Staff at the Federal Reserve has been studying how credit growth typically resumes after an economic downturn. While it is still early in this recovery period, 6 the resumption of credit growth following the recession has lagged that of all other cycles of the past 40 years with the exception of the 1990–91 recession.
While the share of industry has picked up, it remains significantly below the national average underscoring the scope for further industrialisation (Chart 3).