UK Accounting Glossary
The rust belt is an economic region in the northeastern part of the US.
The rust belt, which comprises primarily Illinois, Indiana, Michigan, Ohio, Pennsylvania, and northern West Virginia, relied mainly on heavy industry, manufacturing, and related industries. The term rust belt became widely used in the 1970s as a result of the abandonment of many factories in this formerly significant industrial region. The rust belt instead became known for its idle factories, unemployment, out-migration and general economic decline. Except for the rust belt, the rest of the nation had migrated towards service-related industries. By the 1990s, several rust belt cities showed economic improvement with their move away from manufacturing industries. For example, Pittsburgh, a notable rust belt city in the 1950s, is now known as a centre for eds and meds (higher education and medical research).
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This glossary post was last updated: 6th February 2020.