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.
So where does your state fall on the list? Here’s the ranking of state economies from best to worst today:
- Washington DC
- New Hampshire
- North Carolina
- New York
- New Jersey
- North Dakota
- South Carolina
- South Dakota
- New Mexico
- Rhode Island
- West Virginia
- 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.