Look who's not on the list!
The 10 states with the fastest growing economy, and a word or two about why:
#10: California. Expansions in manufacturing, information, and professional, scientific, and technical.
#9: Connecticut. Expansions in finance, banking, and insurance, rebounding from the 2008 fiasco.
#8: Utah. Expansions in durable goods manufacturing, technical and information sectors.
#7: Massachusetts. Again, professional, scientific, information. Also improvements in durable goods manufacturing. Huge education sector.
#6: Michigan. Manufacturing. Cars. Nuff said.
#5: Alaska. Resource extraction: oil, natural gas, other minerals.
#4: Texas. More resource extraction, oil and other minerals mostly.
#3: West Virginia. Mining and lumber.
#2: Oregon. On-shoring as asian manufacturing moves back to U.S. Also high tech expansion.
#1: North Dakota. Resource extraction, largely Bakken shale (oil.)
So the moral of the story is: if you want to grow your state's economy, have lots and lots of natural resources. If that doesn't work, have lots and lots of smart people, particularly in high tech areas. Last on the list seems to be have lots of cheap labor sitting around, waiting for unskilled jobs, which don't seem to be appearing in the numbers that move the needle.
Not on the list, by the way: Wisconsin. Where they're cutting back on education, by most reports. Good strategy! That'll show 'em.
http://www.dailyfinance.com/2012/06/11/why-these-11-states-have-americas-fastest-growing-economies/#photo-2
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