While the current recession certainly has an impact on most businesses, there are actually ways that some businesses can benefit from the current difficulties. As Dr. Mike Walden, the North Carolina Cooperative Extension economist in the College of Agriculture and Life Sciences at N.C. State University, says:
” When you have recession, people are going to change some of their spending habits. For example, typically we see during a recession people buy fewer new cars. That means they’re keeping their existing cars longer, and that probably means they’re going to need more repairs on those existing cars. Also look at construction. Construction often shifts during a recession from building new homes to people staying in their homes and perhaps remodeling. So remodeling may go up.”
College towns may find the economic downturns helping them as well. As VSU Associate Professor of Economics Cindy Tori points out, “If you have a business that can tap into that student population it’s going to help you position yourself for that recovery.”
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