With Wall Street entering correction
territory last week because of the wild swings brought on by concerns of
the coronavirus spread, another fear is rising — that the nation is
headed for a recession. If that's the case, then one city in Silicon
Valley reportedly is best positioned to weather such an economic storm.
According to a new analysis by the site SmartAsset,
Sunnyvale is the only city on the West Coast to crack the top 10 of
cities most recession-resistant cities. Topping the list was Frisco,
Texas, followed by Cedar Rapids, Iowa, and then Plano, Texas, in third
place. Sunnyvale placed sixth.
Why
Sunnyvale, a city of about 141,000 people that's tucked between Santa
Clara and Mountain View? SmartAsset's analysis found that Sunnyvale
ranks in the top 20 percent for three categories it considered:
employment, housing and social assistance:
- Employment: Sunnyvale's 2018 unemployment rate was 3.8 percent and its labor force participation rate was 73.3 percent.
- Housing: The city has the 27th-lowest housing costs as a percentage of income in the study, at about 20.3 percent. The study also found that it tied for the lowest mortgage delinquency rate in 2018, at 0.3 percent.
- Social assistance: Sunnyvale had about 1 percent of its population relying on public assistance, which tied it in 15th place on this metric.
