MN Ranked Among 10 “Richest States” In The U.S.
Minnesota is among the nation’s wealthiest states based on median household income, according to a recent list compiled by CNBC.com.
The business news website used recently released U.S. Census Bureau data from 2012 to create its “10 Richest States In America” list. Minnesota ranked ninth on the list, with a median household income of $58,906.
One factor that CNBC.com said contributes to Minnesota’s healthy median household income is relatively low unemployment. According to a recently released report from the Minnesota Department of Employment and Economic Development, the state’s unemployment rate dropped 0.1 percent in August to a seasonally adjusted 5.1 percent—the lowest level since April 2008 and well below the national average of 7.3 percent.
Additionally, only 11.4 percent of Minnesota’s 5.4 million residents lived in poverty last year, compared with 15 percent nationwide.
Maryland ranked first on the “10 Richest States In America” list with a median household income of $71,122. New Jersey came in second with $69,667 as the median household income and Alaska ranked third with $67,712. Connecticut, with $67,276, and Hawaii, with $66,259, rounded out the top five. Delaware ranked 10th, just behind Minnesota, with $58,415 as its median household income.
To see CNBC.com’s full list of the 10 wealthiest states based on median household income, click here.