There are many State Rankings reported recently. This one tends to favor
the States with higher per-capita spending. But it appears to be based on
states this magazine likes and dislikes. It also claims our economy is in
“pretty good shape”, so take this one with a ton of salt. To say these guys are
‘politicized’ is an understatement.
I think their per-capita data is correct, so you can see their per-capita
GDP, but remember, every states’ unemployment percentage should be multiplied
by 4 to get a more realistic number. Low personal consumption is probably a
good thing and should be a measure of cost of living. So, here goes with the cheerleaders’ report:
RANKED: The 50 US State Economies From Worst To Best Andy Kiersz and Elena Holodny, Sep. 8, 2014,
8:50 AM
The U.S. economy is in pretty good shape. GDP is growing,
unemployment is falling, and we're seeing signs that wages may be on the rise.
However, the U.S. economic story is actually just an
aggregation of 50 economic stories.
Previously, Business Insider examined ranked every state
by how quickly the economies
were growing. This time
around, we calculated which states had the best economies outright.
We ranked each state on seven economic measures: the July
unemployment rate; the change in nonfarm payroll jobs from June to July 2014;
the 2013 GDP per capita; the 2012 per capita consumption; the 2013 average
annual wage; the 2013 exports per capita; and the 2012 government expenditures.
50. Mississippi
Mississippi faces many challenges, frequently
coming in last in state rankings of educational attainment and health. Mississippi came in dead last in four out of our seven
metrics: The unemployment rate in July was at 8.0%, the highest in the country.
Gross Domestic Product per capita was just $32,421 in 2013, the lowest among
the states. Mississippi came in last in personal consumption, the largest
component of GDP, with just $27,406 per person. Average annual wages were the
lowest in the country, at $36,451.
49. New Mexico
New Mexico has struggled to recover from the
Great Recession, with labor conditions and demographics
stagnant over
the past few years. New Mexico had low scores on most of our metrics: The
average annual wage in New Mexico was somewhat low, at $40,804. New
Mexico's state government finances were in bad shape, with a 2012 deficit of
$1.8 billion, which, on a per-capita basis, is the fourth-worst in the country.
International exports made up a much smaller part of New Mexico's economy than
for other states, with just $1,307 of exports per capita in 2013.
48: Arkansas
Arkansas is the home of Wal-Mart, sitting proudly at
the top of the Fortune 500 list. Unfortunately,
Arkansas was among the 10 worst states on three measures: Average annual wages
were only $38,927 in 2013. Personal consumption expenditures were the second-lowest
in the country at $28,366. GDP per capita as a whole was just $39,111.
47: Maine
Maine faces demographic headwinds: only two
states, Maine and West Virginia, had more deaths than births between
2012 and 2013.
Maine struggled on a number of metrics: Maine was one of 13 states to lose
payroll jobs in July 2014, dropping 900 nonfarm payrolls. Maine had a low GDP
per capita, at $38,517. Average wages were also somewhat low, at $39,282.
46: South Carolina
South Carolina's largest private-sector industries are professional and
business services, retail trade, and manufacturing. Here's how South Carolina
did on our variables: South Carolina lost 4,600 nonfarm payroll jobs in July,
the third-worst loss in the country. Gross Domestic Product per capita was just
$30,728, also the third-lowest. The average annual wage was $39,800.
45: West Virginia
Coal is still a big part of West Virginia's economy. West
Virginia fared poorly on a few of our metrics: West Virginia lost 2,900 jobs in
July. Personal consumption per capita was just $30,642. Gross Domestic Product
per capita as a whole was low, at $36,963.
44: Kentucky
Healthcare giant Humana and KFC, Taco Bell,
and Pizza Hut owner Yum Brands call Kentucky home. Here's how Kentucky
measured up: Kentucky's 7.4% unemployment rate is still quite a bit higher than
the rates of other states. The state's financial situation was suboptimal, with
expenses exceeding revenues by about $6.7 billion in 2012. On the brighter
side, exports per capita were among the best in the country at $5,771 per
person, fueled by civilian aircraft and auto sales.
