N. Dakota, Michigan? 2 Fastest-Recovering States
The home to the U.S. automobile industry was topped only by North Dakota, where an oil boom is raising incomes and boosting government coffers at the nation’s quickest rate. California, Massachusetts and Illinois round out the top five in the Bloomberg Economic Evaluation of States Index (BEES), which uses data on real estate, jobs, taxes and stock prices to gauge the growth rate in 50 states and the District of Columbia.
BEES tracks growth by compiling data on six components that are given equal weight: job creation, personal income, tax revenue, housing prices, mortgage delinquencies and the performance of Bloomberg stock indexes that track the share prices of locally based companies. The BEES index, updated quarterly, is a measurement of growth, not absolute performance, so a slowing economy with low unemployment may rank below a battered state on the mend.
Some of Michigan’s improvement reflects the severity of its decline. It ranked last in the BEES index in the decade through 2010, a period when it was the only state to lose population. In September, it still had unemployment of 11.1 percent, two percentage points above the U.S. average.
HT: Mike W.