Georgia ranks 8th for most economic momentum

A new report ranks Georgia - with Florida and South Carolina right on its heels - as the eighth best performing U.S. state in terms of economic momentum, outpacing both the rest of the country and other states in the South.

Federal Funds Information for States, a Washington-based clearinghouse for policymakers, compiles the Index of State Economic Momentum, and released it late last week.

"Regional trends are apparent. States atop the list are located almost exclusively in the West and South, while those at the bottom are located in the Midwest, South and Northeast," the authors noted. "No northeastern state exceeded the national average economic performance."

The index is based on each state's growth in employment, population and personal income.

Topping the index were energy-boom states like North Dakota, Texas, Utah and Colorado. Also among the top ranks are trendy Washington and Oregon that, like Colorado, benefit from perceptions among young adults that those states are more accepting of liberal lifestyles.

The Peach State's robust 3.8 percent job growth over the last 12 months ending in February make it the third-fastest hiring state, behind only Utah and North Dakota, which have much smaller populations.

Interestingly, Georgia's unemployment rate appears comparatively gloomy, being one of four states in the top 10 of the index with unemployment rates worse than the national average. Economists say that's because people are moving to those states to find work.

In terms of population growth, Georgia's 1.03 percent expansion placed it 14th. Personal income grew 5.2 percent, making it the 10th fastest and the best large, non-energy producing state.

Florida's No. 9 ranking on the index comes thanks to a 3.5 percent hiring pace that's fourth best in the nation behind Georgia. Personal income grew in the Sunshine State 5 percent, or 13th fastest in the U.S. As people continue to flock for work or retirement there, Florida earned a 1.5 percent expansion rate that's sixth highest in the country.

The Palmetto State came in at 10th place in the index, the same spot it holds for population growth of a 1.3 percent yearly increase. The state places ninth for employment growth, having a 3.3 percent rate, and 14th for personal income improvement with a 5 percent annual rise.

INDEX OF ECONOMIC MOMENTUM

Here are the top 10 states in an index that combines growth in employment, population and personal income.

1. North Dakota

2. Texas

3. Oregon

4. Colorado

5. Utah

6. Washington

7. Idaho

8. Georgia

9. Florida

10. South Carolina