The United States of America is one of the wealthiest countries in the world. The country is known for Hollywood, attractions like Grand Canyon, tech innovation and so much more. The strength of the country’s economy, however, varies across its fifty states.
There is a significant disparity between the country’s riches and poor. These are the top wealthiest states and the factors that contribute to the strength:
The wealthiest state’s title is bagged by Maryland, having a median household income of $81,868. It is home to 6.6 million population. The economy benefits from the defence, aerospace, and tech industries. Other than this, a significant percentage of the workers in the state are employed by the public administration sector in D.C. These jobs are lucrative, and hence the average income of individuals is higher than that of other jobs.
The state has invested in education, which has paved the path for growth in various sectors. One such sector is the security sector. National Security Agency in the state is the best place to work.
2: New Jersey
The second wealthiest state of the country is New Jersey. New York, the neighbouring state contributes to the population of the state.
New Jersey is home to pharmaceutical giants, information technology, and transportation firms. More than one sectors contribute to the wealth of this state. That’s why 40% of the adults in New Jersey have a bachelor’s degree.
This is the smallest state in the country, but the population here is the highest. It’s a popular vacation spot for people from New York who want to escape the city. Tourism also contributes to the wealth of New Jersey.
Next on the list is Hawaii. Consumer prices and shipping cost in this state are highest. Housing and cost of living in this state are extremely high.
Two industries contribute to the riches of this state. They are defence and tourism. 75k defence workers are housed in Hawaii Island. Agriculture produces like sugarcane, avocado, and banana also contribute to its economy. And not to mention, the state is everyone’s favorite vacation hotspot.
Massachusetts is the most educated state in the country. It is home to Harvard, Tufts University, Massachusetts Institute of Technology and other popular educational institutes. The sectors that contribute the most to the economy include tech, financial services, medication and tourism.
Boston, the urban center in the state, is usually where pivotal events in the American Revolution have taken place. The Boston Tea Party, 1773, is one of them.
It’s also one of those states where residents have high paying jobs like finance and Information Tech. The median household income of the state was $72,812 in 2018. Connecticut has contributed to significant industrial development. It has also innovated the manufacturing industry by producing nuclear submarines.
6: New Hampshire
The annual Median Household Income in New Hampshire is $74,991. Even though the state is the 6th richest state in the United States, 10% of the residents live in poverty. More than 10th of the population doesn’t have health insurance.
The state’s economy majorly depends on paper mills fed by the forests and the grain mills, which is powered by the rivers. In the 20th century, millwork decline, forcing the state to turn to the manufacturing industry. Overall, New Hampshire is a safe and welcoming state to live.
The median household income in Alaska is $73,181. This state has the greatest income equality. The state is home to the most geography in the country. It’s also home to untouched land more than any other state.
Although it’s a large state by area, it has a small population. Only 740k people live in Alaska probably because it’s the coldest place. I have thought about moving to Alaska so many times but the thought of no or slow internet stops me – I keep calling customer service to know about Spectrum internet prices and also to ask when they are launching in Alaska.
The oil and gas industry are the largest industries are the largest contributors to its economy. After oil and gas, the main produce of export in Alaska is salmon, crab, cod, and Pollock. The primary employment is in the government sector and industries like shipping, transportation, and natural resource extraction. Tourism is also a great contributor to the economy, accounting for 1 in 8 jobs.
If you plan to relocate to a rich state to find a good job opportunity or start a business, you now know which state to move in. Each of these states is filled with career opportunities.