Things were bad all over the U.S. in 2009, but some areas got hit harder than others.<\/p>\n
Overall U.S. per capita income dropped 2.6% to about $31,000. Connecticut, home to many of the titans of finance, continued to be the state with the highest per capita income in the nation at $54,000, but it was in the top 10 in terms of declines from 2008 with a 3.3% drop. Wyoming had the largest personal income drop in the country at 5.9%. Only four states posted gains in per capita personal income with West Virginia coming out on top with a 1.8% increase, though it has seventh lowest level in the nation.<\/p>\n
Every state experienced a decline in employment last year. Unsurprisingly, California, the most populous state, lost the most jobs, but its average unemployment rate of 11.4%, fourth highest in the nation, showed that the decline was disproportionate compared to other states. North Dakota, the nation’s third least populous state, had the smallest drop in jobs, but it also had the lowest average unemployment rate.<\/p>\n
Home prices, as measured by Federal Housing Finance Agency<\/strong> which only tracks mortgages backed by Fannie Mae and Freddie Mac, posted large declines in bubble areas such as Nevada, Arizona and Florida. But 18 states posted year-to-year gains, according to FHFA whose index may understate declines since it doesn’t track jumbo or subprime loans.<\/p>\n2009 Overview<\/h2>\n