SB&D is reporting that economic development project activity in the American South, the world's third largest economy, is at the lowest mid-year point of any year since the SB&D 100 ranking was established in 1994. Deal activity in the region so far in 2025 is slower than any period during the COVID years of 2020 and 2021, as well as all years during the Great Recession from 2007-2010. (See data and 30-plus year history of the SB&D 100 below.) These numbers are also worse than any recession I have covered since 1983. So, in short, the worst we have ever seen, even if technically the U.S. is not in recession. And if deals are cratering like this in the South, the most desired economic development region in North America, then they are much worse in the Midwest, West and the Northeast. SB&D does not cover economic development in those U.S. regions.