Now in its tenth year of conducting this study, MoneyRates.com's experts ranked each state based on a formula that factors in the cost of living, median wages, state taxes, unemployment rates, and workplace safety. This year, to account for the dramatic impact of the COVID-19 crisis, the research also factored in the rate at which states have been losing jobs since widespread business lockdowns began.
However, the study did highlight one cautionary note about employment conditions in
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Large-scale business shutdowns due to the coronavirus began in mid-March. By the end of that month, 32 states had already seen their unemployment rate rise. Since these job losses are likely to have a growing impact on conditions in each state, MoneyRates.com included this recent trend in its calculation.
As with all the factors in this study, the immediate impact of COVID-19 on the job market varied widely on a state by state basis. For example,
"Our annual ranking of the best states for making a living has never been conducted in the midst of anything as disruptive as the coronavirus pandemic, so this year's results are unique in that they offer a glimpse into which states are built to weather this crisis, and which states could potentially be hit the hardest," explains
On the opposite end,
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