US states with the best economies in 2024 – and the worst
Which state topped the list in WalletHub's rankings of state economies, and what factors contributed to its high ranking?
The state of Washington topped the list in WalletHub's rankings of state economies. Factors that contributed to its high ranking include an extremely high amount of industry R&D investment per capita, the second-highest share of jobs in high-tech industries, and the second-highest share of STEM (Science, Technology, Engineering & Math) professionals. Washington also has the fourth-highest percentage of firms that are listed on the Technology Fast 500 list, and the third-highest number of invention patents per capita. This business growth and new technology will expand the economy even more in the future.
What factors have led to Arkansas's low ranking in both economic health and innovation potential?
Arkansas's low ranking in both economic health and innovation potential can be attributed to several factors. The state faces high poverty rates and limited high-tech job opportunities, which impact both economic health and innovation potential. In addition, there is minimal entrepreneurial activity, further hindering economic growth and development. These factors combined contribute to Arkansas's position as 48th in the overall ranking of state economies in the US.
How did Utah achieve its number two ranking in the study, and what are some specific economic metrics that supported this position?
Utah achieved its number two ranking in the study due to its impressive economic health and labor market. Some specific economic metrics that supported this position include:
- Utah has the second-highest median annual household income in the nation after adjusting for the cost of living, at nearly $84,000.
- The average income in Utah grew 6.8% between 2022 and 2023.
- Utah has one of the lowest unemployment rates in the country, at 2.8%.
- Utah has the second-most growth in the civilian labor force.
These factors, along with a strong economic outlook and consistent performance in various sectors, contributed to Utah's high ranking in the study.