The Health of the Economy in Every State Since Biden Was Elected

July 7, 2024

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President Biden’s chances of re-election largely depend on the public’s perception of the economy he has overseen — but the Biden economy looks different depending on your vantage point. America’s 51 micro-economies — though with several state GDPs in the trillions, some of them aren’t so micro — each experienced different outcomes in housing, employment, income and economic growth under his administration.

To assess the country’s economic health more precisely during Biden’s tenure, GOBankingRates measured four key metrics from all 50 states and Washington, D.C. using data from the State Economic Monitor, created by the Urban Institute’s State and Local Finance Initiative, a joint Urban-Brookings Tax Policy Center project.

It outlines the unemployment rate and average weekly earnings in January 2021 and May 2024, the average home value percentage change in the first quarter of 2021 and the first quarter of 2024, and the state GDP in the first quarter of 2021 and the last quarter of 2023.

The November election will largely be a referendum on President Biden’s handling of the economy. Here’s how it looked in your state.

Alabama

Unemployment rate in January 2021: 4.20%
Unemployment rate in May 2024: 3.00%
Average weekly earnings in January 2021: $1,137
Average weekly earnings in May 2024: $1,033
YoY home value percentage change Q1 2021: 11.27%
YoY home value percentage change Q1 2024: 3.16%
State GDP Q1 2021: $283B
State GDP Q4 2023: $302B

Alaska

Unemployment rate in January 2021: 7.00%
Unemployment rate in May 2024: 4.50%
Average weekly earnings in January 2021: $1,304
Average weekly earnings in May 2024: $1,258
YoY home value percentage change Q1 2021: 8.67%
YoY home value percentage change Q1 2024: 4.66%
State GDP Q1 2021: $64B
State GDP Q4 2023: $68B

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Arizona

Unemployment rate in January 2021: 6.40%
Unemployment rate in May 2024: 3.40%
Average weekly earnings in January 2021: $1,180
Average weekly earnings in May 2024: $1,139
YoY home value percentage change Q1 2021: 17.91%
YoY home value percentage change Q1 2024: 4.94%
State GDP Q1 2021: $463B
State GDP Q4 2023: $513B

Arkansas

Unemployment rate in January 2021: 4.90%
Unemployment rate in May 2024: 3.40%
Average weekly earnings in January 2021: $996
Average weekly earnings in May 2024: $1,002
YoY home value percentage change Q1 2021: 12.07%
YoY home value percentage change Q1 2024: 5.14%
State GDP Q1 2021: $167B
State GDP Q4 2023: $177B

California

Unemployment rate in January 2021: 8.70%
Unemployment rate in May 2024: 5.20%
Average weekly earnings in January 2021: $1,492
Average weekly earnings in May 2024: $1,318
YoY home value percentage change Q1 2021: 14.20%
YoY home value percentage change Q1 2024: 6.27%
State GDP Q1 2021: $3.66T
State GDP Q4 2023: $3.9T

Colorado

Unemployment rate in January 2021: 6.30%
Unemployment rate in May 2024: 3.80%
Average weekly earnings in January 2021: $1,252
Average weekly earnings in May 2024: $1,265
YoY home value percentage change Q1 2021: 13.12%
YoY home value percentage change Q1 2024: 3.61%
State GDP Q1 2021: $482B
State GDP Q4 2023: $526B

Connecticut

Unemployment rate in January 2021: 7.10%
Unemployment rate in May 2024: 4.30%
Average weekly earnings in January 2021: $1,387
Average weekly earnings in May 2024: $1,259
YoY home value percentage change Q1 2021: 16.49%
YoY home value percentage change Q1 2024: 9.64%
State GDP Q1 2021: $315B
State GDP Q4 2023: $343B

Delaware

Unemployment rate in January 2021: 5.7%
Unemployment rate in May 2024: 3.9%
Average weekly earnings in January 2021: $1,125
Average weekly earnings in May 2024: $1,010
YoY home value percentage change Q1 2021: 14.12%
YoY home value percentage change Q1 2024: 10.73%
State GDP Q1 2021: $93B
State GDP Q4 2023: $94B

Washington, DC

Unemployment rate in January 2021: 7.30%
Unemployment rate in May 2024: 5.30%
Average weekly earnings in January 2021: $2,235
Average weekly earnings in May 2024: $1,769
YoY home value percentage change Q1 2021: 8.76%
YoY home value percentage change Q1 2024: -1.53%
State GDP Q1 2021: $168B
State GDP Q4 2023: $176B

