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Top States in 2017 Economic Outlook01-02-17 | Economic News

Top States in 2017 Economic Outlook

Of all 50 states in the nation, North Dakota has the brightest economic future in 2017, according to a data gathering and research firm's market report. The state's booming oil extraction business is a major reason why.

North Dakota has the brightest and most positive economic outlook in 2017 of all 50 states in the country, according to Expert-Market, a data gathering and research firm.

They ranked all 50 states based on data gathered from the Bureau of Labor Statistics, the Bureau of Economic Analysis, the Kauffman Index and Zillow. Oklahoma is second on its list, and Texas is third, followed by Michigan, California, Montana, Ohio, Washington, Minnesota and Massachusetts.

Bobbi Brant, an Expert-Market researcher and the study's author, analyzed unemployment levels, GDP growth per capita, housing valuations, and household income across all 50 states, among other data.

Her report is titled: "The States With the Brightest Futures"; "Where Should Millennials Live for the Most Successful 2017?"

Brant calculated the average growth or loss in each category between 2010 and 2015, determined overall economic growth factors for each state, and developed the 50-state ranking.

North Dakota, for example, was first in new business activity with an average increase of 5.56 percent. It was also first in household income, with an average increase of 4.10 percent, and first in GDP per capita, with an average increase of 4.54 percent.

"There has been a huge surge in oil extraction in North Dakota, which has led to a steep rise in GDP growth and household income, which explains how they managed to take the top spot," Brant said in her report.

The state with the worst economic outlook on Brant's list is Louisiana, because it has the nation's highest unemployment rate and lowest new business activity between 2010 and 2015, as well as the second lowest GDP per capita.