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Study: Northwest economies are healthy

Coeur d'Alene Press | UPDATED 8 years, 7 months AGO
| June 9, 2016 9:00 PM

The middle ground is a pretty comfortable place to be.

Idaho’s economy may not be the strongest in the union, but it isn’t bad, either, according to economic data collector WalletHub’s latest analysis.

While the nation’s economy has been growing steadily since the recession, within its borders economic performance varies. Idaho made no top five list, but neither is it among the worst in any category. Other states are more complex. For example, Illinois is experiencing economic freefall with the third worst unemployment rate in the U.S. Yet its higher economic “activity” rank keeps its overall score of 29, near Idaho’s 24 spot — a bit misleading. Alaska’s overall rank is 25, but it rated among the lowest for unemployment, GDP, and payroll change.

Overall the Northwest ranks pretty high. The best state economy overall is Utah, followed by Washington, California, Massachusetts, and Colorado. Oregon ranks 10th. The worst economies are New Mexico, Maine, West Virginia, Arkansas, and last of all, Mississippi.

Using data from several federal agencies and private nonprofits, the study ranked states according to three main areas: economic activity, economic health, and innovation. Categories measured within those areas included growth in GDP, per capita exports, business startups, unemployment rate, payroll changes, median income, state surplus per capita, brain drain, high-tech jobs, patents, and venture capital. Among its findings:

Washington ranked in the top five for high-tech jobs and has the highest value of exports per capita at $12,517 — nine times higher than last-place Hawaii’s export figure of $1,361. Alaska’s exports also made the top five.

Utah has the most patents per capita, eight times higher than the lowest, Mississippi. Utah, Colorado, and California also made the top five list for business startups. Utah also ranks in the top five for venture capital funding.

North Dakota has the highest GDP growth; Wyoming and Colorado also made the top five. Mississippi and Alaska have the lowest.

Utah has the highest payroll increases, followed in order by Florida, Nevada, Oregon, and Colorado. Wyoming and North Dakota had the least.

The highest state government surpluses include Alaska, Wyoming, and Oregon. The lowest are in Louisiana and Massachusetts.

For more information, see https://WalletHub.com.

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Sholeh Patrick is a columnist for the Hagadone News Network. Email sholeh@cdapress.com

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