43: Nevada
After being one of the major centers of last
decade's housing bubble and bust, Nevada is still feeling the effects of the
crisis. Here's how we ranked Nevada: Nevada's unemployment rate of 7.7% is among
the highest in the nation. Personal consumption, at $29,514 per capita, is
quite a bit lower than in most other states. Despite this, Nevada's state
finances were quite good, with a $305 per capita surplus in 2012.
42: Idaho
Idaho has had some difficulties in the past
few years, including serious cuts to education funding by the state
government. Here's Idaho's scores on our variables: Gross Domestic Product per
capita was just $35,375, the second-lowest among the states. Idaho's workers
earn on average $36,859, also the second-lowest in the country. On the other
hand, Idaho's unemployment rate of 4.8% is much lower than average.
41: Hawaii
With a decline in tourism in the past few
years,
the Hawaiian economy has hit a bit of a roadblock. Hawaii had a mix of good and
bad scores: Hawaii had the smallest value of exports per capita in the country,
at just $426 per person. Personal consumption per capita was also quite low, at
$30,160. However, Hawaii also had one of the lowest unemployment rates among
the states, at just 4.4%.
40: Florida
The home of Disney World and the Kennedy Space Center has mixed economic figures. Here's
how Florida ranked: Florida had a low GDP per capita of $38,384, much lower
than the national figure of $49,642. Florida lost 1,600 jobs in July, one of
only 13 states to have negative job growth that month.
39: Georgia
Georgia's economy had some problems even before the crash, and the state
continues to struggle post-recession. Here's how Georgia fared on our measures:
Georgians spent $31,219 per capita on personal consumption in 2012, somewhat
below the national figure of $33,253. Georgia's unemployment rate of 7.8% was
the second-highest in the country. However, the other big indicator for labor
market health looks somewhat better. Georgia added 9,500 jobs in July.
38: Oklahoma
Forbes ranked Oklahoma City as the seventh-best place in the U.S. for business and
careers. Here are some stats for the state: Oklahoma's economy is less driven
by exports than those in other states, with just $1,797 in exports per capita. While
Oklahoma lost 1,100 nonfarm payroll jobs in July, its unemployment rate
stays very low at 4.6%.
37: Alabama
Agriculture and forestry are a huge part of
Alabama's economy, making up almost 40% of state GDP. Here's how we
ranked Alabama: Per-capita consumption was on the low end of the spectrum at
$29,537. Overall GDP per capita was also low, at only $37,389, well below the
national per-capita GDP of $49,642. Alabama also had a higher-than-average
unemployment rate of 7.0%.
36: Rhode Island
We've noted before that Rhode Island faces unique challenges
in the 21st century.
Here are some of Rhode Island's metrics: Rhode Island's 7.7% unemployment rate
is among the worst in the country. Exports from Rhode Island are also soft,
with just $2,057 per capita.
35: Ohio
Ohio may be poised for better economic times in
the near future, with
shale energy discoveries and a return of manufacturing to the U.S. Here's how
Ohio measured up: Ohio had mostly middle-of-the-road rankings. The July
unemployment rate was 5.7%, a little below the national rate of 6.2%. Similarly,
average annual wages were in the middle of the pack at $44,667, not too far
below the national average of $49,804. However, what held Ohio back was the
July jobs report: Ohio lost 12,400 jobs in July, the worst performance in the
country.
34: Tennessee
An annual report on Tennessee's economy by the Center for Business and Economic Research at the University of
Tennessee projects that Tennessee's labor and housing markets "have been
slow to heal" in the wake of the Great Recession. Here's where Tennessee's
ranking comes from: Tennessee's unemployment rate was 7.1% in July, eighth-highest
among the states. Per-capita personal consumption was a bit lower than average
at $31,417. On the bright side, exports per capita were at $4,975, higher than
average among the states.
33: Indiana
Life sciences, the auto industry, and energy
are three of the biggest sectors in
Indiana's economy.
Here's Indiana's score: Indiana was one of the handful of states that lost jobs
in July, losing 600 nonfarm payrolls. Despite that, Indiana's unemployment rate
of 5.9% was pretty close to the national rate of 6.2%. Indiana's exports per
capita of $5,199 were higher than for most states, with pharmaceuticals being
the biggest export by value from the state.
