How well run are America’s fifty states? 24/7 Wall St. took several months to consider that question. Hundreds of data sets were looked at ranging from debt rating agency reports to violent crime rates, unemployment trends and median income. Of those, they chose what they considered to be the 10 most important ranking of financial and overall government management. The best run state is Wyoming. The Worst is Kentucky. The standing of each is supported by their ranking in the data sets we considered, as are the rankings of all fifty states.
Wyoming
Debt per Capita: $4,310 (2nd)
Unemployment Rate: 6.8% (8th)
Home Price Change (’06 – ’09): 23.6% (1st)
Median Household Income: $52,664 (19th)
Wyoming comes in first place in 24/7 Wall St.’s Best Run States. Falling in the top fifteen in every metric, including sixth in debt per capita and second in percent below the poverty line. The only two flaws in the state’s record is median income, where it ranks 19th, and health insurance coverage, where it ranks 32nd. It also ranks first in high school completion. With just over half a million residents, it is the least populous state.
Read more: The Best and Worst Run States In America
Wyoming’s Fiscal Responsibility
While many states are wrestling with how to close widening budget deficits, Wyoming lawmakers are determining where to park the state’s surplus. Wyoming is a leading mineral producing state and gets significant revenue from natural gas, coal and other minerals. The Wyoming state budget surplus is more than $1 billion. Recently reported by the Denver Branch of the Federal Reserve Bank, the current condition of Wyoming’s economic health and prospects for recovery look promising. Here are a few observations:
• After the contraction of 2009, Wyoming has added more than 3,000 jobs through August 2010
• Residential construction in Wyoming one of the leading states in the U.S.
• Population and labor force losses remain minimal
• Retail activity is improving
• Wyoming will well positioned for economic health entering 2011