Brisk hiring by manufacturing and construction industries has helped pull the state unemployment rate down to 2.5%. 1. Its bio-pharmaceutical sector is getting a lift as well, with several expansions in the works including Wilmington Pharmatech's investment in a new science research and manufacturing plant in Newark that will mean jobs for up to 139 people. Animation: The 20 Largest State Economies by GDP. ... August 13, 2020. In the years from 2012-2016, an estimated 26,000 jobs were lost in the state. Alabama has a growing automotive industry, with three vehicle manufacturing plants, an engine plant, and Toyota/Mazda building a new vehicle plant in Huntsville by 2021 that should amount to 4,000 jobs. Iowa employment should grow 0.7% this year. Colorado OneWeb Satellites will begin satellite assembly there. Spirit's work on Boeing 737MAX fuselages continues for now, but is likely to be interrupted in the near future as the grounding of the MAX continues with no end in sight. For 2020, one major economic trend is the financial fallout caused by the … Quaker Windows is adding 300 manufacturing jobs in Eldon. Illinois is home to 69 of the nation's top 1,000 companies by revenue, including Boeing and Abbott Laboratories as well as Caterpillar, which is in the process of hiring software developers, data analysts, telecommunications experts and computer engineers to expand its digital team. Employment in the Hoosier State should grow 0.9% this year. The Gary plant, on the southern shore of Lake Michigan, employs about 3,800 now and will undergo a five-year makeover that includes an expansion as well as installation of new production equipment and technology. The $1.9 trillion Texas economy is the second biggest in the U.S., behind only California. At the same time, its dairy farmers are being squeezed by falling milk prices and by surpluses of milk on the market. Google will build a data center in Sarpy County near Omaha, becoming the fifth company to do so. Housing markets in Las Vegas and Reno are healthy, partly because the state's desert climate and low taxation rates make it an attractive destination for retirees, including many fleeing nearby high-tax states like California. New Mexico shares the important Permian Basin oil-producing region with Texas and also has the San Juan Basin in Northwest New Mexico that is the single largest proven natural gas reserve in the United States. Kentucky will almost double its pace of job creation in 2019, to 1.1% from 0.6% in 2018. Healthcare hiring has jumped this year, and construction remains strong. Boise housing prices have risen at a 15% annual rate in each of the past two years. 2020 GDP Growth Forecast. There is substantial growth in Arkansas' leisure and hospitality industries as well, aided by a planned $250 million expansion by Southland Gaming and Racing in the eastern part of the state. Mixed-use remains the dominant sector, with an uptick in commercial and hospitality projects. On the downside, slower sales for trucks and vans was cited by Nissan Motor Co. for its decision to lay off about 700 contract workers in the state. Much of the present uncertainty about the U.S. economy comes on the heels of the trade war with China. Electric Boat, a subsidiary of General Dynamics, is spending $850 million over a period of years at its Groton shipyard to pick up the pace of submarine construction and will add thousands to its existing workforce. They also intend to sock away some of the newfound revenues in rainy-day funds. The trade war with China has also dampened prospects. That further complicates efforts to replace the approximately 20,000 energy-industry jobs that were lost in 2015 and 2016 following the collapse of oil prices in 2014. New Mexico is rich in natural resources, one of the country's top oil producers and a leader in potash and copper production. Agropur of Lake Norden will expand its cheese processing operation by 125 jobs. The top ten and bottom ten states for 2020 are: Overall Economic Outlook for 2020 Find your state’s ranking here. Heartland Dental will create up to 100 jobs at a new office in St. Louis. Each state and the United States can be selected. More tech firms are starting up or expanding in the Gem State. Tougher times in the natural gas sector are weighing on Oklahoma. Massachusetts is a perennial regional leader because it draws more talented young workers than its neighbors, attracted by good-paying jobs in high-tech and financial-services sectors that are clustered in centers like Boston. Construction is an especially strong growth area. A new manufacturing plant employing 100 will go up in Seward, west of Lincoln. The largest metro Des Moines should see much of that growth, expanding 2.3% this year. Rankings Rankings 2020: Top 100 Emerging Ecosystems As startup culture … New York fared better for its economic performance over the last decade, ranking 21st overall thanks to a 51.8 percent surge in its gross domestic product and a … The rankings are based on six categories of energy efficiency policy and programs, including utility programs, transportation, building energy codes, combined heat and power, state … Even though the state’s unemployment rate was among the highest in the country in June 2018 and 2019, it stood at 9.8% in June 2020, below the nationwide rate of 11.1%. Tech startups include Boise-based wireless company Cradlepoint with 500 employees, as well as House of Design, located in Nampa, with more than 50 employees designing, programming and assembling robots that can build products from medical equipment to shoes. 