C-Suite Wednesday – The South is Struggling with Main Street Delinquencies

October 26, 2022

Delaney Sexton
Contributing Editor

C-Suite Wednesday – The South is Struggling with Main Street Delinquencies

Small business delinquency rates in August 2022 are on the rise and are higher than they were a year ago. In spite of this, they are back to pre-pandemic norms and are on the lower end of the spectrum of what has been seen in the last five years. Some parts of the United States are experiencing low delinquency rates, but other regions are enduring higher rates of delinquency.

Here is how the states are doing:

• Small business delinquencies increased in August 2022 to about 1.3%.
• Arkansas and Georgie have the highest rates of delinquency in the United States. The transportation industry is a contributor to Arkansas’s delinquency rates.
• Montana and South Dakota have some of the lowest rates of delinquency across the states.
• Other states with low delinquency rates include Minnesota, Ohio, Maine, Delaware, and Vermont.
• Missouri and Florida have the highest delinquency rates following Arkansas and Georgia.
• While the Southern region is struggling the most with delinquency rates in August 2022, the Northern states have low delinquency rates.
• The Northeast region has varying delinquency rates with some faring well (under 1%) and others having average to higher rates of delinquency.
• Besides Nevada and Utah, the Western region has average or low rates of delinquency.
• The Midwest has the broadest range of delinquency rates with some states having lower rates and others experiencing higher rates of delinquency.

• The agriculture industry has the lowest rates of delinquency and is the only industry with delinquency rates under 1%.
• The construction industry has the highest delinquency rates nearing 2%.

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