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<b>The States With the Best and Worst Economies </b><b><br>
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<p>By several measures, the national economy is the strongest it
has been in decades. The U.S. monthly unemployment rate now sits
comfortably below 4%, and we are in the second longest period of
GDP growth since World War II.</p>
<p>In most states, unemployment has improved in recent years as
well, but that is not to say every state economy is equally
healthy. Some states are experiencing an economic boom, while
others continue to struggle with job losses, poor GDP growth,
and poverty.</p>
<p>Economic vitality is as much about growth as it is about a
state’s ability to support its population — with jobs,
education, and economic opportunities. In turn, employed,
better-paid, and better-educated residents contribute to
economic growth.</p>
<p>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.</p>
<p>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.</p>
<p>“The national economy is continuing to recover, and some
sectors are doing better than others,” Martin Kohli, chief
regional economist at the Bureau of Labor Statistics, explained
in a conversation with 24/7 Wall St. “Nationally, we’ve
consistently seen relatively large job growth in health care,
and relatively large growth in leisure and hospitality, and
strong growth in professional and business services.” Many of
the states with growing economies have outsized concentration of
employment or strong growth in these industries.</p>
<p><a
href="https://247wallst.com/special-report/2018/08/15/the-states-with-the-best-and-worst-economies-2/2/"><span
style="color:#008000;"><strong>Click here to see the best
and worst state economies</strong></span></a><br>
<a
href="https://247wallst.com/special-report/2018/08/15/the-states-with-the-best-and-worst-economies-2/12/"><span
style="color:#008000;"><strong>Click here to read our
methodology</strong></span></a></p>
<p>Jobs in many high-paying industries require college education.
And states with well-educated labor forces often attract
businesses in such industries. According to Kohli, occupations
that are expected to grow the most over the next several decades
are also the ones that tend to require more education.</p>
<p>“I think it is well-known historically that higher levels of
education are associated with lower levels of unemployment and
higher earnings,” Kohli said. “Many of the sectors that are
growth sectors … typically require people with higher levels of
education.”</p>
<p>People with higher educational attainment also are more likely
to have greater job stability and higher incomes, each of which
are boons for a region’s economy.</p>
<p>Many of the states with contracting economies have a high
reliance on jobs in energy extraction industries like coal
mining and oil production. Four of the five worst ranked states
on this list — Louisiana, West Virginia, Alaska, and New Mexico
— also have among the largest mining sectors relative to total
state employment.</p>
<p>When the price of oil collapsed beginning in 2014, many
oil-dependent state economies suffered as a result. “These are
states that are very reliant on energy — either coal mining or
oil drilling — and they’re not as diversified as the states at
the top of the list,” Kohli said.</p>
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<div class="wp-caption aligncenter"
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alt="" width="645" height="363"
data-credit="knowlesgallery / iStock"
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<div class="wallst_image_source"><span>Source:</span>
knowlesgallery / iStock</div>
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<p><strong>9. Idaho</strong><br>
<strong>> 5 yr. GDP annual growth rate:</strong> +2.4% (6th
largest increase)<br>
<strong>> 2017 GDP:</strong> $62.6 billion (10th smallest)<br>
<strong>> June 2018 Unemployment:</strong> 2.9% (tied — 7th
lowest)<br>
<strong>> 5 yr. annual employment growth:</strong> +2.4% (4th
largest increase)</p>
<p>States with relatively affluent populations tend to prosper.
Among the states with the 10 highest ranked economies, Idaho is
the only one with a median household income that trails the
national median. The typical state household has an income of
$51,807 a year, compared to a national median household income
of $57,617.</p>
<p>However, the state makes up for its low incomes by ranking
among the best states in the country in GDP and employment
growth, as well as by having one of the lower unemployment rates
in the country. Between 2012 and 2017, state GDP and employment
each grew at an average annual rate of well over 2%. The state’s
2.9% unemployment rate is nearly a full percentage point below
the national rate of 3.8%.</p>
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<p><b>Ken</b></p>
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