The States With the Best and Worst Economies
From Wall Street 247, May 19, 2021 (excerpt)
46. Hawaii
> 5-yr. annualized GDP growth through Q4 2020: -0.5% (5th lowest)
> 5-yr. annualized employment growth through March 2021: -2.1% (2nd lowest)
> March 2021 unemployment rate: 9.0% (the highest)
> Poverty rate: 9.3% (6th lowest)
Hawaii has reported fewer COVID-19 cases per capita than every other state. While the public health toll of the pandemic has been minimal, the economic toll has been devastating. Tourism, an industry that all but ground to a halt for much of 2020, is an economic pillar in Hawaii. Due in large part to the tens of thousands of jobs that were lost in the state during the pandemic, total employment in Hawaii declined by 10% between 2016 and 2021. Nationwide, employment rose 0.3% over the same period.
Joblessness in Hawaii is widespread. Unemployment in the state stands at a national-high 9.0% — 50% higher than the 6.0% U.S. unemployment rate.
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