Ranked: The Best and Worst State Economies
View the high resolution version of today’s graphic by clicking here.
On a global scale, the U.S. economy is massive at close to $19 trillion in size.
However, the United States is also the sum of its parts. America represents the union of 50 states and other jurisdictions such as D.C., and all of these state-level economies have their own unique problems to overcome, drivers of growth, and local resources that factor into their prosperity.
How can we compare these state economies on an even playing field?
Ranked: State Economies
Using absolute numbers, it’s hard to directly compare California ($2.75 trillion GDP, 39.5 million people) to a state like Vermont ($33 billion, 0.6 million people). By leveling the playing field, we can get an idea of how states contrast in terms of relative economic strength that companies and workers would better recognize.
Today’s infographic uses 27 metrics from WalletHub to rank state economies. These metrics are grouped into three major categories, which are evenly weighted:
1. Economic Activity: GDP growth, startup activity, exports per capita, and three other metrics
2. Economic Health: Labor force changes, median household income, unemployment, and 13 other metrics
3. Innovation Potential: Entrepreneurial activity, R&D investment, patents per capita, and three other metrics
Note: the full methodology with all 27 factors can be found here.
Here’s how the rankings shake down, for all 50 state economies and D.C.:
|Overall||State||Total Score||Economic Activity||Economic Health||Innovation Potential|
|5||District of Columbia||67.1||3||6||13|
Topping the list for overall score were the states of Washington, California, and Utah, and the first place state in each major category includes Washington (Economic Activity), Utah (Economic Health), and Massachusetts (Innovation Potential).
Case in Point
Looking at statistics and scoring methodologies alone can be a bit esoteric, so let’s look at some individual cases to see some contrast.
Utah (Rank: #3)
Utah consistently ranks as one of the top states for business, in the country, as well as a top state for job growth and employment. It’s also pretty unique in that it has a fairly diversified economy, with major sectors in the tourism, agriculture, tech, manufacturing, finance, energy, and mining industries.
Utah has a higher median household income ($65,977), and a blistering 3.4% employment growth rate.
Florida (Rank: #22)
Using this methodology, Florida falls somewhere in the middle of the rankings. The good news is the state has good employment growth (2.9%) and a myriad of thriving industries like aerospace. The bad news? Florida has the second-highest level of poverty in the union at 19%, and it also has a lower median household income ($50,860) than the national average.
Maine (Rank: #45)
Economic activity is sluggish in the country’s most northeastern state. With an aging population, slow employment growth (0.8%), and a number of lost manufacturing jobs over the last 15 years, the state is trying to rebound. Maine isn’t helped by having one of the highest tax burdens for its citizens and businesses in the country, either.
The $300 Billion Counterfeit Goods Problem, and How It Hurts Brands
Every year, the global economy loses over $300 billion from the sale of counterfeit goods. Here are the problems created by this, and why they matter.
When you are walking along the boardwalk on vacation, you know it’s a “buyer beware” type of situation when you buy directly from a street vendor.
Those Cuban cigars are probably not Cubans, the Louis Vuitton bag is a cheap replica, and the Versace sunglasses too cheap to be the real thing.
But what if you placed an order for something you thought was truly legitimate, and the fake brand had you fooled? What if this imitation product fell apart in a week, short-circuited, or even caused you direct harm?
Can you Spot a Fake?
Today’s infographic comes to us from Best Choice Reviews, and it highlights facts and figures around counterfeit goods that are passed off as quality brands, and how this type of activity damages consumers, businesses, and the wider economy.
In 2018, counterfeit goods caused roughly $323 billion of damage to the global economy.
These fake products, which pretend to by genuine by using similar design and packaging elements, are not only damaging to the reputations of real brands – they also lead to massive issues for consumers, including the possibility of injury or death.
A Surprisingly Widespread Issue
While it’s easy to downplay the issue of fake goods, it turns out that the data is pretty clear on the subject – and counterfeit goods are finding their way into consumer hands in all sorts of ways.
More than 25% of consumers have unwillingly purchased non-genuine goods online – and according to a test by the U.S. Government Accountability Office, it was found that two of every five brand name products they bought online (through 3rd party retailers) were counterfeits.
Some of the most common knockoff goods were as follows:
- Makeup – 32%
- Skincare – 25%
- Supplements – 22%
- Medication – 16%
- Economic Impact
On a macro scale, the sale of counterfeit goods can snowball into other issues. For example, U.S. accusations of Chinese manufacturers for stealing and reproducing intellectual property has been a major driver of tariff action.
- Unsecure Information
Counterfeit merchants present higher risks for credit card fraud or identity theft, while illegal download sites can host malware that steals personal information
- Criminal Activity
Funds from illicit goods can also be used to help bankroll other illegal activities, such as extortion or terrorism.
- Unsafe Problems
It was found that 99% of all fake iPhone chargers failed to pass critical safety tests – and 10% of medical products are counterfeits in developing countries, which can raise the risk of illness or even death.
Aside from the direct impact on consumers and brands themselves, why does this matter?
The Importance of Spotting Fakes
Outside of the obvious implications, counterfeit activity can open up the door to bigger challenges as well.
The issue of fake goods is not only surprisingly widespread in the online era, but the imitation of legitimate brands can also be a catalyst for more serious problems.
As a consumer, there are several things you can do to increase the confidence in your purchases, and it all adds up to make a difference.
The Reputational Risks That CEOs are Most Worried About
It takes decades to earn a reputation, and just one mistake to ruin it. Here’s what business leaders see as the biggest reputational risks.
The Reputational Risks That CEOs are Most Worried About
View the full-size version of the infographic by clicking here
Building an enduring business isn’t easy work.
It can take decades to earn trust and respect in a given market, and it only takes one terrible miscue to unravel all of that goodwill.
As a result, it’s no surprise that the world’s best CEOs think a lot about evaluating these kinds of risks. So what do executives see as being the biggest reputational risks lingering over the next 12 months for their businesses?
Today’s infographic comes to us from Raconteur, and it breaks down the near-term reputational risks seen by CEOs as based on research by Deloitte.
The concerns highlighted in the survey fall into three major categories:
- Security risks: including physical and cyber breaches (41%)
- Supply chain: risks arising from extended enterprise and key partners (37%)
- Crisis response capabilities: how the organization deals with crises (35%)
Let’s dive a little deeper, to see why these broad areas are such a concern.
As more people work remotely, CEOs see a rising risk stemming from data breaches.
Although 89% of the C-suite believes that employees will do everything they can do to safeguard information, about 22% say their employees aren’t aware of offsite data policies. The devices most at risk, according to this group, are company mobile phones (50%), company laptops (45%) and USB storage devices (41%).
Supply Chain Risk
When it comes to maintaining the quality of your product or service, it’s not optimal to be reliant on third-parties.
However, it’s also unlikely for companies to be fully vertically integrated – somewhere along the way, you need to get raw materials from a supplier, or you need to rely on a logistics company to deliver your goods to market. The more borders that need to be crossed, and the further an item has to go, the more complicated it all gets.
In terms of supply chain risk, CEOs are mostly concerned about government action (or inaction): uncertainty about policy, over-regulation, trade conflicts, geopolitical uncertainty, and protectionism were all items that registered high on the list.
It pays to be prepared when it comes to crises.
The only problem? It would seem the data that C-level execs need to make emergency decisions is not up to snuff. For example, 95% of CEOs see customer and client data as being necessary in such a situation, but only 15% of companies are successfully collecting such data.
The same gap seems to occur when it comes to other types of data, including brand reputation data, financial forecasts and projections, employee needs and views, industry peer benchmarking, and supply chain data.
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