Personal income and positive changes in unemployment levels remain stronger in the Southeast and Far West than in any other part of the country according to a quarterly report issued by Bruce Yandle, professor emeritus of economics at Clemson University.
In his report, The Economic Situation, Yandle cites personal income growth between 4.8% and 6.3% in Tennessee, North Carolina, South Carolina, Georgia and Florida. The only other states with as much personal income growth are Colorado, Utah, California, Nevada and Oregon.
“By and large, the Northeast is lagging, as is the Midwest,” Yandle said. “Then those fracking and coal states near the middle of the map that were growing happily until this year are now showing negative income growth.”
The report suggested that South Carolina and Florida have registered the highest positive gain in employment on the East Coast. Both states have seen between 2.8% and 3.7% increases in employment from September 2014 to September 2015 according to Yandle’s report and the U.S. Bureau of Labor Statistics.
“One must travel all the way to west to Colorado to find the next high-growth state,” Yandle said. “And, of course, once you are in Colorado you are entering a nest of high-growth states.”
His report also showed data indicating employment growth in rural areas was still well below that of urban ones. According to U.S. Department of Agriculture data, nationwide rural employment growth has dropped well below that of urban areas from 2009 to 2014.
“The results accord with other reports that indicate major employers are flocking to cities, because that is where young professionals, the ultimate resource in today’s economy, want to live,” Yandle said.
Reach Matthew Clark at 864-235-5677, ext. 107, or @matthewclark76 on Twitter.