32: Arizona
The Economic and Business Research Center at
the University of Arizona predicts in its second-quarter 2014 economic
outlook
that "with federal fiscal drag expected to dissipate in the near term, the
door is open for faster state growth. How fast that growth turns out to be will
depend in part on the strength of the housing recovery." Here's how
Arizona did on our variables: Gross Domestic Product per capita in Arizona was
somewhat lower than in other states, at $39,526. The unemployment rate stayed
higher than elsewhere at 7.0%. However, Arizona added 13,900 jobs in July,
sixth-best in the country.
31: Pennsylvania
The expansion of natural-gas fracking in the
Marcellus Shale formation has had mixed effects on
Pennsylvania's economy and environment. Here's how Pennsylvania fared on our
measures: Pennsylvania lost 700 jobs in July, one of 13 states to do so. Pennsylvania's
state finances were worse than elsewhere, with the state running an $8.8
billion deficit in 2012. Pennsylvania's average annual wage of $49,070 was just
shy of the national average $49,804 and was higher than in most other states.
30: Missouri
Ten Fortune 500 companies are headquartered in
Missouri, including chemical and agricultural giant Monsanto. Here's what's
going on in Missouri: Per-capita gross domestic product was $42,708, a bit
below the national per-capita GDP of $49,642. Missouri's unemployment rate of
6.5% is very much in the middle of the states, and just a bit higher than the
national rate of 6.2%. Missouri saw strong job creation in July, adding 13,200
nonfarm payroll jobs.
28 (tie): Montana
Montana is a big wide-open place, and agriculture is still the state's largest industry. Here's how Montana
scored on our variables: Average annual wages were just $37,575, the
fourth-lowest in the country. Similarly, per-capita Gross Domestic Product was
$39,250, well below the $49,642 per-capita GDP of the United States as a whole.
One bright spot is state finances. In 2012, Montana's government had a $665
million surplus.
28 (tie): Maryland
With its proximity to Washington, D.C.,
technology, communications, and defense are all key areas in Maryland's economy. Maryland was a
mixed bag on our indicators: Maryland's mean annual wage was $54,055, sixth
best among the states. Personal consumption was strong, at $40,980 per capita. However,
Maryland lost 9,000 jobs in July, and the state government spent $5 billion
more than it took in as revenue.
27: South Dakota
Agriculture and tourism are the two biggest
industries in South Dakota. Here's the state's scorecard: South Dakota's July
unemployment rate was down to 3.7%, the fourth-lowest among the states. However,
average annual wages in South Dakota were lower than in other states at
$37,226.
26: Oregon
According to the Oregon state government, in the past, timber
and agriculture were the biggest drivers of Oregon's economy. In more recent
years the state's economy has come to look more like the overall national
economy, with growth in manufacturing and services. Here's where Oregon stands:
Oregon's GDP per capita was a solid $53,750 in 2013. Unfortunately, Oregon's
unemployment rate was 6.9%, higher than that of most other states. Oregon's
per-capita personal consumption expenditures of $35,762 was close to the
national figure of $33,253.
25. Kansas
Kansas' economy is driven by agriculture and manufacturing — the state is
a major producer of wheat, sorghum grains, wild hay, and beef. Kansas is also a
major producer of airplanes, which adds an
annual economic impact of $7.1 billion — or $2,561 per capita. Here's how Kansas
did in our variables: Kansas' average annual wage was $41,546. The unemployment
rate was 4.9%, one of the lower numbers across the nation. And the GDP per
capita was $45,665.
23 (tie). North Carolina
North Carolina's economy "finally got
moving" during the second half of 2013, according to a recent Wells Fargo report, because
construction payrolls saw gains and employment in manufacturing and government
improved. Additionally, rapid growth is happening in North Carolina's business
services sector. In our metrics ...North Carolina added 15,800 jobs in July
2014 — the fifth-highest in the nation. The 2013 average annual wage was
$43,789. Unemployment was at 6.5%.
23 (tie). Wisconsin
In 2013, Wisconsin's economy "grew at a moderate pace." Manufacturing,
agriculture, and healthcare drive Wisconsin's economy. Since 1910,
Wisconsin has been the leading producer of cheese in the nation (mozzarella
taking 33.4% of the market in 2013). In our metrics ...Wisconsin's unemployment
rate was 5.8%. The state added 2,900 jobs in July. The average annual wage is
$42,775.
