Finance News & Insights

The best – and worst – state economies: Where did yours land on the list?

We’re always keeping an eye on how the U.S. economy is faring as a whole: reading the reports, watching the indicators. Understandable, of course. But sometimes it’s important to look a little closer to home when thinking about your company’s future prospects and considering strategic plans.

That’s why this new analysis from WalletHub (https://wallethub.com/edu/states-with-the-best-economies/21697) is so valuable.

The criteria used

It ranks individual state economies based on 28 criteria across three categories:

  • economic activity: GDP growth, share of fast-growing firms, state gross public debt as a percent of GDP, exports per capita and startup activity
  • economic health: unemployment rate, underemployment rate, change in non-farm payrolls, change in total civilian labor force, increase in ratio of full time jobs to part-time jobs, median annual household income adjusted for cost of living, growth in state personal income, government surplus/deficit per capita, unfunded public pension plans per capita, share of uninsured population, share of population in poverty, foreclosure rate, growth in number of businesses, fiscal health, building permit activity, average educational attainment of recent immigrants, and average educational attainment of recent immigrants.
  • innovation potential: Share of Jobs in High-Tech Industries, Share of STEM Employment, Independent Inventor Patents per 1,000 Working-Age Population, Industry R&D Investment Amount per Total Civilian Employed Population, Non-industry R&D Investment Amount as Share of GDP and Entrepreneurial Activity.

Drumroll, please!

So where does your state fall on the list? Here’s the ranking of state economies from best to worst today:

  1. Washington
  2. Utah
  3. Massachusetts
  4. California
  5. Colorado
  6. Washington DC
  7. Idaho
  8. Oregon
  9. New Hampshire
  10. North Carolina
  11. Arizona
  12. Texas
  13. Michigan
  14. Georgia
  15. Minnesota
  16. Maryland
  17. Virginia
  18. Florida
  19. New York
  20. Nevada
  21. New Jersey
  22. Tennessee
  23. Wisconsin
  24. Missouri
  25. Delaware
  26. Pennsylvania
  27. Connecticut
  28. Indiana
  29. Iowa
  30. North Dakota
  31. Kansas
  32. Nebraska
  33. Illinois
  34. South Carolina
  35. Alabama
  36. Ohio
  37. Vermont
  38. Montana
  39. Oklahoma
  40. South Dakota
  41. New Mexico
  42. Maine
  43. Rhode Island
  44. Wyoming
  45. Kentucky
  46. Arkansas
  47. West Virginia
  48. Hawaii
  49. Mississippi
  50. Louisiana, and

While you’re likely not going to pull up stakes if your state didn’t crack the top 10, this list can inform everything from corporate expansion plans to recruiting efforts.

 

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