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Economy

Ranked: The Best and Worst State Economies

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Ranked: The Best and Worst State Economies

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.:

OverallStateTotal ScoreEconomic ActivityEconomic HealthInnovation Potential
1Washington76.5143
2California73.82262
3Utah73.8514
4Massachusetts73.34291
5District of Columbia67.13613
6Colorado66.41535
7Oregon65.76910
8New Hampshire62.517107
9Maryland61.018286
10Delaware59.8102015
11Idaho58.221219
12Michigan57.923338
13Virginia57.591823
14Arizona57.4162414
15North Carolina57.3241112
16Connecticut57.312459
17Minnesota56.6201617
18Georgia56.082129
19New York55.774418
20Texas55.4191521
21New Jersey55.1114711
22Florida54.5131230
23Missouri50.2341924
24South Carolina49.8142341
25Wisconsin49.2331431
26Vermont49.1353122
27Nebraska49.036734
28Indiana48.9262535
29Nevada48.1222740
30Pennsylvania47.7254127
31Montana47.7461325
32South Dakota47.139539
33Iowa47.0312237
34Illinois46.9274326
35Tennessee46.4291744
36Rhode Island46.0404020
37Ohio45.7304228
38Kansas44.3433432
39Hawaii43.7383038
40New Mexico42.1445116
41Alabama41.6323843
42North Dakota41.151836
43Wyoming39.4473245
44Kentucky38.9284648
45Maine38.9373647
46Alaska37.7503933
47Oklahoma37.1493742
48Arkansas35.9453550
49Mississippi35.0414846
50Louisiana33.2425049
51West Virginia28.1484951

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.

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Business

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.

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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?

Risky Business

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:

  1. Security risks: including physical and cyber breaches (41%)
  2. Supply chain: risks arising from extended enterprise and key partners (37%)
  3. 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.

Security Risks

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.

Crisis Management

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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Economy

Visualizing the Potential of Smart Mining

Smart mining technology is helping to enhance safety, increase production, and optimize resources by analyzing large swaths of real-time data.

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Visualizing the Potential of Smart Mining

View the full-size version of the infographic by clicking here

Mining has traditionally been depicted with pack mules, pickaxes, and rugged prospectors.

However, it may surprise you to learn that today’s mining industry is precisely the opposite in almost every respect. It’s high-tech, efficient, and safe.

This is partially because modern mining companies are deploying the latest in sensor and cloud technology. These connected mines are improving the extraction process and workers’ safety while also boosting productivity.

Today’s infographic comes to us from Natural Resources Canada and discusses how this sensor and cloud technology can be integrated into the extractive process.

What is Smart Mining?

A connected mine uses data from sensor technology to effectively manage underground and pit mining operations.

“Any mining operation today will have in the thousands or hundreds of thousands of sensors capturing in real time a vast swath of data.”

– Mukani Moyo, McKinsey Senior Expert (Source)

From a single application on a mobile device, supervisors at mine sites can now receive alerts via SMS, email or in-app notifications. This helps them react to critical problems in real-time and maximize productivity.

In addition, advanced data analytics can be applied to the raw data to create insights, visualizations, and recommendations. This information is delivered to mine managers and employees in real-time on their mobile devices.

Case Study: Smart Solutions in Practice

Dundee Precious Metals was one of the first companies to bring wireless networks into an underground mine. The company used RFID and Wi-Fi to monitor the location of equipment and people. The networks also allowed personnel to stay connected to the surface.

Once the networks were installed, communication was reliable and instantaneous – even almost 2,000 feet underground at the bottom of the mine. Workers could bring laptops and smartphones into the mine to stay connected to personnel and software on the surface.

With an RFID chip on every vehicle, machine, and person, managers can see the location of everyone and everything in the mine. This helps prevent accidents and breakdowns, and streamlines operations in real-time.

There are also environmental and cost-saving benefits. Using location data, an automated ventilation system can respond and minimize energy consumption.

Fans turn on and off as miners enter or leave an area. In addition, fan speeds adjust when machines or vehicles are running nearby to ensure that emissions are properly vented. This could drastically reduce a mine’s energy requirements.

Changing the Nature of Work: Remote Working

These smart mining solutions are reducing the risks miners face and creating new opportunities for a tech-savvy generation.

Remote mine locations that revolve around shift work can place stress on workers and their families. With a connected infrastructure, mine employees and managers can monitor operations at a distant office.

There will always be a need for workers on site, but connected technology can create some town-based career opportunities and help stabilize families.

A Sustainable Future for Mining

This is just the beginning.

Over time, data from sensor technology and cloud software, will reveal insights that could help develop sustainable mining operations.

By minimizing their negative impacts, mining companies will be able to responsibly deliver the materials the modern world needs.

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