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New Study Ranks States From Most To Least Economically Competitive
Though economic trends are undoubtedly felt throughout the nation, it is clear from the results of a recent American Legislative Exchange Council study that local policies have a substantial impact on the relative prosperity among the 50 states.
As it does each year, ALEC compiled statistics from each state and ranked each in its Rich States, Poor States index. The results are tallied under two separate metrics, explained by the study’s authors as follows:
The Economic Outlook Ranking is a forecast based on a state’s current standing in 15 state policy variables. Each of these factors is influence directly by state lawmakers through the legislative process. Generally speaking, states that spend less – especially on income transfer programs, and states that tax less – particularly on productive activities such as working or investing – experience higher growth rates than states that tax and spend more.
The Economic Performance ranking is a backward-looking measure based on a state’s performance on three important variables: State Gross Domestic Product, Absolute Domestic Migration, and Non-Farm Payroll Employment – all of which are highly influenced by state policy. This ranking details states’ individual performances over the past 10 years based on this economic data.
Utah leads the pack for economic outlook, while Texas is ranked first for economic performance.
The study paid special attention to economic outlook rankings, using data to create a map showing which states are set up for financial success and which have state policies limiting such prosperity.
Twitter/@ALEC_states
Many of the lowest-ranking states are located in New England, with four of the bottom five – New Jersey, Connecticut, Vermont, and 50th ranked New York – all located in the region. The only state in the bottom five not located on the East Coast is Minnesota, which is ranked 48th.
The West Coast is home to two states – Oregon and California – that barely missed the bottom five with rankings of 45th and 44th, respectively.
On the other end of the spectrum, the top five states for economic outlook includes – in addition to Utah – North Dakota, Indiana, North Carolina, and Arizona.
The only two states to rank in the top five for both economic outlook and performance are Utah and North Dakota. New Jersey is the only state to appear in the bottom five on both lists.
Share this article on Facebook if you are proud — or surprised — with your home state’s ranking.
This post originally appeared on Western Journalism – Informing And Equipping Americans Who Love Freedom
Source: http://www.westernjournalism.com/new-study-ranks-states-least-economically-competitive/
