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The Economies of the PIA Western Alliance States

Posted By Administration, Wednesday, August 12, 2015
MSN Money recently took a look at the economies of the 50 U.S. states and the District of Columbia. In determining who was best and who was worst, the website checked unemployment rates, gross domestic product per capita, average weekly wages, and recent growth rates for non-farm payroll jobs, GDP, house prices and wages.

Another factor considered is the number of Fortune 1000 companies in the state.

Here’s the list of the bottom 10, the PIA Western Alliance states and the 10 best. The PIA Western Alliance states have details and are in bold:

51. Mississippi
50. West Virginia
49. Alabama

48. New Mexico — Mining is the most important industry in the state. There are 18,000 employed in the sector. The state is also an important energy research state. The University of New Mexico and the Los Alamos National Laboratory employee close to 22,000 in physics, engineering and biological research.

The state’s unemployment rate at 6.4% is a bit higher than the 5.3% national average but wage growth is rising. Housing is still in a slump.

47. Missouri
46. Maine
45. Arkansas
44. New Jersey
43. Kansas
42. Virginia

40. Arizona — The state has a varied economy with the largest employers being in mining, professional organizations, financial processing and the manufacturing of electronics.

The housing market is doing well and values went up 6.03% between the first quarter of 2014 and the first quarter of this year. The GDP per capita is $12,000 lower than the national average at $42,213.

The national average is $54,307.

38. Alaska — The largest employers are mining, fishing, and seafood processing. The numbers in those industries are disproportionate. The GDP is $77,477 — the second highest in the nation — but the unemployment rate is the fourth highest in the country. It’s 6.8%.

31. Nevada — Gaming rules. Nevada employs 183,000 people in the gambling houses housed in the state. Another 10,000 are employed by non-hotel casinos. Housing is recovering. Prices rose 10.11% between the first quarter of last year and 2015’s first quarter.

Unemployment sits at a whopping 6.9% — the third highest in the country. Wages are up 1.3% from quarter four of 2013 and the fourth of 2014.

28. Montana — Cattle ranching rules in Montana. The state also has an impressive 3.9% unemployment rate. Average weekly wages — however — are low at $794. It’s the fourth lowest in the country.

15. Idaho — Memory and computer-chip maker Micron Technologies is in Boise. It has just been purchased by the Chinese. Unemployment is just 4%. The per capita GDP is $39,127 and the average weekly wage is $782. They are both the fourth lowest in the country.

11. California — Ten percent of the Fortune 1000 firms — 101 — have their headquarters in California. Intel, Disney, Apple, HP, Google and Wells Fargo are among them.

The GDP in 2014 grew 2.8% and was ninth highest. Housing is recovering and prices jumped 7.5% in 2014. The unemployment rate is what hurts the Golden State. It’s 6.3%, the nation’s 9th highest.

10. Oregon — Nike was founded in Oregon and its headquarters is in Portland. Non-farm payroll rose 3.2% from June 2014 to June 2015 and its 3.6% GDP is sixth best in the union.

9. New York
8. New Hampshire
7. Utah
6. Massachusetts

5. Washington — Ten Fortune 500 companies are in Washington. That includes Starbucks, Costco, Microsoft and Amazon. The housing market is recovering and prices jumped 7.6% between the first quarter of 2014 to the same quarter of this year.

The 3.5% non-farm payroll hike is third best in the country including discount retail giant Costco, ubiquitous coffee chain Starbucks, and huge tech companies Amazon and Microsoft.

4. Texas
3. District of Columbia
2. Colorado
1. North Dakota

Source link: MSN Money

Tags:  Insurance Content  Insurance Industry  The Economies of the PIA Western Alliance States  Weekly Industry News 

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