The US is a diverse country. With 50 states (plus DC), and a variety of industries, each state’s economy is also different. Southern states tend to be more agricultural while northern states are more industrial. However, a difference in available resources, tax laws, an employment population also impacts individual state performance. And while some states are booming; others are lagging behind. Let’s find out which state has the best economy in 2018.
Using Data from the US Bureau of Labor Statistics, the US Census Bureau, as well as the Bureau of Economic Analysis, we can examine a variety of factors. Using the following factors, we can begin to examine the individual state economy:
- Rate of job growth
- Per-capita GDP
- GDP growth rate
- Average weekly wages
- wage growth
How did you state perform? Let’s find out which state has the best economy.
States With The Worst Economy
The following states ranked in the bottom five overall when examining the factors above.
- New Mexico
- South Dakota
States With The Best Economy
Based on the same above factors, here are the top five states which performed best.
- Washington D.C
What’s The Difference?
Among the lowest performing states, non-agricultural jobs have been slow to develop. Rising unemployment rates and slow GDP have led to stale markets. Among the top performers, booming technology sectors have contributed greatly to job growth as well as GDP.
Colorado and Texas in particular have booming technology sectors which are attracting high income jobs and high income employees. If one of these locations appeals to you, perhaps it’s time to consider a move?
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