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North Dakota has been deemed the best location and top performer in terms of economic health, according to Lumesis, Inc. DIVER Geo score results for July 2015.
According to Lumesis, the DIVER Geo score is a monthly relative score of the economic health of a U.S. state, county, or city. The states, counties, and cities are ranked on a scaled of 0-10, with ten being the best. The Geo score is calculated from multiple economic and demographic factors related to employment, income, and housing.
Lumesis reported that, Kentucky has shown the largest improvement in its three-month average Geo score over the last year, with 1.4 annual change from 0.7 points July last year to 2.1 points this year in July.
"As we discussed in a recent commentary, a strong labor market has led Kentucky to outperform the other Appalachian States of Tennessee and West Virginia, which are among the worst performing economies for the last year," the report said.
New Jersey’s economy experienced the largest decline in their three-month average Geo score with a negative drop of 2 points from 6.4 points in July 2014 to 4.4 points in July 2015. Lumesis pointed out that "high foreclosure rates and lagging housing prices have been a drag" for this state.
Despite weak economic performances from neighboring states such as Pennsylvania (-0.8), New Jersey (-2.0), Maryland (-0.5), Delaware has shown strong improvement with a 1.3 year-over-year increase in their Geo score
"Healthy employment markets, above average income levels, and strong housing price appreciation have led to above average performance," the report noted. "Foreclosure rates slightly above national averages have been one area of weakness for Delaware."
In Florida, Lumesis found that Miami and Orlando both gained 2 points from last year on their Geo scores of 2.7 and 4.4, respectively. Meanwhile, Fort Lauderdale, Miami lost 1.7 points on it Geo score annually, lowering it from 5.4 to 3.7.
"The pace of economic growth across Florida's cities has varied widely: Miami and Orlando have outperformed, while Fort Lauderdale has lagged," said Michael Craft, managing director of credit at Lumesis.
Click here to view Lumesis, Inc. DIVER Geo score results for July 2015.
