LA: Louisiana Ranks Second Best For Economic Performance During Recession
13 Jan, 2010
In a recent Portfolio.com analysis of how all 50 states and the District of Columbia fared during the recession, Louisiana ranked second best with an overall economic index of 7.298. North Dakota was the only state that fared better than Louisiana with an overall economic index of 7.463.
"Portfolio.com's analysis underscores what we have known for a long time -- Louisiana's economy consistently has outperformed the South and the U.S. since the beginning of the national recession," said Gov. Bobby Jindal. "While we are pleased with this ranking, we will continue to aggressively pursue economic development efforts so that we can remain ahead of the South and the U.S., but more importantly, so that we can create more opportunity for our people."
Using data from the U.S. Bureau of Labor Statistics, U.S. Bureau of Economic Analysis and Federal Housing Finance Agency, the analysis evaluated all 50 states and the District of Columbia on six different categories, including job growth, current unemployment, income growth, wage growth, home value growth and construction job growth over the past year. Each state's results were compared to corresponding national averages in the six categories. Above-average performances received positive scores, while below-average scores received negative scores.
"Strengthening Louisiana's economy and improving our state's business climate has been our top priority since taking office last year," said Louisiana Economic Development Secretary Stephen Moret. "We are encouraged by the recent Portfolio.com ranking, yet we know we have a lot of work left to do to ensure that we consistently outperform the South and the U.S."
Louisiana's position has improved across a variety of national business climate rankings over the last two years, including Forbes.com's Best States for Business, Small Business and Entrepreneurship Council's Business Tax Index and Small Business Survival Index, Beacon Hill Institute's State Competitiveness Report, Pacific Research Institute's Economic Freedom Index, CNBC's America's Top States for Business, Kauffman's State New Economy Index and State Policy Reports' Index of Economic Momentum. In addition, Louisiana currently ranks in the top five in ethics rankings published by the Better Government Association, and Center for Public Integrity recently announced Louisiana's legislative disclosure requirement was first in the nation. Louisiana also won the Co-state of the Year award from Southern Business and Development.