Four states are leading the pack in job growth so far in the recovery – The states of North Dakota, Texas, Utah, and Colorado have posted the fastest job growth to date in the recession (Jan. 2010 through May 2014). All four have added more than 10% to their workforce during the recovery. North Dakota’s 26% gain is more than twice the 13% gain for second place Texas. What do these states have in common?
The cost of living in a state typically reflects housing costs, but not always – The variation in housing costs across the 50 states is remarkable. The average value of a single family owner-occupied home in the U.S. ranges from a low of $145,000 in Oklahoma to a high of $877,000 in Hawaii. Similarly, the overall cost of living in Hawaii is 17% above the national average but is 10% below in Oklahoma. Yet per capita personal income is only about 10% higher in Hawaii.
Residential construction rebound remains strong, but few other sectors showing gains – The recession took a deep toll on U.S. construction activity. Total activity declined by more than one-third from a $1.2 trillion annual pace to just $750 billion. The rebound began in early 2011 and has been steady, though far from spectacular. The pace of growth is much slower than the boom years prior to the recession, and activity has recovered less than half of the ground lost in the downturn.
So, what is doing well, and what isn’t?
Natural Gas Production Gains Since 2005 are Highly Concentrated in Only a Few States – U.S. natural gas production has increased by nearly 50% since 2005, from about 18 trillion cubic feet to nearly 27 trillion cubic feet annually.
Domestic crude oil production is similarly up about 50% since 2009.
Texas remains the largest player, with production up 50% the
The Ongoing Surge in U.S. Crude Production is Highly Concentrated in Only a Few States – U.S. crude production has surged by more than 50% since 2009, from about 1.8 billion barrels to 2.8 billion barrels annually.
The geography underlying the oil produced in the U.S. each year is now roughly 1 billion barrels from Texas; 700 million barrels combined from
