How Georgia’s economy compares to other states
The COVID-19 pandemic has sent an economic shock wave through the US economy, tripling monthly unemployment to nearly 15% and leading to a quarterly drop of more than 30% in GDP – by far the biggest economic contraction in the world. history of the United States.
No corner of the country has been spared the economic consequences of the pandemic – but some states have come out better than others. A range of factors, including industrial diversity, educational levels of the workforce, household income, and long-term GDP growth, affect a state’s overall economic strength – and its ability to withstand the impact of the pandemic.
To determine which states had the best and worst economies, both in the years leading up to and during the pandemic, 24/7 Wall St. created an index of five measures: economic growth over five years, growth. five-year employment rate, poverty rate, unemployment rate and proportion of adults with a bachelor’s degree or above.
The public health toll caused by the coronavirus was heavier in Georgia than it was in most of the country, as the state has more cumulative infections per capita than average. The economic consequences of the pandemic, however, were less pronounced. Only 4.5% of Georgia’s labor force are unemployed, well below the comparable national unemployment rate of 6.0%. In addition, employment growth in Peach State has averaged 1.7% per year since 2016, faster than in all but three of the other states.
Georgia has also experienced faster than average GDP growth over the past five years. The state’s economy has grown at an average rate of 2.2% each year since the end of 2015, well above the comparable national annualized growth rate of 1.4%.
All of the index components used to create this ranking have been included with equal weight. All of the data used to create the index comes from the Bureau of Labor Statistics and the US Census Bureau. Supplementary state-level data on economic output by industry from the Bureau of Economic Analysis.
For a detailed breakdown of the data, Click here.
This story was originally posted by 24/7 Wall Street, a news organization that produces real-time trade commentary and data-driven reports for national and local markets across the country.