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10 states with ridiculously low unemployment. Very interesting

Posted by on Aug. 31, 2010 at 9:14 AM
  • 9 Replies

Every U.S. state experienced job losses during the recent downturn, but thanks to the right mix of industries, natural resources, and skilled workers, some states have a far lower unemployment rate than the 9.5% national average.

Want to crack the jobs problem? Let's start by studying these sources of American strength...

First, a broad look at America's situation

Unemployment Rate: 9.5%

The economy: Agriculture (1.2% of GDP), Industry (21.9% of GDP), Services (76.9% of GDP)

Education: 27.5% of the adult population has a Bachelor's degree or higher.


Now, the Top 10 States For Jobs

1. North Dakota: Powered by agriculture and commodities

Unemployment Rate: 3.6%

Lower Than America's Unemployment Rate By: 5.9%

Major Industries Driving The State's Economy: Agriculture, petroleum, food processing, and tourism dominate the nation's most job-friendly state.

Education: 25.7% of the adult population has a Bachelor's degree or higher. (Lower than average)

2. South Dakota: Gets a big boost from government, but also has services and agriculture

Unemployment Rate: 4.4%

Lower Than America's Unemployment Rate By: 5.1%

Major Industries Driving The State's Economy: The service sector (especially retail, health, and finance firms) dominates South Dakota's economy, although government-related enterprises also form a large chunk of the GDP. Ellsworth Air Force Base is the second-largest single employer here. Agriculture also contributes heavily to the economy, but its influence is waning.

Education: 25.0% of the adult population has a Bachelor's degree or higher. (Lower than average)

3. Nebraska: An agricultural and transport hub, with some diversity as well

Unemployment Rate: 4.7%

Lower Than America's Unemployment Rate By: 4.8%

Major Industries Driving The State's Economy: Another state reliant on its agricultural sector, Nebraska also specializes in freight transport, telecommunications, manufacturing, information technology, and transportation. And, not to mention, it has the nation's third-wealthiest person amidst its GDP rank.

Education: 27.5% of the adult population has a Bachelor's degree or higher. (Average)

4. New Hampshire: Powered by agriculture, tourism, manufacturing, and a highly educated population

Unemployment Rate: 5.8%

Lower Than America's Unemployment Rate By: 3.7%

Major Industries Driving The State's Economy: Another agricultural heavyweight (dairy products, cattle, and apples dominate on the list of products), New Hampshire also produces machinery, electric equipment, rubber, and plastic products. Due to its famous ski slopes, the state is also a tourist hub come winter. New Hampshire also doesn't have a state income or sales tax and boasts one of the nation's highest median salaries.

Education: 32.5% of the adult population has a Bachelor's degree or higher. (Higher than average)


5. Vermont: Driven by agriculture and industries utilizing the state's highly educated population

Unemployment Rate: 6.0%

Lower Than America's Unemployment Rate By: 3.5%

Major Industries Driving The State's Economy: Farming (especially dairy production and logging) is the bread and butter of Vermont's economy, although manufacturing, insurance, tourism, and quarrying are also major players. Vermont's housing is also quite affordable, as the state ranks 17th in mortgage affordability nationwide.

Education: 33.6% of the adult population has a Bachelor's degree or higher. (Higher than average)

6. Hawaii: A tourism magnet with a large population of affluent Americans

Unemployment Rate: 6.3%

Lower Than America's Unemployment Rate By: 3.2%

Major Industries Driving The State's Economy: Tourism dominates this tax-heavy state while food and apparel exports play more minor roles (given the distance of the islands from all other land source). Also, rich folks apparently love to camp out in Hawaii as much as they might like Florida (the state had the highest percentage of millionaires in the general population).

Education: 29.2% of the adult population has a Bachelor's degree or higher. (Higher than average)

7. Kansas: Powered by agriculture, energy, and aerospace

Unemployment Rate: 6.5%

Lower Than America's Unemployment Rate By: 3.0%

Major Industries Driving The State's Economy: Kansas isn't the land of Dorothy anymore, although it is still a major grain producer and retains its agricultural roots. These days, the state is also a major oil and natural gas producer and is also a hub of the aerospace industry.

