown in Europe related to the continent’s debt crisis. That crisis is nowhere near over.
From Calculated Risk yesterday, State by state exports to Europe, which cites a Miami Herald article and a Wells Fargo study:
Utah has a very high percentage of exports to Europe – mostly silver and gold to the United Kingdom. West Virginia exports coal.
As the Miami Herald article notes, Florida will probably also be impacted by less tourism too.
However the largest potential impact is probably from financial contagion as opposed to trade and tourism.
Even though financial contagion is the biggest threat to the U.S., a European downturn would certainly hurt the U.S. economy. Take a look at the following map. Georgia is not in the tier of states at the most risk, but we would certainly feel the effects.
