In a new ranking of each state’s economy by financial news and opinion website 24/7 Wall St., Louisiana comes in at 48th—behind even Mississippi and better than only Alaska and West Virginia.
As USA Today reports, 24/7 Wall St. reviewed economic growth, poverty, unemployment, job growth and college attainment rates to compare and rank each state’s economy.
Four of the five lowest ranked states—Louisiana, West Virginia, Alaska, and New Mexico—also have some of the the largest mining sectors relative to total state employment.
Louisiana’s annual GDP growth rate was down 0.1% year-over-year and its unemployment as of June is tied for fourth highest at 4.7%. Louisiana is one of several states with largely resource-based economies to rank among the bottom five.
The state’s employment in resource extraction is higher than the average nationwide, and petroleum refining and petroleum and coal products are far and away the state’s largest exports.
“The global dip in oil prices in 2014 that continued through 2016 likely hindered economic growth in the state,” reads the ranking report.
Over the last five years, the Louisiana’s GDP declined by an annual average of 0.1%—the third lowest five-year change of all states. The decline in economic output came despite a 1.8% population increase over the same period.
The highest ranked states are Colorado, Utah, Massachusetts, New Hampshire and Washington.