As of October 30, 2009, approximately $36.69 billion in stimulus money from the Recovery Act had been dispersed. This amount has been distributed in different amounts to states, in order to save jobs and create new ones, among other things. On the basis of funds received per job created or saved, we look at which states or territories have spent the most money. (Learn more about government stimulus in Top 6 U.S. Government Financial Bailouts.)
- U.S. Virgin Islands - $159,214 spent per job
Jobs Saved/Created: 123
Stimulus Received to Date: $19,583,438 So far, the largest beneficiary of stimulus funds relative to jobs saved or created is not one of the 50 states. The U.S. Virgin Islands, which include St. Croix, St. Thomas and St. John, were awarded $93 million in stimulus funds. Only $19 million has been paid thus far, and about 123 jobs have been saved or created. Even though the islands sit atop the list for now, once all funds have been dispersed, they will have received less money than each of the 50 states.
- North Dakota - $149,911 spent per job
Jobs Saved/Created: 1,292
Stimulus Received to Date: $193,684,378 On the basis of overall funds awarded, the Peace Garden State ranks below 44 of its fellow states. However, on a per-job basis, North Dakota is the highest ranking state on our list. Almost 1,300 jobs have been created upon receipt of just under $194 million.
- Mississippi - $119,474 spent per job
Jobs Saved/Created: 3,433
Stimulus Received to Date: $410,153,462 The Magnolia State has been awarded over $1.7 billion in stimulus funds, and so far, 19% of the funds have been received. The received funds are responsible for the saving or creation of approximately 3,400 jobs.
- Idaho - $117,079 spent per job
Jobs Saved/Created: 2,102
Stimulus Received to Date: $246,099,727 Idaho has received over $246 million of stimulus funds and over 2,100 jobs have been saved or created. The Gem State can expect to receive a total of $1.22 billion once all stimulus funds have been paid.
- South Dakota - $115,217 spent per job
Jobs Saved/Created: 2,197
Stimulus Received to Date: $253,132,551 When examining total funds awarded, South Dakota actually ranks just above North Dakota. Fortunately for the Mount Rushmore State, the dead presidents are reaching it at a faster pace than they are reaching North Dakota. Unfortunately, on a per-job basis the dollars are providing a smaller reward. South Dakota has received over $250 million in funding and about 2,200 jobs have been created.
- Alabama - $111,631.03 spent per job
Jobs Saved/Created: 4,884
Stimulus Received to Date: $545,184,755 The Yellowhammer State ranks in the middle of the pack, in terms of total funds awarded and total funds received to jobs created. Alabama will receive just shy of $2.5 billion. With the $545 million received as of October's end, over 4,880 jobs have been saved or created.
- Maryland - $101,649 spent per job
Jobs Saved/Created: 6,747
Stimulus Received to Date: $685,827,388
Maryland has seen over 6,700 jobs saved or created with funding received from the Recovery Act. Like every other state, the Free State is still waiting on the bulk of the funding it has been awarded. Of the $3.18 billion awarded, almost $686 million has been received.
- Illinois - $101,277.50 spent per job
Jobs Saved/Created: 24,448
Stimulus Received to Date: $2,475,986,702
Illinois is expected to receive the sixth largest amount of stimulus money in the nation, roughly twice as much as Maryland. The Prairie State has already been paid 39% of the $6.43 billion in stimulus funds it has been awarded. Over 24,400 jobs have been created or saved as a result of the funding.
- West Virginia- $99,231 spent per job
Jobs Saved/Created: 2,408
Stimulus Received to Date: $238,948,456
Thirty-seven states will receive more money than West Virginia, but the stimulus dollars go a long way on a per-job basis in the Mountain State. Over 2,400 jobs have been saved or created as a result of $239 million of funding received.
- Maine - $98,407 spent per job
Jobs Saved/Created: 1,613
Stimulus Received to Date: $158,730,823 The Pine Tree State expects to receive a total of over $754 million in stimulus funding. With the $158.7 million received thus far, over 1,600 jobs have been created.
This list tracks funds received relative to jobs saved or created as of October 30, 2009 according to FederalReporting.gov. Although stimulus awards have been announced, it will take quite some time for the total funds to be dispersed and even more time for the total impact to be felt. Only 23% of the awarded funds have actually been received by states and territories. (For more on government spending, check out The Government And Risk: A Love-Hate Relationship, Liquidity And Toxicity: Will TARP Fix The Financial System? and Is The U.S. Government Too Big To Fail?)