Another week, another article showing that Texas has one of the strongest economies in the country.
According to Forbes writer Kurt Badenhausen,
"Almost every state experienced decreased output, a loss of jobs and budget shortfalls during the economic downturn. Nationwide employment has declined by 7 million jobs over the past two years while gross domestic product growth has been sluggish this year after a 2.6% drop in 2009. No state has emerged unscathed. But some areas are doing better than others, and for many of them, it isn't an accident."
Forbes measures six areas to produce the rankings: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life, with business costs like labor, energy and taxes given particular weight.
Though Texas was dragged down by a low score in quality of life (38?!) and a middling business costs ranking, it was strengthened by the second-best economic climate in the country and the No. 1 growth prospects in the nation.
Utah nabbed the top spot, led by the best state economy in the nation, low business costs and regulations and a good labor supply. The victory pushed four-time winner Virginia into second place. North Carolina, Colorado and Washington rounded out the top five.