Top 5 States in US with Lowest Unemployment Rate
Updated : November 2nd, 2014
Unemployment will hog the limelight when it comes to debating a social issue that is relevant in any country or community. This will probably remain a contentious and sensitive topic as long as it exists.
In this age of outsourcing and cross border businesses, joblessness and its connotations will be a key challenge for government in any country . This social stability indicator is a top priority for administration since it directly affects the living of its citizens.
In the US, post 2008 slowdown, things have taken a drastic fall due to economic turmoil that majorly affected US and European countries. This had its obvious say in employment situation. People lost jobs, companies and financial institutions had to shut shop. The world economy is in better condition now, thanks to stable economies of developing countries and stringent cuts and controls by the governments & institutions.
The unemployment rate has been oscillating around 7% over the past year or so. This percentage is a culmination of jobless rates in the 50 states which implies the situation is not so grey in all the states. Let’s look at the top 5 states in the USA with lowest unemployment rates* and why.
The unemployment rates provided below is for September 2014
North Dakota (2.8)
Agriculture is the largest industry in North Dakota. Petroleum, food processing, and technology are the other major industries. It is the fastest-growing state in U.S. by GDP. The economy of North Dakota had a gross domestic product of $36.8 billion in 2013.The per capita income in 2013 was $50,899, ranked 16th in the nation.
These factors make N.D the number one state with lowest jobless rates.
South Dakota (3.4)
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. The current-dollar gross state product of South Dakota was US$39.8 billion as of 2010. The per capita personal income was $38,865 in 2010. Read more about South Dakota Unemployment Benefits.
Mining, cattle ranching, salt production are the major industries in Utah. According to the Bureau of Economic Analysis, the gross state product of Utah in 2012 was $130.5 billion, or 0.87% of the total United States GDP. The per capita personal income was $45,700 in 2012.
Utah was number one in forbes list of “Best states for Business” which attracts best investments thereby resulting in exciting employment opportunities which make it the state with second lowest unemployment rate in the country.
Read more about Utah Unemployment Benefits.
The Bureau of Economic Analysis estimates of Nebraska’s gross state product in 2010 was $89.8 billion. Per capita personal income in 2004 was $31,339.Agriculture is the mainstay of Nebraska’s economy. Nebraska also specializes in freight transport, telecommunications, manufacturing, information technology, and transportation.
Read more about Nebraska Unemployment Benefits.
According to the 2010 U.S. Bureau of Economic Analysis report, Vermont’s gross state product (GSP) was $26 billion. The state has a good chunk of educated population. Farming is the bread and butter of Vermont’s economy, although manufacturing, insurance, tourism, and quarrying also make notable contribution.
Read more about Vermont Unemployment Benefits.
* Data considered from “Economic News Release” published on October 21,2014 by the Bureau of Labor Statistics, US Department of Labor.