How Michigan’s Economy Stacks Up To Other States | Michigan

The COVID-19 pandemic sent economic shockwaves through the U.S. economy, tripling monthly unemployment to nearly 15% and leading to a quarterly drop of more than 30% in GDP – by far the biggest economic contraction in the history of the United States.

No corner of the country has been spared the economic consequences of the pandemic – but some states have come out better off than others. A range of factors, including industrial diversity, educational levels of the workforce, household income, and long-term GDP growth, affect a state‘s overall economic strength – and its ability to withstand the impact of the pandemic.

To determine the states with the best and worst economies, both in the years leading up to and during the pandemic, 24/7 Wall St. created a five-metric index â ?? five-year economic growth, five-year employment growth, poverty rate, unemployment rate and proportion of adults with a bachelor’s degree or above.

There are over a quarter of a million fewer people working in Michigan today than there were around this time last year. Job losses from the pandemic contributed to a 2.7% drop in overall employment in the state from 2016 to 2021, one of the largest employment declines among states.

Economic growth has also stagnated in Michigan in recent years. Partly because of an economic contraction of 4.2% last year, Michigan’s five-year average annual GDP growth rate was only 0.4%, less than a third of the rate comparable national growth of 1.4%.

All of the index components used to create this ranking have been included with equal weight. All of the data used to create the index comes from the Bureau of Labor Statistics and the US Census Bureau. Supplementary state-level data on economic output by industry from the Bureau of Economic Analysis. This is how the 50 state economies rank.

Rank State Poverty rate Unemployment rate for March 2021 Avg. annual change in employment, March 2016 to March 2021 Avg. annual change in GDP, Q4 2015 to Q4 2020
1 Utah 8.9% 2.9% + 2.0% + 3.9%
2 Idaho 11.2% 3.2% + 2.3% + 3.9%
3 Washington 9.8% 5.4% + 1.2% + 4.3%
4 Colorado 9.3% 6.4% + 1.4% + 2.8%
5 New Hampshire 7.3% 3.0% + 0.2% + 0.6%
6 Nebraska 9.9% 2.9% + 0.0% + 1.2%
7 Minnesota 9.0% 4.2% -0.1% + 1.1%
8 Massachusetts 9.4% 6.8% + 0.2% + 1.4%
9 Georgia 13.3% 4.5% + 1.7% + 2.2%
ten Oregon 11.4% 6.0% + 0.9% + 2.8%
11 Virginia 9.9% 5.1% -0.2% + 1.2%
12 Kansas 11.4% 3.7% + 0.2% + 1.1%
13 Montana 12.6% 3.8% + 0.5% + 1.2%
14 South Dakota 11.9% 2.9% + 0.6% + 0.8%
15 Florida 12.7% 4.7% + 0.9% + 2.2%
16 Maryland 9.0% 6.2% -0.6% + 1.0%
17 Arizona 13.5% 6.7% + 1.9% + 2.9%
18 Wisconsin 10.4% 3.8% -0.2% + 0.8%
19 Vermont 10.2% 2.9% -1.9% -0.1%
20 North Carolina 13.6% 5.2% + 0.8% + 1.7%
21 Indiana 11.9% 3.9% + 0.1% + 1.5%
22 Caroline from the south 13.8% 5.1% + 0.9% + 1.8%
23 Maine 10.9% 4.8% -0.7% + 1.0%
24 Alabama 15.5% 3.8% + 1.3% + 1.1%
25 Tennessee 13.9% 5.0% + 1.2% + 1.0%
26 Missouri 12.9% 4.2% -0.0% + 0.7%
27 New Jersey 9.2% 7.7% -0.9% + 0.3%
28 Iowa 11.2% 3.7% -0.9% + 0.3%
29 Ohio 13.1% 4.7% + 0.0% + 0.7%
30 North Dakota 10.6% 4.4% -0.6% -0.4%
31 Texas 13.6% 6.9% + 0.6% + 1.7%
32 California 11.8% 8.3% -0.6% + 2.4%
33 Delaware 11.3% 6.5% + 0.4% -0.6%
34 Nevada 12.5% 8.1% + 1.5% + 1.9%
35 Michigan 13.0% 5.1% -0.6% + 0.4%
36 Wyoming 10.1% 5.3% -0.4% -1.6%
37 Rhode Island 10.8% 7.1% -0.8% -0.5%
38 Oklahoma 15.2% 4.2% + 0.4% -0.6%
39 Pennsylvania 12.0% 7.3% -0.8% + 0.6%
40 Illinois 11.5% 7.1% -1.6% + 0.2%
41 new York 13.0% 8.5% -0.8% + 0.8%
42 Arkansas 16.2% 4.4% + 0.1% + 0.6%
43 Alaska 10.1% 6.6% -0.8% -0.8%
44 Connecticut 10.0% 8.3% -2.4% + 0.1%
45 Kentucky 16.3% 5.0% -0.1% + 0.5%
46 Hawaii 9.3% 9.0% -2.1% -0.5%
47 West Virginia 16.0% 5.9% + 0.3% -0.2%
48 New Mexico 18.2% 8.3% -0.1% + 1.1%
49 Mississippi 19.6% 6.3% + 0.1% + 0.5%
50 Louisiana 19.0% 7.3% -0.8% + 0.3%


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