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Florida

Unemployment rate in January 2021: 5.90%
Unemployment rate in May 2024: 3.30%
Average weekly earnings in January 2021: $1,131
Average weekly earnings in May 2024: $1,089
YoY home value percentage change Q1 2021: 13.62%
YoY home value percentage change Q1 2024: 6.13%
State GDP Q1 2021: $1.38T
State GDP Q4 2023: $1.6T

Georgia

Unemployment rate in January 2021: 4.80%
Unemployment rate in May 2024: 3.20%
Average weekly earnings in January 2021: $1,152
Average weekly earnings in May 2024: $1,072
YoY home value percentage change Q1 2021: 13.67%
YoY home value percentage change Q1 2024: 7.27%
State GDP Q1 2021: $758B
State GDP Q4 2023: $811B

Hawaii

Unemployment rate in January 2021: 9.50%
Unemployment rate in May 2024: 3.00%
Average weekly earnings in January 2021: $1,277
Average weekly earnings in May 2024: $1,196
YoY home value percentage change Q1 2021: 6.72%
YoY home value percentage change Q1 2024: 7.77%
State GDP Q1 2021: $101B
State GDP Q4 2023: $109B

Idaho

Unemployment rate in January 2021: 4.10%
Unemployment rate in May 2024: 3.30%
Average weekly earnings in January 2021: $1,063
Average weekly earnings in May 2024: $1,078
YoY home value percentage change Q1 2021: 24.42%
YoY home value percentage change Q1 2024: 4.60%
State GDP Q1 2021: $108B
State GDP Q4 2023: $120B

Illinois

Unemployment rate in January 2021: 7.20%
Unemployment rate in May 2024: 4.90%
Average weekly earnings in January 2021: $1,281
Average weekly earnings in May 2024: $1,108
YoY home value percentage change Q1 2021: 9.97%
YoY home value percentage change Q1 2024: 9.38%
State GDP Q1 2021: $1.04T
State GDP Q4 2023: $1.09T

Indiana

Unemployment rate in January 2021: 4.70%
Unemployment rate in May 2024: 3.70%
Average weekly earnings in January 2021: $1,128
Average weekly earnings in May 2024: $1,018
YoY home value percentage change Q1 2021: 13.32%
YoY home value percentage change Q1 2024: 8.04%
State GDP Q1 2021: $464B
State GDP Q4 2023: $501B

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Iowa

Unemployment rate in January 2021: 4.20%
Unemployment rate in May 2024: 2.80%
Average weekly earnings in January 2021: $1,092
Average weekly earnings in May 2024: $988
YoY home value percentage change Q1 2021: 9.68%
YoY home value percentage change Q1 2024: 5.44%
State GDP Q1 2021: $246B
State GDP Q4 2023: $251B

Kansas

Unemployment rate in January 2021: 4.00%
Unemployment rate in May 2024: 2.90%
Average weekly earnings in January 2021: $1,089
Average weekly earnings in May 2024: $990
YoY home value percentage change Q1 2021: 12.26%
YoY home value percentage change Q1 2024: 9.90%
State GDP Q1 2021: $211B
State GDP Q4 2023: $230B

Kentucky

Unemployment rate in January 2021: 4.60%
Unemployment rate in May 2024: 4.60%
Average weekly earnings in January 2021: $1,031
Average weekly earnings in May 2024: $1,003
YoY home value percentage change Q1 2021: 11.66%
YoY home value percentage change Q1 2024: 5.60%
State GDP Q1 2021: $262B
State GDP Q4 2023: $280B

Louisiana

Unemployment rate in January 2021: 7.00%
Unemployment rate in May 2024: 4.10%
Average weekly earnings in January 2021: $1,127
Average weekly earnings in May 2024: $1,045
YoY home value percentage change Q1 2021: 7.83%
YoY home value percentage change Q1 2024: 2.23%
State GDP Q1 2021: $298B
State GDP Q4 2023: $313B

Maine

Unemployment rate in January 2021: 4.40%
Unemployment rate in May 2024: 3.00%
Average weekly earnings in January 2021: $1,002
Average weekly earnings in May 2024: $1,049
YoY home value percentage change Q1 2021: 15.72%
YoY home value percentage change Q1 2024: 9.12%
State GDP Q1 2021: $86B
State GDP Q4 2023: $92B

