|A homeless man in downtown Las Vegas.|
The half-decade has been particularly devastating to my home state of Nevada, which finished #1 in the business publications' mid-year review in 2005, but now is dead last. Its results were only about one-half a percentage point worse than California, which was 11th in 2005, and finished 50th this year. (The District of Columbia is included in the rankings.) Florida was second five years ago and is 49th this year.
Several factors sent all three states to the back of the line, primarily their boom-and-bust real estate sector and dramatic declines in tourism that's been driven by the global Great Recession.
|Empty Florida beach chairs|
Portfolio.com and bizjournals rely on a nine-part formula to analyze state employment trends. It uses U.S. Bureau of Labor Statistics data over the latest five-year period and zeroes in on raw and percentage changes in private-sector employment, as well as unemployment rates.
Forty states had fewer jobs in May 2010 than five years earlier. The nation lost a total of 4.51 million private-sector positions between mid-2005 and mid-2010.
|California Gov. Arnold Schwarzenegger|
The 10 states at the bottom of the standings faced an overall unemployment rate of 11.8% in May. They collectively lost 3.12 million jobs during the five years, or 1,710 jobs A DAY.
For the complete ranking, click here.