The US has an enormous economy, and that economy is the sum of the economies of 50 states and the District of Columbia.
We noted previously that those state economies are big enough and complex enough to compare with those of entire countries, and so we are once again taking a closer look at what makes those economies work.
We ranked the economies of these states, and DC's, on seven measures: unemployment rates, gross domestic product per capita, average weekly wages, and recent growth rates for nonfarm payroll jobs, GDP, house prices, and wages.
While we didn't factor them into the ranking, we also looked at the Fortune 1000 companies that have their headquarters in each state and which industries were disproportionately important in each state. This helped us get a little more insight into what makes each state economy tick.
For more details on methodology and sources, click here.
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51. Mississippi
Mississippi came in last in our ranking of state economies. Chicken, soybean, cotton, and rice farming are among the state's most disproportionately large employers.
Mississippi had the lowest 2014 GDP per capita of any of the states, at just $35,019, and the lowest Q4 2014 weekly wage, at $747. The rate at which both of those measures was changing were also weak: Mississippi had the second-lowest GDP growth rate, with state GDP shrinking by 1.2%. The average weekly wage grew just 2.3% between Q4 2013 and Q4 2014.
50. West Virginia
West Virginia's economy revolves around the coal industry, with underground and surface coal mining coming in as the most disproportionately important industries in the state.
West Virginia was one of just two states in which fewer people were working in June 2015 than in June 2014, with a drop of 1.2% in nonfarm payrolls over the year. The Appalachian state was also one of only three states where housing prices dropped between Q1 2014 and Q1 2015, and had the biggest drop in the state housing price index, falling 3.90%. One bright spot was that GDP grew by 5.1% in 2014, higher than the national rate of 2.2%.
49. Alabama
Alabama has several manufacturing industries, including textile mills, logging operations, and poultry hatcheries.
Alabama's 2014 per capita GDP of $41,127 was far lower than the US per capita GDP of $54,307. GDP growth was also slower than in other states, increasing just 0.7% in 2014. Alabama's housing market remains lackluster, with housing prices rising just 1.8% between Q1 2014 and Q1 2015.
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