The best and worst state economies

Where should you be doing business?

While the forecast for the future of housing doesn't appear to be too bright, the same can't be said for each of the 50 individual states, some of which are not performing poorly at all.

In fact, the top states are expected to continue to flourish in the coming months.

An article in Business Insider 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.

To see the full list, click here. Or just scroll down to see the top 5:

5. Washington:

Currently, the state’s unemployment sits at 5.6%, with an annual salary of $53,009. In addition, Washington added 7,300 jobs in July.

The state is home to giant corporations like Microsoft, Starbucks and Amazon, with the job market and IT sector projected to grow.

4. Alaska

While the state is ranked in the four number spot, the article explained that Alaska’s oil has been so depleted that the state’s crude oil production is now fourth in the nation. The state has the highest GDP/capita at $70,113, an annual wage of $51,568 but lost 400 jobs in July.

 3. New York


“There have been a ‘slightly elevated level’ of layoffs, which the report states is a reflection of the ‘shifting ground under the financial sector’,” the article said.

Meanwhile, New York had the highest average annual wages in the nation at $63,085, the state added 15,900 jobs in July and has a 6.6% unemployment rate.

2. Texas


The Texas economy continued to grow between expansion in the oil, gas and construction industries. Texas added the highest amount of jobs, at 46,600. The average annual wage was relatively high at $51,187, while exports were also high at $10,567.   

1. North Dakota

Ranking as number one, the article explained that North Dakota’s oil boom sped up the economy in the last few years, with the trend expected to continue due to a robust demand of energy.

The states witnessed the lowest unemployment rate at 2.8%, the second highest GDP/capita rate at $68,804 and an annual wage of $47,779. 

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