Special Report

States Where Incomes Are Booming (or Not)

46. Missouri
> Personal income growth (2008-2014):
5.5%
> Per capita personal income 2014: $43,488 (24th highest)
> Unemployment rate: 6.1% (23rd highest)
> Pct. Change in labor force (2008-2014): 1.0% (24th highest)

Relative slow income growth does not always reflect an unhealthy economy. In fact, in Missouri, where personal income grew slower than incomes across the nation, residents were relatively wealthy. The state’s personal income per capita of $43,488 was above the national figure in 2014.

ALSO READ: States With the Most Deadly Accidents

47. Maine
> Personal income growth (2008-2014):
5.1%
> Per capita personal income 2014: $39,404 (14th lowest)
> Unemployment rate: 5.7% (21st lowest)
> Pct. Change in labor force (2008-2014): -0.4% (18th lowest)

The 5.1% income growth in Maine — far slower than the 8.9% national average — accompanied a shrinking working-age population. The state’s 25-to-54-year-old population shrank nearly 7% from 2008 through 2013, nearly the largest such drop nationwide. Maine’s 2014 unemployment rate of 5.7% was up from 2008, but still lower than the national jobless rate of 6.2%.

48. Illinois
> Personal income growth (2008-2014):
2.7%
> Per capita personal income 2014: $44,039 (22nd highest)
> Unemployment rate: 7.1% (7th highest)
> Pct. Change in labor force (2008-2014): -2.0% (9th lowest)

Nationally, personal income income grew 8.9% nationwide between 2008 and 2014. In Illinois, meanwhile, personal income grew just 2.7%, the third-slowest growth rate in the country. Jobs are very important for income growth, of course, as states rely on a healthy economy to bring workers to the state. The reverse is also true, and Illinois’s working-age population shrank 3.2% from 2008 through 2013, a far larger decline than the slight drop of 0.5% across the nation. Illinois’s unemployment rate of 7.1% was also among the higher figures nationwide.

ALSO READ: States That Kill the Most Animals

49. New Jersey
> Personal income growth (2008-2014):
2.1%
> Per capita personal income 2014: $45,838 (11th highest)
> Unemployment rate: 6.6% (13th highest)
> Pct. Change in labor force (2008-2014): 0.3% (25th lowest)

Personal income in New Jersey increased 2.1% from 2008 through 2014, the second-slowest growth rate in the country. By contrast, income grew 8.9% nationwide over that period. Jobs are perhaps the most important factor for income growth, and a strong job market will attract more working-age adults to a state. The reverse is also true, and New Jersey’s working-age population shrank 1.6% from 2008 through 2013, a far larger decline than the slight drop of 0.5% across the nation. New Jersey’s unemployment rate of 6.6% was also among the higher figures nationwide.

50. Nevada
> Personal income growth (2008-2014):
0.8%
> Per capita personal income 2014: $37,575 (8th lowest)
> Unemployment rate: 7.8% (the highest)
> Pct. Change in labor force (2008-2014): 2.3% (17th highest)

Personal income in Nevada grew less than 1% from 2008 through 2014, the slowest growth rate nationwide. Per capita, personal income actually shrank nearly 6% over that period, also the worst rate nationwide and one of only a handful of states where income did not grow at least slightly. Nevada’s economy relies heavily on its entertainment industry, which accounted for 16.8% of GDP in 2013, up .5 percentage points from 2008 — both figures were among the largest nationwide.

Sponsored: Tips for Investing

A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.

Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.