Maryland

Unemployment rate in January 2021: 6.30%
Unemployment rate in May 2024: 2.70%
Average weekly earnings in January 2021: $1,356
Average weekly earnings in May 2024: $1,146
YoY home value percentage change Q1 2021: 13.21%
YoY home value percentage change Q1 2024: 6.95%
State GDP Q1 2021: $493B
State GDP Q4 2023: $516B

Massachusetts

Unemployment rate in January 2021: 6.90%
Unemployment rate in May 2024: 3.00%
Average weekly earnings in January 2021: $1,490
Average weekly earnings in May 2024: $1,368
YoY home value percentage change Q1 2021: 13.47%
YoY home value percentage change Q1 2024: 8.84%
State GDP Q1 2021: $686B
State GDP Q4 2023: $741B

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Michigan

Unemployment rate in January 2021: 6.50%
Unemployment rate in May 2024: 3.90%
Average weekly earnings in January 2021: $1,171
Average weekly earnings in May 2024: $1,093
YoY home value percentage change Q1 2021: 12.99%
YoY home value percentage change Q1 2024: 7.79%
State GDP Q1 2021: $626B
State GDP Q4 2023: $664B

Minnesota

Unemployment rate in January 2021: 4.40%
Unemployment rate in May 2024: 2.80%
Average weekly earnings in January 2021: $1,333
Average weekly earnings in May 2024: $1,236
YoY home value percentage change Q1 2021: 11.25%
YoY home value percentage change Q1 2024: 4.79%
State GDP Q1 2021: $454B
State GDP Q4 2023: $476B

Mississippi

Unemployment rate in January 2021: 6.50%
Unemployment rate in May 2024: 2.80%
Average weekly earnings in January 2021: $921
Average weekly earnings in May 2024: $905
YoY home value percentage change Q1 2021: 9.64%
YoY home value percentage change Q1 2024: 2.73%
State GDP Q1 2021: $145B
State GDP Q4 2023: $147B

Missouri

Unemployment rate in January 2021: 4.90%
Unemployment rate in May 2024: 3.50%
Average weekly earnings in January 2021: $1,090
Average weekly earnings in May 2024: $1,015
YoY home value percentage change Q1 2021: 12.83%
YoY home value percentage change Q1 2024: 7.61%
State GDP Q1 2021: $398B
State GDP Q4 2023: $425B

Montana

Unemployment rate in January 2021: 4.00%
Unemployment rate in May 2024: 3.10%
Average weekly earnings in January 2021: $1,009
Average weekly earnings in May 2024: $1,038
YoY home value percentage change Q1 2021: 15.12%
YoY home value percentage change Q1 2024: 5.15%
State GDP Q1 2021: $67B
State GDP Q4 2023: $71B

Nebraska

Unemployment rate in January 2021: 2.90%
Unemployment rate in May 2024: 2.50%
Average weekly earnings in January 2021: $1,086
Average weekly earnings in May 2024: $1,034
YoY home value percentage change Q1 2021: 12.29%
YoY home value percentage change Q1 2024: 7.14%
State GDP Q1 2021: $165B
State GDP Q4 2023: $181B

Nevada

Unemployment rate in January 2021: 8.90%
Unemployment rate in May 2024: 5.10%
Average weekly earnings in January 2021: $1,086
Average weekly earnings in May 2024: $1,033
YoY home value percentage change Q1 2021: 12.76%
YoY home value percentage change Q1 2024: 8.08%
State GDP Q1 2021: $213B
State GDP Q4 2023: $241B

New Hampshire

Unemployment rate in January 2021: 4.20%
Unemployment rate in May 2024: 2.50%
Average weekly earnings in January 2021: $1,233
Average weekly earnings in May 2024: $1,180
YoY home value percentage change Q1 2021: 16.15%
YoY home value percentage change Q1 2024: 9.37%
State GDP Q1 2021: $104B
State GDP Q4 2023: $112B

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New Jersey

Unemployment rate in January 2021: 7.30%
Unemployment rate in May 2024: 4.60%
Average weekly earnings in January 2021: $1,354
Average weekly earnings in May 2024: $1,196
YoY home value percentage change Q1 2021: 14.31%
YoY home value percentage change Q1 2024: 11.59%
State GDP Q1 2021: $751B
State GDP Q4 2023: $807B

