DATA DRAFT

Government cuts = Slow state economic growth

The Commonwealth usually receives accolades

for its economic policies, but unfortunately, it cannot boast about strong economic growth in 2013. According to the Bureau of Economic Analysis, Virginia was one of the three slowest growing states last year, demonstrating only 0.1 percent growth. Only Maryland and Alaska came in lower. Overall, the U.S. economy’s growth rate declined 0.9 percent from 2012, down to 1.9 percent.

Federal budget cuts due to sequestration affected Virginia, home to several major government contracting companies. Slow growth in the scientific and technical sectors also contributed to the ranking.

But there’s a positive. Despite a sluggish economy, Virginia boasts the 11th highest 2013 Gross Domestic Product, $453 billion, and the 13th lowest unemployment rate, 5.5 percent.

North Dakota, Wyoming and West Virginia saw the highest economic growth rates. In North Dakota, hydraulic fracturing (fracking) contributed to its 9.7 percent increase. n

>> AVERAGE MONEY SMARTS

What do Belgian, Australian and Latvian 15-year-olds have in common? They are all more financially literate than American students.

The Organization for Economic Co-operation and Development (OECD) released a study in July revealing the financial literacy scores of 29,000 students in 18 countries. The United States ranks in the middle — No. 9 with a score of 492, eight points behind the average score of 500. Shanghai is the leader.

The students took a two-hour paper test with questions ranging from basic financial literacy skills to more complex scenarios. Check out more on the survey under “Education” at www.oecd.org. n

TAX BURDEN? LIGHT

It may seem different come mid-April, but U.S. citizens actually have a light income tax burden when compared to other countries. A report from the Tax Foundation revealed that in 2013, Americans paid 31 PERCENT of their income, on average, in taxes. That was only the 26th highest rate and below the average of 36 PERCENT. Belgians have the highest: 56 PERCENT. n

>> BY THE NUMBERS

$800,000

The amount that the average U.S. college graduate will earn more than the average high school graduate, according to a study from the Federal Reserve Bank of San Francisco. The number also takes into account the cost of college tuition and four years of lost wages during the average time a student is in college. n

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