It's hard to directly compare California ($2.75 trillion GDP, 39.5 million people) to a state like Vermont ($33 billion, 0.6 million people) using absolute numbers. By leveling the playing field, we can get an idea of how states contrast in terms of relative economic strength that companies and workers would better recognize. Today's article uses 27 metrics from WalletHub to rank all 50 state economies and D.C.
The original articlehas been edited here for length (…) and clarity ([ ])
The 27 metrics are grouped into three major categories, which are evenly weighted:
1. Economic Activity: GDP growth, startup activity, exports per capita, and three other metrics 2. Economic Health: Labor force changes, median household income, unemployment, and 13 other metrics 3. Innovation Potential: Entrepreneurial activity, R&D investment, patents per capita, and three other metrics
Below are how the rankings shake down:
Overall
State
Total Score
Economic Activity
Economic Health
Innovation Potential
1
Washington
76.5
1
4
3
2
California
73.8
2
26
2
3
Utah
73.8
5
1
4
4
Massachusetts
73.3
4
29
1
5
District of Columbia
67.1
3
6
13
6
Colorado
66.4
15
3
5
7
Oregon
65.7
6
9
10
8
New Hampshire
62.5
17
10
7
9
Maryland
61.0
18
28
6
10
Delaware
59.8
10
20
15
11
Idaho
58.2
21
2
19
12
Michigan
57.9
23
33
8
13
Virginia
57.5
9
18
23
14
Arizona
57.4
16
24
14
15
North Carolina
57.3
24
11
12
16
Connecticut
57.3
12
45
9
17
Minnesota
56.6
20
16
17
18
Georgia
56.0
8
21
29
19
New York
55.7
7
44
18
20
Texas
55.4
19
15
21
21
New Jersey
55.1
11
47
11
22
Florida
54.5
13
12
30
23
Missouri
50.2
34
19
24
24
South Carolina
49.8
14
23
41
25
Wisconsin
49.2
33
14
31
26
Vermont
49.1
35
31
22
27
Nebraska
49.0
36
7
34
28
Indiana
48.9
26
25
35
29
Nevada
48.1
22
27
40
30
Pennsylvania
47.7
25
41
27
31
Montana
47.7
46
13
25
32
South Dakota
47.1
39
5
39
33
Iowa
47.0
31
22
37
34
Illinois
46.9
27
43
26
35
Tennessee
46.4
29
17
44
36
Rhode Island
46.0
40
40
20
37
Ohio
45.7
30
42
28
38
Kansas
44.3
43
34
32
39
Hawaii
43.7
38
30
38
40
New Mexico
42.1
44
51
16
41
Alabama
41.6
32
38
43
42
North Dakota
41.1
51
8
36
43
Wyoming
39.4
47
32
45
44
Kentucky
38.9
28
46
48
45
Maine
38.9
37
36
47
46
Alaska
37.7
50
39
33
47
Oklahoma
37.1
49
37
42
48
Arkansas
35.9
45
35
50
49
Mississippi
35.0
41
48
46
50
Louisiana
33.2
42
50
49
51
West Virginia
28.1
48
49
51
Topping the list for overall score were the states of Washington, California, and Utah, and the first place state in each major category includes Washington (Economic Activity), Utah (Economic Health), and Massachusetts (Innovation Potential).
Looking at statistics and scoring methodologies alone can be a bit esoteric, so let's look at some individual cases to see some contrast.
Utah (Rank: #3) Utah consistently ranks as one of the top states for business, in the country, as well as a top state for job growth and employment. It's also pretty unique in that it has a fairly diversified economy, with major sectors in the tourism, agriculture, tech, manufacturing, finance, energy, and mining industries.
Utah has a higher median household income ($65,977), and a blistering 3.4% employment growth rate.
Florida (Rank: #22) Using this methodology, Florida falls somewhere in the middle of the rankings. The good news is the state has good employment growth (2.9%) and a myriad of thriving industries like aerospace. The bad news? Florida has the second-highest level of poverty in the union at 19%, and it also has a lower median household income ($50,860) than the national average.
Maine (Rank: #45) Economic activity is sluggish in the country's most northeastern state. With an aging population, slow employment growth (0.8%), and a number of lost manufacturing jobs over the last 15 years, the state is trying to rebound. Maine isn't helped by having one of the highest tax burdens for its citizens and businesses in the country, either.
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