22. Utah
Major industries driving Utah's economy
include tourism, aerospace and defense, and healthcare. In 2013, Utah's
employment grew faster than the U.S.
average. Here's how the state did in our ranking: Utah's unemployment rate was
3.6%, the second-best in the nation. The average annual wage was $41,786. The
state was highly ranked for exports, which nearly $5,554 per capita.
21. Colorado
Colorado's economy is ahead of expectations
for 2014, partially because of strong performances by the energy and tourism industries. Here's how the
state did in our metrics: Colorado's unemployment was at 5.3%. The average
annual wage was at $50,864. The GDP per capita was at $51,955.6.
20. Nebraska
Nebraska has developed agriculture and manufacturing sectors. On the agriculture
end, the state produces sorghum, corn, wheat, cattle, and hogs. On the
manufacturing end, the state produces electronic and auto components, as well
as oil and gas. The state's 2014 economic outlook is expected to be "not as strong as 2013." In our
metrics ...Nebraska has an unemployment rate of 3.6% — the second-lowest in the
nation (tied with Utah). Average annual wage was $39,968. However, 500 jobs
were lost in July.
19. Louisiana
Louisiana's economy is driven by mineral production (especially oil and gas),
petroleum refining, and chemical and petrochemical production. Just like other energy-rich states, Louisiana's
economy expanded in 2013 (by 5.4%). In our measurements ...Louisiana led the
states in exports with $13,696 per capita. Unemployment was at 5.4%.And the
2013 GDP per capita was $47,996.85.
18. Iowa
Iowa's economy saw a "prosperous" year in 2013
following a downward trend in unemployment rate. Additionally, Iowa's financial
sector alone added 1,700 jobs in 2013, while manufacturing and construction
added 6,700 jobs. In our metrics ...Iowa's unemployment rate was at 4.5%. And
the 2013 average annual wage was $41,103.The GDP per capita was at $48,702.
17. Michigan
According to a report by JPMorgan Chase, Michigan's economy
is expected to gradually accelerate into 2014 and 2015. Following a
"revival" of various manufacturing industries, Michigan is finally
seeing some economic stability. According to our measures ...Michigan's
unemployment was a 7.7% — among the highest in the nation. But the state
added 17,900 jobs in July. The average annual wage was $47,119.
16. Minnesota
Minnesota is a "consistently solid
performer, with a diverse economy and an unemployment rate that has typically
remained well below the national average," according to a report by Wells Fargo. In our ranking ...Minnesota
had a low unemployment rate at 4.5%. The average annual wage was relatively
high at $50,115. But July saw a drop in 4,200 jobs.
15. Virginia
In 2013, Virginia's economy "continued
to limp along as federal fiscal tightening restrained growth in this
government-dependent state," according to a Wells Fargo report. Virginia
has a diverse economy with agriculture,
coal, cement, an rail transport industries. According to our numbers ...The
state saw an unemployment rate of 5.4%. The state added 13,300 jobs in July. And
the average annual wage was at $51,923.
14. New Hampshire
New Hampshire was less affected by the Great
Recession than other states. Additionally, nonfarm jobs did better in New
Hampshire than in the rest of the nation. In our data ...New Hampshire's
unemployment rate was 4.4%. The average annual wage was $48,969. And the GDP
per capita was $48,447.
13. New Jersey
New Jersey's economy is forecast to grow by 1.5 percent in
2014 and eventually by 3.4 percent by 2015. In the past few years, the economy
struggled because it was more affected by the housing crisis and because of Hurricane
Sandy. In our data...New Jersey had the fourth-highest wages overall with
$59,451 as the average annual wage of 2013. The state added 5,700 jobs in July.
And unemployment stood at 6.5%.
12. Illinois
Illinois is expected to pick up speed in 2014
and 2015, but job gains could lag behind the national economy levels, according
to a JPMorgan Chase report. Here's how the state
did in our measurements ...Illinois had a relatively high unemployment rate of
6.8%. But it added 10,300 jobs in July. The average annual wage was at $52,588.
