Study: Vermont's economy ranks high in racial equality

-A A +A

Study: Vermont's economy ranks high in racial equality

Wed, 06/17/2020 - 10:59am -- tim

Source: WalletHub

Vermont Business Magazine With protests against racial inequality taking place all across the nation and the black unemployment rate consistently above the rate for white people, financial adviser WalletHub today released its report on the State Economies with the Most Racial Equality, along with accompanying videos and audio files. According to WalletHub, Vermont’s economy has the 8th most racial equality in the US.

In order to determine which states have the most racial equality in terms of employment and wealth, WalletHub compared the 50 states and the District of Columbia across eight key metrics. Our data compares the difference between white and black Americans in areas such as annual income, unemployment rate and homeownership rate.

Racial Equality in Vermont’s Economy (1=Most Equality; 25=Avg.):

  • 6th– Median Annual Income
  • 1st – Unemployment Rate
  • 1st– Homeless Rate
  • 1st– Share of Unsheltered Homeless
  • 6th– Share of Executives

WalletHub Q&A

What can the U.S. do to promote greater economic equality for black Americans?

“One way to help black Americans achieve greater economic equality is to increase funding for schools in underserved districts with high minority populations, since a better education can lead to better job opportunities in the future,” said Jill Gonzalez, WalletHub analyst. “In addition to providing higher quality education, we should combat the low representation of black Americans in business executive positions by promoting youth programs that offer resume-building leadership experience, and by pushing for merit-based advancement within large companies.”

How will the recent protests across the nation affect economic conditions for minorities?

“In the long term, the protests seen in the past few weeks have the potential to help minorities economically, as the U.S. is growing more conscious of social and economic inequality, and governing authorities are being pressured to pass laws that address those disparities,” said Jill Gonzalez, WalletHub analyst. “In the short term, the rioting that accompanied some of the protests created further business destruction that is bad for everyone involved.”

State Economies with the Most Racial Equality

 
Overall Rank* State Total Score
1 New Mexico 79.92
2 Alaska 77.67
3 Arizona 77.30
4 Hawaii 77.19
5 Texas 76.60
6 Colorado 74.69
7 Montana 74.40
8 Vermont 74.11
9 Delaware 74.00
10 Washington 73.74
11 West Virginia 72.71
12 Florida 72.66
13 Maryland 72.41
14 Kentucky 71.65
15 Tennessee 71.55
16 Virginia 70.73
17 Rhode Island 69.22
18 Utah 68.57
19 New Hampshire 68.37
20 North Carolina 68.29
21 Wyoming 67.99
22 Nevada 67.60
23 California 67.60
24 Massachusetts 67.54
25 Oregon 67.36
26 Oklahoma 67.15
27 Arkansas 66.20
28 Idaho 66.18
29 Georgia 65.91
30 South Carolina 65.62
31 Kansas 65.34
32 Missouri 64.81
33 Alabama 63.50
34 Connecticut 62.79
35 South Dakota 62.55
36 New Jersey 62.13
37 Nebraska 61.10
38 Maine 60.96
39 Mississippi 60.34
40 Indiana 58.58
41 New York 58.04
42 Pennsylvania 56.01
43 Louisiana 56.00
44 North Dakota 55.64
45 Ohio 55.21
46 Michigan 52.61
47 Iowa 50.61
48 Minnesota 48.74
49 Illinois 45.18
50 Wisconsin 44.30
51 District of Columbia 16.00

*No. 1 = Most Equality

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/state-economies-with-most-racial-equality/75810/