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Louisiana Has Second Worst State Economy in the U.S., Report Says


The strength of the economy is an oft-discussed topic — whether on the national stage or a citywide level, the quality of life for every resident is dependent upon the state of its economic livelihood. According to a new study, Louisiana ranked second to last in the country, beating out only West Virginia for economic strength. 

 

WalletHub conducted the survey, analyzing the fifty states and the District of Columbia on key criteria like GDP growth to the presence of start-ups and tech industries. 

 

According to the findings, Louisiana ranked 42nd on the list for economic activity, which analyzes GDP growth, quality of the legal system, startup activity and share of fast-growing firms. Despite the low overall score, a more in-depth metric found that the state tied in first place with Texas and Washington for most exports per capita. 

 

Louisiana ranked 50th in the country for economic health. The Boot beat out New Mexico for the metric that analyzed employment rates, median annual incomes, fiscal health and overall quality of life. WalletHub noted that Louisiana ranked as the fifth highest unemployment rate in the country, behind New Mexico (in first), Alaska, District of Columbia, and Alabama. Louisiana also ranked fifth for lowest change in nonfarm payrolls — i.e. employment beyond farm work, non-profit, and private household jobs. 

 

The study also found that Louisiana was third in the lowest average educational attainment of recent immigrants. This indicator follows a separate study released in recent months from the New American Economy and the City of New Orleans that foreign-born residents possess higher rates of education than  U.S.-born residents in the Crescent City. 

 

Further data found Louisiana was 49th in America for innovation potential, a finding that examines the growth rates of high-tech and STEM industries in the state as well as entrepreneurial activity. For this metric, Louisiana ranked above Arkansas and West Virginia. 

 

Check out WalletHub's graphic below to see where all the states rank. 

Source: WalletHub



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Renard Boissiere, Evan Z.E. Hammond, Naimonu James, Wilson Koewing, J.A. Lloyd, Nina Luckman, Dead Huey Long, Alexis Manrodt, Joseph Santiago, Andrew Smith, Cynthia Via, Austin Yde

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