Best and Worst State Economies in the US

Washington state earned first place due to its performance in both economic activity and innovation potential.
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  • The WalletHub report ranks state economies based on their economic activity, health, and innovation.
  • Washington tops the list led by high-tech jobs and STEM professionals.
  • Mississippi, Arkansas, Louisiana, and Kentucky are among the weakest state economies in the United States.

States like Washington, Utah, Massachusetts, Texas, and California may not seem like they have much in common, but each has its own advantage. Strong economy This helps fuel National growth.

These five states have the best economies, according to a new ranking of all 50 states and D.C Financial services company WalletHub. Meanwhile, Mississippi, Hawaii, West Virginia, Arkansas and Louisiana are the worst.

“A strong state economy does not guarantee success for state residents, but it certainly makes financial success more achievable,” WalletHub analyst Cassandra Happe wrote in the report. “Factors such as lower unemployment and higher average incomes help residents purchase property, pay off debt, and save for the future.”

To determine the best economies of the country, WalletHub Compares the 50 states and D.C. across three categories: economic activity, economic health, and innovation potential. Each of the three categories was evaluated using 28 metrics with different weights, including the share of fast-growing companies, unemployment rate, and entrepreneurial activity.

“The best state economies also encourage growth by being friendly to new businesses and investing in new technology that will help the state deal with future challenges and become more efficient,” Happe wrote.

Washington It received first place due to its performance in both economic activity and innovation potential. The state’s economy benefits greatly from high levels of investment in industry research and development, placing it at the forefront of technological progress. After all, Amazon and Microsoft are headquartered in the state.

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Additionally, people moving to Washington are the fifth most educated in the country, which contributes to the state’s sixth-highest median household income after adjusting for costs of living. November report from American bank Based on internal customer data showed this People moving to Seattle For a new job they receive the largest wage increases of all American cities.

It was Utah Runner-up with second-highest median annual household income after adjusting for cost of living. The state also has a healthy job market, one of the lowest Unemployment rates In the country and significant growth in the civilian workforce.

Meanwhile, several states in the South were among the states with the lowest ratings. Many states scored low across the board as they struggled with issues such as high unemployment rates and low household incomes.

Below are the top five states, followed by the five lowest ranked states.

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