11/10/2009
Louisiana Ranks Second Best For Economic Performance During Recession
Portfolio.com recognizes Louisiana's recent
economic momentum and success
BATON ROUGE, La. -- In a recent Portfolio.com analysis of how
all 50 states and the District of Columbia fared during the
recession, Louisiana ranked second best with an overall economic
index of 7.298. North Dakota was the only state that fared better
than Louisiana with an overall economic index of 7.463.
"Portfolio.com's analysis underscores what we have known for a
long time -- Louisiana's economy consistently has outperformed the
South and the U.S. since the beginning of the national recession,"
said Gov. Bobby Jindal. "While we are pleased with this ranking, we
will continue to aggressively pursue economic development efforts
so that we can remain ahead of the South and the U.S., but more
importantly, so that we can create more opportunity for our
people."
Using data from the U.S. Bureau of Labor Statistics, U.S. Bureau
of Economic Analysis and Federal Housing Finance Agency, the
analysis evaluated all 50 states and the District of Columbia on
six different categories, including job growth, current
unemployment, income growth, wage growth, home value growth and
construction job growth over the past year. Each state's results
were compared to corresponding national averages in the six
categories. Above-average performances received positive scores,
while below-average scores received negative scores.
"Strengthening Louisiana's economy and improving our state's
business climate has been our top priority since taking office last
year," said Louisiana Economic Development Secretary Stephen Moret.
"We are encouraged by the recent Portfolio.com ranking, yet we know
we have a lot of work left to do to ensure that we consistently
outperform the South and the U.S."
Louisiana's position has improved across a variety of national
business climate rankings over the last two years, including
Forbes.com's Best States for Business, Small Business and
Entrepreneurship Council's Business Tax Index and Small Business
Survival Index, Beacon Hill Institute's State Competitiveness
Report, Pacific Research Institute's Economic Freedom Index, CNBC's
America's Top States for Business, Kauffman's State New Economy
Index and State Policy Reports' Index of Economic Momentum.
In addition, Louisiana currently ranks in the top five in ethics
rankings published by the Better Government Association, and Center
for Public Integrity recently announced Louisiana's legislative
disclosure requirement was first in the nation. Louisiana also won
the Co-state of the Year award from Southern
Business and Development.