New Mexico

Unemployment rate in January 2021: 8.20%
Unemployment rate in May 2024: 3.80%
Average weekly earnings in January 2021: $988
Average weekly earnings in May 2024: $939
YoY home value percentage change Q1 2021: 11.63%
YoY home value percentage change Q1 2024: 7.04%
State GDP Q1 2021: $121B
State GDP Q4 2023: $132B

New York

Unemployment rate in January 2021: 8.60%
Unemployment rate in May 2024: 4.20%
Average weekly earnings in January 2021: $1,395
Average weekly earnings in May 2024: $1,234
YoY home value percentage change Q1 2021: 12.84%
YoY home value percentage change Q1 2024: 10.87%
State GDP Q1 2021: $2.04T
State GDP Q4 2023: $2.17T

North Carolina

Unemployment rate in January 2021: 5.60%
Unemployment rate in May 2024: 3.60%
Average weekly earnings in January 2021: $1,132
Average weekly earnings in May 2024: $1,088
YoY home value percentage change Q1 2021: 14.06%
YoY home value percentage change Q1 2024: 5.79%
State GDP Q1 2021: $718B
State GDP Q4 2023: $773B

North Dakota

Unemployment rate in January 2021: 4.00%
Unemployment rate in May 2024: 2.00%
Average weekly earnings in January 2021: $1,108
Average weekly earnings in May 2024: $1,201
YoY home value percentage change Q1 2021: 6.83%
YoY home value percentage change Q1 2024: 3.30%
State GDP Q1 2021: $71B
State GDP Q4 2023: $75B

Ohio

Unemployment rate in January 2021: 6.00%
Unemployment rate in May 2024: 4.20%
Average weekly earnings in January 2021: $1,106
Average weekly earnings in May 2024: $1,069
YoY home value percentage change Q1 2021: 13.50%
YoY home value percentage change Q1 2024: 8.03%
State GDP Q1 2021: $843B
State GDP Q4 2023: $881B

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Oklahoma

Unemployment rate in January 2021: 5.00%
Unemployment rate in May 2024: 3.50%
Average weekly earnings in January 2021: $1,046
Average weekly earnings in May 2024: $1,030
YoY home value percentage change Q1 2021: 10.49%
YoY home value percentage change Q1 2024: 6.00%
State GDP Q1 2021: $241B
State GDP Q4 2023: $257B

Oregon

Unemployment rate in January 2021: 6.40%
Unemployment rate in May 2024: 4.20%
Average weekly earnings in January 2021: $1,177
Average weekly earnings in May 2024: $1,198
YoY home value percentage change Q1 2021: 14.50%
YoY home value percentage change Q1 2024: 3.96%
State GDP Q1 2021: $301B
State GDP Q4 2023: $320B

Pennsylvania

Unemployment rate in January 2021: 7.40%
Unemployment rate in May 2024: 3.40%
Average weekly earnings in January 2021: $1,149
Average weekly earnings in May 2024: $1,077
YoY home value percentage change Q1 2021: 11.78%
YoY home value percentage change Q1 2024: 7.92%
State GDP Q1 2021: $914B
State GDP Q4 2023: $975B

Rhode Island

Unemployment rate in January 2021: 6.60%
Unemployment rate in May 2024: 4.30%
Average weekly earnings in January 2021: $1,207
Average weekly earnings in May 2024: $1,179
YoY home value percentage change Q1 2021: 15.47%
YoY home value percentage change Q1 2024: 8.47%
State GDP Q1 2021: $72B
State GDP Q4 2023: $78B

South Carolina

Unemployment rate in January 2021: 4.60%
Unemployment rate in May 2024: 3.40%
Average weekly earnings in January 2021: $1,114
Average weekly earnings in May 2024: $1,025
YoY home value percentage change Q1 2021: 12.26%
YoY home value percentage change Q1 2024: 8.47%
State GDP Q1 2021: $297B
State GDP Q4 2023: $325B

South Dakota

Unemployment rate in January 2021: 2.9%
Unemployment rate in May 2024: 2%
Average weekly earnings in January 2021: $1,026
Average weekly earnings in May 2024: $1,016
YoY home value percentage change Q1 2021: 14.67%
YoY home value percentage change Q1 2024: 4.27%
State GDP Q1 2021: $71B
State GDP Q4 2023: $73B

