ConocoPhillips (NYSE:COP), one of Alaska’s major energy players, has already warmed up to Alaska’s new offer. While the company halted its drilling off the state’s coast, ConocoPhillips (NYSE:COP) plans to increase investment and production in its North Slope oil fields. It’s a welcome start for Alaska, which has seen its energy industry taper off in recent years, and if other leading companies follow in ConocoPhillips (NYSE:COP)’s footsteps, Alaska could soon move up this list.
2: Delaware, $63,159 per capita
Unlike the other states on this list, Delaware has a significant gap between its per-capita GDP and its personal income per capita, which ranks only 23rd out of all 50 states. Still, the state’s economy saw 1.6% growth in 2011, and like Wyoming, Delaware is dominated by a single industry: finance.
The financial industry made up more than 38% of Delaware’s total GDP in 2011, far ahead of the next-highest-producing industry, real estate. Delaware’s business-friendly environment, with cheap incorporation fees and friendly corporate law, has made the state a haven for public companies. According to the Delaware Department of State, more than 50% of all American publicly traded firms have legally incorporated in the First State. While that has neither made Delaware an outright business powerhouse nor lifted its citizens to the heights of America’s wealthiest, it has fueled the state’s financial and legal professions and rewarded Delaware’s economy.
1: Washington, D.C., $148,291 per capita
Well, it’s technically not a state, but no list of the U.S.’ wealthiest locales is complete without mentioning its richest territory, Washington. The U.S. capital has become a boom town in the aftermath of the 2008 recession, with its economy growing 1.9% in 2011. D.C. also boasts a higher per-capita person income than all 50 states.
Unsurprisingly, professional and technical services and the government dominate D.C.’s economy, comprising more than half of its 2011 GDP. The defense sector has thrived in Washington’s new renaissance, with some of the industry’s top firms having a major presence inside the District’s borders. Lockheed Martin Corporation (NYSE:LMT) has soared on the defense boom as the U.S. government’s largest contractor in 2012, outpacing the next-largest contractor, The Boeing Company (NYSE:BA), by more than $7 billion obligated, according to the General Services Administration. Lockheed has pulled in 13 quarters of revenue growth since the first quarter of 2009, with sales declining in just four quarters. Washington’s boom hasn’t appealed to all of America in recent years, but it’s been a windfall for Lockheed Martin Corporation (NYSE:LMT) and the government’s biggest contractors.
Making the most of U.S. growth
Each of these states (or territories) has thrived in its own way, from Wyoming’s coal boom to Connecticut’s innovative edge. While this list is hardly a signal to pack up and move to one of these successful states, it’s a sign of how America’s economy is improving in the years since the recession, with major events such as the energy boom powering newfound wealth in Alaska and other states. The riches haven’t flowed down to every state yet, but one thing’s clear: America is on the way back up.
The article The 5 Richest States in America originally appeared on Fool.com is written by Dan Carroll.
Fool contributor Dan Carroll has no position in any stocks mentioned. The Motley Fool owns shares of Lockheed Martin.
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