The States With the Best and Worst Economies
From Wall Street 247, August 15, 2018
24/7 Wall St. reviewed economic growth, poverty, unemployment, job growth, and college attainment rates to compare and rank state economies. The best ranked states tend to have fast-growing economies, low poverty and unemployment rates, high job growth, and a relatively well-educated workforce, while the opposite is generally the case among states with the worst ranked economies.
Residents of top-ranked state economies tend to be relatively affluent. Though the median household income was not used to rank states, it exceeds the national median in 9 of the 10 best state economies. A population with greater disposable income may be more able to purchase goods and services, which helps the success of local business….
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> 5 yr. GDP annual growth rate: +1.5% (23rd largest increase)
> 2017 GDP: $75.5 billion (13th smallest)
> June 2018 Unemployment: 2.1% (the lowest)
> 5 yr. annual employment growth: +1.2% (19th largest increase)
Hawaii is an expensive place to live. With its idyllic location driving up property values, Hawaii has the most expensive real estate in the country. However, it also has one of the most affluent populations in the country. The median household income of $74,511 a year is close to $17,000 higher than the national median income.
The state also benefits from a strong job market. As of June, the state had the nation’s lowest unemployment rate at just 2.1%. Also, just 3.5% of the state’s population lacks health insurance, second lowest of any state and far less than the national uninsured rate of 8.6%.