#1 – UTAH
– 5 yr. annualized GDP growth rate through Q1 2020: +3.4% (2nd highest)
– 5 yr. annualized employment growth rate through June 2020: +2.4% (the highest)
– June 2020 unemployment rate: 5.1% (2nd lowest)
– Poverty rate: 9.0% (4th lowest)
Utah’s economy ranks as the best of any state. At a time when COVID-19 has sent unemployment soaring into the double digits across much of the country, Utah’s monthly jobless rate stands at 5.1%, less than half the 11.1% national unemployment rate for June.
Even before the coronavirus hit American shores, economic conditions in Utah were far stronger than they were in most of the country. From the first quarter in 2015 through the first quarter in 2020, Utah’s economy grew at an annual rate of 3.4%, compared to the 1.9% national GDP growth rate. Utah is one of only seven states with a poverty rate below 10%.
#3 – WASHINGTON
– 5 yr. annualized employment growth rate through June 2020: +1.3% (3rd highest)
– June 2020 unemployment rate: 9.8% (21st highest)
– Poverty rate: 10.3% (9th lowest)
Even ahead of the pandemic, Washington’s economy was growing faster than any other state. From 2015’s first quarter through 2020’s first quarter, the state’s GDP expanded by 21.2%, by far the highest increase of any state. This growth was bolstered by the state’s robust information sector, thanks to tech behemoths like Amazon and Microsoft.
Read the full 24/7 Wall Street article HERE.
Explore Hatteras Sky’s Salt Lake City hospitality, and two Seattle multifamily development projects HERE.