11. California
California's economy is so huge that is surpasses both Russia's and Italy's
economies.
The state has numerous, large industrial sectors, and it saw a recent
art boom in Los Angeles. Plus, of course, it
has all the tech industries in the San Francisco area. In our metrics...California
added 27,700 jobs in July — the second-highest number in the nation. However,
its unemployment rate was also high, at 7.4%. The average annual wage for a
Californian in 2013 was $57,121.
10. Wyoming
Wyoming's economy is expected to accelerate
in 2014, according to a Wells Fargo report. And the
unemployment trends indicate that the economy is rebounding. According to our
data ...Unemployment was low at 4.4%, and the average annual wage was at
$44,977. The GDP/capita was the third-highest in the nation at $67,858. 200
jobs were added in July.
9. Vermont
Vermont has seen the greatest growth in New England since the Great
Recession. Vermont also continues to lead the U.S. maple syrup industry. In our data...Vermont
has a low unemployment rate of 3.7% and an average annual wage of $42,050. Vermont
added 1,100 jobs in July. And had the fourth-highest number for exports with
$6,425 per capita.
8. Delaware
Delaware Governor Jack Markell signed a
balanced Fiscal Year 2015 budget focusing on
increasing economic opportunity for all Delawareans in July. Healthcare and
professional business services are seeing "increasingly strong" futures, while the labor
force and real wages are seeing "decreasingly moderate" futures. In
our data ...The 2013 average annual wage at Delaware was $52,103. The
unemployment rate was 6.2%. And the state added 1,500 jobs in July.
7. Connecticut
Average annual wages of Connecticut workers increased by 0.2% in the past year.
However, forecasts suggest the state will see slower growth in 2014 and 2015.
Here's how Connecticut did, according to our numbers: The state had the
second-highest average annual wage at $62,283. Connecticut also had a high GDP
per capita at $65,070. However, unemployment was relatively high at 6.6%.
6. Massachusetts
Massachusetts passed an $80 million economic development act that will improve
training for the state's high-growth industries and will provide
"incentives to create jobs and stimulate the economy." Its economy grew by $424.4 billion from
2009 to 2013. According to our data ...Massachusetts was No. 1 in per capita
consumption at $47,305.Additionally, the state had the third-highest average
annual wage at $61,794. Massachusetts added 13,800 jobs in July.
5. Washington
Washington has many major companies including
Microsoft, Starbucks, and Amazon. The state's job market is forecast to expand,
and the IT sector will be an important economic driver, according to a JPMorgan report. Our data shows
...Washington's unemployment rate is 5.6%. The average annual wage is at
$53,009. The state added 7,300 jobs in July.
4. Alaska
Recently, big oil companies lucked out, as they will
continue to enjoy favorable taxes in Alaska. However, Alaska's oil has been so
depleted that the state's production of crude oil now ranks fourth in the nation. According to our measures ...Alaska
had the highest GDP per capita at $70,113. The annual wage was relatively high
at $51,568. But the state lost 400 jobs in July.
3. New York
New York State's economy is also expected to
speed up in the coming year, according to a JPMorgan Chase report. There has been a
"slightly elevated level" of layoffs, which the report says reflects
a "shifting ground under the financial sector." Here's how New York
did in our measures: New York had the highest average annual wages in the
nation at $63,085. The state added 15,900 jobs in July. The unemployment rate
was at 6.6%.
2. Texas
Texas' economy continued to expand,
especially in the oil and gas and construction industries. Manufacturing and
cuts in federal spending "contributed to the state's job growth
slowdown." According to our data ...Texas added the most jobs
— 46,600. The average annual wage was relatively high at $51,187. Exports
were also high at $10,567 per capita.
1. North Dakota
North Dakota's oil boom sped up the economy
in the past few years — and the trend is expected to continue because of the
"robust demand of energy." Here's how North Dakota did in our
measures ...North Dakota had the lowest unemployment rate at 2.8%. The state
had the second-highest rate of GDP per capita at $68,804. The average annual
wage was $47,779.
http://www.businessinsider.com/ranked-the-50-us-state-economies-2014-8?op=1
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