Yes, low tax rates, low debt, low spending are conservative principles that these states embrace. Some of those states have fallen and Nevada is a blue state. So while it might be generally true that red states are leading economic engines, it's not a certainty. It certainly is NOT true to say the least populated states are carrying the nation!
Let's look at the actual up-to-date rankings, found here:
http://www.alec.org/publications/rich-states-poor-states/
2013 rankings
Texas 12th (was 1st)
Nevada 13th (was 2nd) blue state
Michigan 20th (was 50th) blue state
Alaska 21st (was 8th)
Montana 42nd (was 9th)
Ohio 26th (was 49th) blue state
Virginia 5th, blue state
Sure it considering that is where the employment changes are.