Research firm IHS Global Insight reports new data showing that four states — Alaska, Louisiana, North Dakota, and Texas — have or will soon post unemployment rates equal to or better than those they enjoyed before the Great Recession. A total of 16 states will have unemployment rates better than or equal to pre-recession rates by the end of 2013, and all but 6 states will be fully recovered by 2015.
What do Alaska, Louisiana, North Dakota, and Texas have in common? Oil, and lots of it compared with the rest of the country. And except for Texas, the four states also have small populations. Texas makes up for having a large population by having low wages when compared with other big states.
The title of this article is the answer J. Paul Getty is reported to have given to this question: “What’s the secret to success?” Still good advice.
The New York Times Economix blog posted the following chart from the IHS Global Insight report: