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Industry Decline and Household Finances

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Technological innovations that displace demand for local producers can hurt finances for households in the same area. Demand for Appalachian coal declined precipitously between 2011 and 2018 following a technology-induced shift in electricity generation from coal to natural gas. This coal decline decreased people’s credit scores in that region and increased their credit utilization rates, credit card delinquencies, third-party collections, and bankruptcies. Credit scores fell the most for households that were already near the subprime threshold, where small changes can have large impacts on borrowing costs and access.

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  • Joshua Blonz & Brigitte Roth Tran & Sarah Siegel & Erin Troland & Cindy Zhao, 2025. "Industry Decline and Household Finances," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2025(21), pages 1-6, September.
    • Handle: RePEc:fip:fedfel:101759
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