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In order to determine America’s best and worst state economies, WalletHub compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength. The data set ranges from changes in GDP to startup activity to the share of jobs in high-tech industries.
Out of all 50 states, Massachusetts received the highest score, beating out the second-place state by over a full point.
Here’s what WalletHub had to say about the state’s economy.
Why Massachusetts has the best state economy
According to WalletHub, Massachusetts has the best state economy for various reasons.
Here’s what the personal finance company had to say about Massachusetts’ economy: “Massachusetts invests a lot more in both industry and academic R&D than most other states, which leads to big payoffs in economic growth. This has led to the state having the second-most invention patents per capita.
The Bay State has a lot of workers in industries that propel the economy forward, too. It has the highest share of jobs in high-tech industries and the third-highest share of STEM professionals. In addition, Massachusetts has the highest percentage of firms that are listed on the Technology Fast 500 list.”
What states have the best economies?
Here is WalletHub’s list of the top 10 state economies:
- Massachusetts
- Utah
- Washington
- California
- New Hampshire
- North Carolina
- Idaho
- Texas
- Maryland
- Colorado
