Economic Strength

 

Any state’s economic strength is reflected in its economic diversity, entrepreneurial ecosystem and growth. These indicators play an important role in helping states withstand economic downturns, and can often be a predictor of future success. All measures and indicators below are based on the three-year average of 2018, 2019 and 2020.

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Industry

Entrepreneurship

Start-up

Growth

Economic Diversity

 

Nebraska’s diverse economy helps us weather economic downturns, making our state less likely to suffer from periodic boom and bust cycles. While agriculture may be our backbone, Nebraska is home to some of the world’s most successful companies, in industries spanning from information technology to finance, biotech and transportation/logistics.

Industry Diversity Index

An index comparing the specialization of industries between states (calculated using the Shannon-Weaver index). Values are relative to the U.S. and range from 2.4622 to 2.6609.

  • 2.590 is Nebraska’s Industry Diversity index value
  • 3.457 is the United States’ Industry Diversity index value

Knowledge Jobs

Knowledge Jobs are high-skill, high-wage jobs in which workers can maintain and develop their skills over time.

Knowledge jobs include the following occupations: Business and Financial Operations; Computer and Mathematical; Architecture and Engineering; Life, Physical, and Social Science; Healthcare Practitioners; and Technical.

  • 16.8% of jobs in Nebraska are “Knowledge Jobs”
  • 17.4% of jobs in the United States are “Knowledge Jobs”

Entrepreneurship

 

Nebraska entrepreneurs embrace the pioneer spirit of the plains by creating successful startups and generating rewarding new jobs. These innovative businesses help make our economy more dynamic, and increase our growth potential.

Income Per Entrepreneur

The average income per entrepreneur.*

  • $40,721 is the average income per entrepreneur in Nebraska
  • $35,987 is the average income per entrepreneur in the United States

*An entrepreneur is defined as a sole proprietor: any entity that is required to file schedule C on IRS form 1040 or an unincorporated business that has just one owner who pays personal income tax on profits earned by a business.

Entrepreneur Density

The number of entrepreneurs (sole proprietors) per 1,000 people.

  • 143.2 entrepreneurs per 1,000 people in the state of Nebraska
  • 136.7 entrepreneurs per 1,000 people in the United States

Startup Density

The average number of startups per 1,000 businesses.

  • 41.1 startups per 1,000 businesses in Nebraska
  • 119.9 startups per 1,000 businesses in the United States

Startup Job Growth

Startup growth measures the average net change in jobs at a startup company.

  • 0.3% increase in number of jobs for startup companies in Nebraska between 2018-2020
  • 1.7% decrease in number of jobs for a startup company in the United States between 2018-2020

Growth

 

Economic growth and the speed of that growth are important indicators of general economic health. Historically, Nebraska’s economy has experienced steady growth, and was less severely impacted by the Great Recession of the 2000’s. Compared to states that were hit hard by the recession and showed quick growth during the return to normal, Nebraska’s economy was stable throughout, experiencing typical growth. Recently, Nebraska has been making important gains in personal income and job growth.

Real Income Per Capita

The average real personal income per person.*

  • $53,668 average real personal income in Nebraska
  • $51,478 average real personal income in the United States

*Real Personal income is adjusted for cost-of-living and inflation.

Real Income Growth

Real income growth is the three-year average change in real personal income.*

  • 2.4 % increase in real personal income in Nebraska
  • 3.5 % increase in real personal income in the United States

*Real personal income is adjusted for cost-of-living and inflation.

GDP Growth

The three-year average change in goods and services (Gross Domestic Product) produced by an economy.

  • 3.1% increase in GDP in Nebraska from 2018-2020
  • 2.4% increase in GDP in the United States from 2018-2020

Job Growth

The three-year average change in jobs.

  • 0.2% increase in number of jobs in Nebraska
    from 2018-2020
  • 1.2% decrease in number of jobs in the United States
    from 2018-2020

Workforce Vitality

Click below to find out how Nebraska ranks nationally in productivity, and to get some background on how we’re improving our rankings every year!

View WV Data

Methodology

Want to learn how we’ve conducted our research? Click below!

Research Methods