NEW YORK, February 28, 2020 — Wheeler County is the fastest shrinking local economy in Texas, reports 247wallst.com in a study identifying the fastest shrinking local economy in every state. Using data from the Bureau of Economic Analysis, 24/7 Wall St. reviewed GDP change from 2013 through 2018 at the county and county equivalent level to identify the fastest shrinking local economy in every state. Click HERE to read the full article and HERE to see the fastest shrinking local economy in every state.
Texas: Wheeler County
> GDP change 2013-2018: -43.6% (county) +16.3% (state)
> 2018 county GDP: $1.1 billion (0.1% of state GDP)
> Fastest shrinking industry: Utilities
> Unemployment change 2013-2018: -1.1 ppt. (4.3% to 3.2%)
> Median household income: $49,352 (county) $59,570 (state)
> Largest place in county: Shamrock
In 13 counties on 24/7’s list, mining, quarrying, and oil extraction — a particularly volatile industry — reported the largest decline in economic output of any other industry. Many of these counties are located in states that rank among the top coal producers, including Pennsylvania and West Virginia — and between 2013 and 2018, total U.S. coal production has fallen by over 23%.
Such conditions may be pushing people out of these areas and contributing to population decline — the vast majority of counties on this list are home to fewer people today than they were five years ago