Two East Coast growth patterns

The economic growth pattern in the East Coast for 1996 was marked by stronger growth in the Southeast and weaker growth in the Northeast. The unemployment rate was generally below 5% in Southeastern states and 5% or higher in Northeastern states. January employment in New England actually dropped from 1995 levels. Although Middle Atlantic states added new jobs, the rate was below the national average. In comparison, the Southeastern states surpassed the US average, with Texas ranking 12th overall in January in terms of employment growth. Northeastern industries were hampered by higher labor, energy and realty costs, prompting some restructuring companies to transfer operations to other locations. This discrepancy can also be observed in the financial services industries in the Southeast and Northeast regions.