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Tennessee

Unemployment rate in January 2021: 5.40%
Unemployment rate in May 2024: 3.00%
Average weekly earnings in January 2021: $1,100
Average weekly earnings in May 2024: $1,025
YoY home value percentage change Q1 2021: 14.79%
YoY home value percentage change Q1 2024: 5.95%
State GDP Q1 2021: $480B
State GDP Q4 2023: $528B

Texas

Unemployment rate in January 2021: 6.70%
Unemployment rate in May 2024: 4.00%
Average weekly earnings in January 2021: $1,183
Average weekly earnings in May 2024: $1,159
YoY home value percentage change Q1 2021: 11.97%
YoY home value percentage change Q1 2024: 3.34%
State GDP Q1 2021: $2.30T
State GDP Q4 2023: $2.60T

Utah

Unemployment rate in January 2021: 3.40%
Unemployment rate in May 2024: 2.90%
Average weekly earnings in January 2021: $1,197
Average weekly earnings in May 2024: $1,119
YoY home value percentage change Q1 2021: 19.38%
YoY home value percentage change Q1 2024: 5.79%
State GDP Q1 2021: $255B
State GDP Q4 2023: $275B

Vermont

Unemployment rate in January 2021: 4.40%
Unemployment rate in May 2024: 2.10%
Average weekly earnings in January 2021: $1,121
Average weekly earnings in May 2024: $1,111
YoY home value percentage change Q1 2021: 10.90%
YoY home value percentage change Q1 2024: 12.80%
State GDP Q1 2021: $41B
State GDP Q4 2023: $43B

Virginia

Unemployment rate in January 2021: 4.80%
Unemployment rate in May 2024: 2.70%
Average weekly earnings in January 2021: $1,252
Average weekly earnings in May 2024: $1,126
YoY home value percentage change Q1 2021: 11.46%
YoY home value percentage change Q1 2024: 5.73%
State GDP Q1 2021: $661B
State GDP Q4 2023: $713B

Washington

Unemployment rate in January 2021: 6.40%
Unemployment rate in May 2024: 4.90%
Average weekly earnings in January 2021: $1,454
Average weekly earnings in May 2024: $1,385
YoY home value percentage change Q1 2021: 16.14%
YoY home value percentage change Q1 2024: 5.12%
State GDP Q1 2021: $728B
State GDP Q4 2023: $808B

West Virginia

Unemployment rate in January 2021: 6.10%
Unemployment rate in May 2024: 4.20%
Average weekly earnings in January 2021: $1,048
Average weekly earnings in May 2024: $955
YoY home value percentage change Q1 2021: 11.60%
YoY home value percentage change Q1 2024: 3.64%
State GDP Q1 2021: $93B
State GDP Q4 2023: $100B

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Wisconsin

Unemployment rate in January 2021: 4.70%
Unemployment rate in May 2024: 2.90%
Average weekly earnings in January 2021: $1,118
Average weekly earnings in May 2024: $1,097
YoY home value percentage change Q1 2021: 11.46%
YoY home value percentage change Q1 2024: 9.94%
State GDP Q1 2021: $405B
State GDP Q4 2023: $417B

Wyoming

Unemployment rate in January 2021: 5.30%
Unemployment rate in May 2024: 2.90%
Average weekly earnings in January 2021: $1,096
Average weekly earnings in May 2024: $1,385
YoY home value percentage change Q1 2021: 8.51%
YoY home value percentage change Q1 2024: 4.07%
State GDP Q1 2021: $46B
State GDP Q4 2023: $51B

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Alabama

Alaska

Arizona

Arkansas

California

Colorado

Connecticut

Delaware

Washington, DC

Florida

Georgia

Hawaii

Idaho

Illinois

Indiana

Iowa

Kansas

Kentucky

Louisiana

Maine

Maryland

Massachusetts

Michigan

Minnesota

Mississippi

Missouri

Montana

Nebraska

Nevada

New Hampshire

New Jersey

New Mexico

New York

North Carolina

North Dakota

Ohio

Oklahoma

Oregon

Pennsylvania

Rhode Island

South Carolina

South Dakota

Tennessee

Texas

Utah

Vermont

Virginia

Washington

West Virginia

Wisconsin

Wyoming

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