% of adult population with a Bachelor's degree or more: 28.8% (Higher than average)

8. Wyoming: Riding commodities, tourism, and perhaps its tax policies. Doing well despite low levels of education.

Unemployment Rate: 6.7%

Lower Than America's Unemployment Rate By: 2.8%

Major Industries Driving The State's Economy: Mineral extraction, agriculture, and tourism drive Wyoming's largely rural economy. The tourism industry alone accounts for over $2 billion of the state's annual revenue. The state is also known for its unusual tax policies -- no individual or corporate income tax and only a 4% sales tax on select items.

Education: 23.4% of the adult population has a Bachelor's degree or higher. (Lower than average)

9. Minnesota: A state with manufacturing, raw materials, and high education

Unemployment Rate: 6.8%

Lower Than America's Unemployment Rate By: 2.7%

Major Industries Driving The State's Economy: Again, the theme here is diversity. Minnesota's economy is home to a variety of firms in the finished products, services, and raw materials sectors and 33 of the nation's top 1000 publicly-traded firms have headquarters in the state.

Education: 31.0% of the adult population has a Bachelor's degree or higher. (Higher than average)

10. Iowa: Outperforming with a diverse economy plus agriculture

Unemployment Rate: 6.8%

Lower Than America's Unemployment Rate By: 2.7%

Major Industries Driving The State's Economy: While commonly perceived as an agricultural hub, Iowa actually boasts a surprisingly diverse economy with jobs in the manufacturing, biotech, finance, insurance, and government services -- all of which contribute to a strong hiring market. The S&P gave the state a Triple-A rating in 2009 (only one of nine to hold the position then).

Education: 24.3% of the adult population has a Bachelor's degree or higher. (Lower than average)

                


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by on Aug. 31, 2010 at 9:14 AM
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Replies (1-9):
tinybubblez
by on Aug. 31, 2010 at 9:22 AM

scarecrowwe should all become farmers ! YAY! interesting read, thanks !

 

Raintree
by on Aug. 31, 2010 at 9:25 AM

Yup. We're pulling jobs in here. Its been pretty nice. SO glad we didn't take the Florida offer a couple years ago.

t_lawson
by on Aug. 31, 2010 at 9:29 AM

We can't.A lot of farmland has been sold off and housing and subdivisions put in. And in some cases, Factories.LOL

Quoting tinybubblez:

scarecrowwe should all become farmers ! YAY! interesting read, thanks !



bakebiscotti
by on Aug. 31, 2010 at 9:30 AM

A lot of those states are low population density states.  They tend to keep what they have

atlmom2
by Susie on Aug. 31, 2010 at 9:38 AM

That is probably a givin, the move people you have, the higher the unemployment.  Also education seems to be a factor with most of the states having of the US average of college grads.  A couple are lower but not by much.  I wonder what the average is of college grads in high unemployment states? 

I do know many states do have high unemployment of college grads too, so I guess its not a factor in some states. 

Quoting bakebiscotti:

A lot of those states are low population density states.  They tend to keep what they have


                


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Rose_Marie
by on Aug. 31, 2010 at 10:23 AM
We're in Ia and it depends where in the state you live. In the rural areas, there's almost no problem with unemployment. In the manufacturing areas, it was TERRIBLE up until just a few months ago but thankfully its improving. Small business is where we are failing and new college grads who stay in state are having a hard time as well.
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CoeyG
by on Aug. 31, 2010 at 1:56 PM

 I'd love to live in Hawii but the cost of living is too high...

my4yahoos
by on Aug. 31, 2010 at 2:35 PM

One of the things helping ND is the oil boom up there. It's hard to even find hotels for one night because people are staying in Minot at hotels and driving 2-3 hours to the oil fields since there are no other places to stay.

Kaelansmom
by on Aug. 31, 2010 at 2:41 PM

 Unemployment is low in Hawaii because everyone has to work two or three jobs just to make it here! EXPENSIVE!

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