Some prospered

MONDAY, FEBRUARY 6, 2012
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Recession hit the country hard, but some states found ways to prosper, a new study shows.

Nationally, household income has suffered in recent years, but some states have weathered the economic storm pretty well, USA Today reported.

The common denominators of success appear to be dependence on energy and agriculture, according to Sentier Research in an analysis of U.S. Census data for 2005 through 2010.

America’s median annual household income dropped 3.5 percent to $51,287 during this period as unemployment soared to about 10 percent. Many Americans, desperate to find work, settled for lower-paying jobs.

Yet some regions actually flourished during this time. Income increased in 12 states and in Washington, D.C. — the latter income rose 8.1 percent to $60,000 as government payrolls increased.

Energy development seemed to lift all participants in Wyoming, where oil, gas and coal exploration kept people busy and median income jumped 3.6 percent to $54,700. North Dakota, Oklahoma and Texas thrived as well. So did Iowa and Hawaii, due to their agricultural industries.

By contrast, manufacturing states and metro areas suffered. Michigan lost the most ground as the auto industry shed hundreds of thousands of jobs. Household income dropped 9.5 percent to $47,000.

The housing crisis and lax tourism struck Florida, Nevada and Arizona hard.

Seven of the 10 metro areas that saw income increase the most were in Texas. Lafayette, La., posted a 12.2 percent gain. Indiana’s Elkhart-Goshen region, which specializes in RVs, experienced the largest drop in household income for metro areas — 3.6 percent to $45,610.

Regions anchored firmly in the energy, agriculture and high-tech sectors held their ground.

New York should take note.

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