Louisiana News

Covid-era economy in Louisiana ranked worst among the 50 states

With a June jobless rate of 9.7 percent and a five-year annualized employment growth rate of negative 2.3 percent, the Louisiana economy finished worst in a new ranking by the website 24/7 Wall St.

The state’s annualized gross domestic product growth through the first quarter of this year stood at 0.2 percent, the financial news website reported, while its poverty rate came in at 18.7 percent.

In ranking the health of state economies during the COVID-19 pandemic, 24/7 Wall St. looked at four metrics: the five-year GDP growth, employment statistics, the jobless rate and the poverty rate. The data originate from the U.S. Census Bureau, Bureau of Labor Statistics and Bureau of Economic Analysis.

The states that took the biggest hits economically were dependent on industries most affected by the pandemic, such as tourism and extraction of petroleum, according to 24/7 Wall St.

State Economy Rankings During COVID-19 Era

RankState5-year Annualized GDP Growth Rate Through Q1 20205-year Annualized Employment Growth Rate Through June 2020June 2020 Jobless RatePoverty Rate1Utah3.4%2.4%5.1%9.0%2Idaho2.8%2.0%5.6%11.8%3Washington3.9%1.3%9.8%10.3%4Colorado2.9%0.9%10.5%9.6%5Maryland1.6%-0.3%8.0%9.0%6Arizona3.0%1.2%10.0%14.0%7Nebraska1.2%0.2%6.7%11.0%8Oregon3.2%0.5%11.2%12.6%9Minnesota1.5%-0.3%8.6%9.6%10Georgia2.5%0.3%7.6%14.3%11Maine1.7%-0.9%6.6%11.6%12Virginia1.5%-0.4%8.4%10.7%13South Carolina2.6%0.8%8.7%15.3%14Kansas1.6%-0.8%7.5%12.0%15Texas2.4%0.2%8.6%14.9%16New Hampshire2.0%-1.8%11.8%7.6%17Montana0.9%0.1%7.1%13.0%18South Dakota1.0%-0.1%7.2%13.1%19Florida2.8%-0.7%10.4%13.6%20North Carolina1.6%-0.3%7.6%14.0%21Wisconsin1.2%-1.0%8.5%11.0%22Kentucky0.9%-0.4%4.3%16.9%23Vermont1.1%-1.4%9.4%11.0%24Tennessee2.0%-0.1%9.7%15.3%25Missouri0.9%-1.0%7.9%13.2%26Alabama1.5%0.0%7.5%16.8%27Iowa0.5%-1.6%8.0%11.2%28Connecticut0.4%-1.1%9.8%10.4%29Nevada2.8%-0.6%15.0%12.9%30North Dakota-1.2%-1.4%6.1%10.7%31Wyoming-0.6%-1.2%7.6%11.1%32Indiana1.1%-0.6%11.2%13.1%33California3.0%-1.8%14.9%12.8%34Oklahoma0.4%-1.2%6.6%15.6%35Ohio1.1%-1.0%10.9%13.9%36Arkansas1.1%-0.9%8.0%17.2%37Pennsylvania1.3%-1.9%13.0%12.2%38New Mexico1.3%-0.7%8.3%19.5%39Massachusetts2.0%-2.3%17.4%10.0%40Hawaii1.5%-4.1%13.9%8.8%41Rhode Island0.7%-1.6%12.4%12.9%42New Jersey0.9%-2.2%16.6%9.5%43Michigan1.4%-1.3%14.8%14.1%44Alaska0.0%-2.4%12.4%10.9%45Illinois1.0%-2.0%14.6%12.1%46Delaware-1.0%-0.7%12.5%12.5%47West Virginia0.4%-1.2%10.4%17.8%48Mississippi0.8%-1.7%8.7%19.7%49New York1.0%-2.7%15.7%13.6%50Louisiana0.2%-2.3%9.7%18.7%

Source: 24/7 Wall St.

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