Texas Economics Showdown 1

Florida wins round 1

In this short series of articles, we will compare the economic performance of four states: Texas, Florida, New York, and California, over the last five years. In the end, we will attempt to declare an overall winner. While the metrics are quantitative, there is a qualitative and selective component to the choice of metrics and relative rankings. [We will not address the politics involved. For that discussion, please put on your tinfoil hat and join the Redditt forum with the group that shares your views.]

Round 1: Unemployment

Florida is the clear winner, with Texas in a strong second, followed by New York in third, and California the apparent loser. As of April 2024 data, Florida has the lowest unemployment rate at 3.3%, unchanged from 5 years ago. The chart shows that Florida’s post-pandemic recovery was well ahead of the other states. Texas has the second lowest current unemployment at 4.0%. However, it is up from five years ago (3.5% on April 19). New York is currently at 4.2%, up from five years ago (3.8% on April 19). Notably, New York also experienced the highest peak unemployment rate, at 16.7% during the pandemic. Finally, the loser of round 1 is California, with the highest current unemployment rate of 5.3%, up significantly from five years ago (4.1% on April 19).

Up Next Round 2: Business Applications

Footnote:

Bureau of Labor Statistics.