3. Westmoreland Coal Co. has emerged from bankruptcy and is the owner of the Rosebud mine that feeds the Colstrip power plant in Montana. Its cost of living is lower than Florida. There is one potential positive development in the mining sector: a new limited-life copper mine is proposed in White Sulphur Springs that, if approved, will employ about 200 people over its 15-year life. On a scale of one (very unhappy) to five (very happy), how happy are developers with the current overall state of this category? Idaho also has the sixth lowest crime rate of any state. Many states already have economies that are comparable to some of the world’s largest countries, giving you a sense of what they might be combined. Braidy Industries is partnering with a Russian company, Rusal, to build an aluminum rolling mill in Ashland, in eastern Kentucky, that will create 650 permanent and 1,000 construction jobs. 5. Software company Nexient is adding 200 jobs and automated manufacturing machinery company ATS is expanding and adding 40 new employees. While Chattanooga may finally be slowing down, nearby Cleveland is growing again after two down years. This recognition reflects the CSU's unwavering commitment to creating student success, to recruiting and supporting a world-class faculty, and to fulfilling its role as a national leader in higher education. The district's traditional main non-governmental industries of professional and business support services and hospitality remain strong. The growth of the nation's gross domestic product, 3.2 percent on an annualized basis in the first quarter of 2019, was above that of the previous period. 1. Transportation jobs will not reach previous peaks given the opening of the Dakota Access Pipeline in 2017. The population growth rate has been cut in half over the past three years as the number of Californians moving to other states has picked up. The state is tightening regulation of its oil and gas industry, which has raised concern in key producing areas like Greeley about the impact on the local economy and on state revenues but hiring is still expanding at this time. > 5 yr. annualized employment growth rate through June 2020: -0.3% (15th highest) Scollar, a smart pet collar company, joined the exodus from Silicon Valley in California and relocated to Kansas City, adding to the city's Animal Health corridor. markets premarkets dow 30 After-Hours market movers fear & greed world markets investing markets now … Stalwarts Mutual of Omaha, Warren Buffett's Berkshire Hathaway, and Conagra are also in Omaha. Amazon will create 1,500 jobs at a fulfillment center in Birmingham next year. That would mark a major shift in a state with a reputation for hostility to development. > 5 yr. annualized GDP growth rate through Q1 2020: +1.6% (18th highest) Soybeans are a major cash crop, but exports to China have crashed after China switched to sources in countries other than the United States. State of the Global Startup Economy The global startup economy remains large, creating nearly $3 trillion in value, a figure on par with the GDP of... Read on. Of the whole 2016-2020 period, total budget revenue reached VNĐ6.89 quadrillion, 100.4 per cent of the plan. The area around Cape Canaveral is seeing the development of a space industry, with satellite and rocket manufacturing, and commercial satellite-launching facilities being built by Blue Origin and Firefly. These are lists of Indian states and union territories by their nominal gross state domestic product (GSDP).GSDP is the sum of all value added by industries within each state or union territory and serves as a counterpart to the national gross domestic product (GDP).. Job growth in 2019 is likely to be a modest 0.4%, but then pick up some in 2020. Utah has a large presence in a number of rapidly growing high-tech sectors including cloud computing and software development as well as in aerospace and life sciences. > June 2020 unemployment rate: 10.5% (17th highest) Although construction spending is up markedly this year, most states won't boost spending much. While oil prices were up earlier this year, they are dropping again. This is a comparison between U.S. states and sovereign states' Nominal Gross Domestic Product based on International Monetary Fund and Bureau of Economic Analysis data as many of the states of the United States have large gross domestic product (called gross state product) which would rank highly on a list of countries' world GDP. Like Massachusetts, New Hampshire's economy is leaning toward a growing high-tech presence, and startups are plentiful with relatively ready access to venture capital funding. Under Biden's plan for a third stimulus check, the $600 second-round stimulus checks would be increased to $2,000. The 2020 Scorecard documents state-level variation in U.S. health care performance prior to COVID-19’s emergence. The Port of Wilmington's expansion will make it one of the largest logistics facilities on the Delaware River courtesy of Gulftainer's plan to invest $600 million as part of its 50-year lease with the state to privately run the port. A Tru Shrimp hatchery in Madison will bring 120 jobs. Hawaii lags the rest of the West with modest job growth this year and next, constrained by a lack of population growth. 4. A $4.6 billion interstate gas pipeline system is under construction running from northwestern West Virginia to southern Virginia and is expected to be completed late this year. Big banks BB&T (now in Winston-Salem) and Suntrust (now in Atlanta) are merging and will establish their new headquarters in Charlotte. In Colorado, however, employment climbed by an average of 0.9% annually over the same period. FedEx is in the middle of a seven-year expansion of cargo capacity at Indianapolis' airport, highlighting the area's central location. The state economy is healthy overall, but it will generate only about 0.5% more jobs this year, a step down from a 1.3% hiring increase in 2018. Maryland will barely add to its workforce this year, with employment up by about 0.3%. Its unemployment rate, though very low at 3.4%, is up a bit this year. Job growth will mostly be in the Omaha area this year, where there is strong growth in construction, professional and business services, and warehousing. Vertex software is adding 300 jobs in Ames, as it expands its headquarters. Some of the biggest names in tech including Verizon, Google and Apple are expanding and intend to create thousands more jobs. It assigns each state a grade based on quantifiable results. Tourism, retirement communities, and manufacturing are still supporting its growth. Home orthodontics firm Smile Direct is also expecting to add 2,000 new employees in Nashville in the next five years. Businesses looking to escape the high costs of West Coast cities are often attracted to Boise, Idaho Falls, and other Idaho cities because of lower costs of living. Tennessee job growth will hold steady at 1.7% in 2019. 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