New York State’s economy ranks third in the nation, according to a new report by Business Insider.
All 50 states were evaluated by seven economic measures: the July unemployment rate, the change in nonfarm payroll jobs from June to July 2014, the 2014 GDP per capita, the 2012 per capital consumption, the 2013 average annual wage, the 2013 exports per capita and the 2012 government expenditures.
New York posted an average annual wage of $63,085, the highest in the US. In July, the state added 15,900 jobs, and the unemployment rate was 6.6 percent.
The oil-rich states of North Dakota and Texas took the No. 1 and 2 slots, respectively. Bolstered by the oil, gas and construction industries, Texas added the most jobs in the country — 46,600 — and had an average annual wage of $51,187. North Dakota’s oil boom in recent years, which shows no sign of abating, resulted in the nation’s lowest unemployment rate at 2.8 percent. The state had the second-highest rate of GDP per capita at $68,804, and the average annual wage was $47,779.
The bottom three states, in descending order, were Arkansas, New Mexico and Mississippi. At the No. 50 slot, Mississippi ranked the worst in four out of seven categories — unemployment rate in July (8.0 percent), GDP per capita ($32,421 in 2013), personal consumption ($27,406 per person) and average annual wages ($36,451).
You can check out the full rankings here.