AdvisorSmith Releases 'States with the Best and Worst Economic Growth Since the Last Election' Study

NEW YORK - Dec. 17, 2019 - PRLog -- AdvisorSmith, a leading information resource for small business owners, published a study today detailing the states with the best and worst economic growth since the last election (2016-2019).

The study, based upon data from the US Bureau of Economic Analysis, US Bureau of Labor Statistics, and the US Census Bureau, calculated the growth among the 50 US states and the District of Columbia using the following statistics:

• GDP per capita
• Median household income
• Unemployment rate
• Labor force participation rate

Key Findings

• Louisiana ranked first in the study.  The largest increases in GDP for Louisiana came from nondurable goods manufacturing, followed by mining, quarrying, and oil and gas.

• South Dakota ranked last in the study. GDP in South Dakota only grew by $3.5 Billion with a few industries such as educational services contracting from 2016-2019.

• Annualized change in GDP per capita ranged from 1.7% to 5.8% while the unemployment rate change ranged from -3.0% (Alabama) to 0.2% (Hawaii).

Top 5 States

1. Louisiana

GDP per capita change: 5.8%
Median household income change: 8.8%
Unemployment change: -0.6%
Labor force participation change: 0.7%

2. Washington

GDP per capita change: 5.4%
Median household income change: 6.5%
Unemployment change: -1.0%
Labor Force Participation change: 1.9%

3. West Virginia

GDP per capita change: 5.0%
Median household income change: 6.8%
Unemployment change: -0.7%
Labor force participation change: 3.6%

4. Massachusetts

GDP per capita change: 4.3%
Median household income change: 9.3%
Unemployment change: -0.9%
Labor force participation change: 2.3%

5. California

GDP per capita change: 5.5%
Median household income change: 2.9%
Unemployment change: -1.4%
Labor force participation change: 0.7%

Bottom 5 States

51. South Dakota

GDP per capita change: 1.7%
Median household income change: 1.7%
Unemployment change: -0.5%
Labor force participation change: 0.7%

50. Connecticut

GDP per capita change: 3.0%
Median household income change: -2.1%
Unemployment change: -0.8%
Labor force participation change: 1.3%

49. Alaska

GDP per capita change: 4.4%
Median household income change: -4.7%
Unemployment change: -1.5%
Labor force participation change: -2.4%

48. Delaware

GDP per capita change: 1.8%
Median household income change: 5.8%
Unemployment change: -0.3%
Labor force participation change: 0.1%

47. North Carolina

GDP per capita change: 3.1%
Median household income change: -0.4%
Unemployment change: -1.2%
Labor force participation change: 1.2%

To view the original report and see the rest of the states with the best and worst economic growth since the 2016 election:

https://advisorsmith.com/data/states-with-the-best-and-wo...

About AdvisorSmith

AdvisorSmith is a leading information resource for small business owners. AdvisorSmith empowers small businesses with original research and insights into trends to help them succeed. For more information, go to https://advisorsmith.com or follow us on Twitter @AdvisorSmithInc.