Washington, DC - With the U.S. economy growing steadily amid a stalling global economy and many states coming back strongly from the Great Recession while others still struggle to make up their losses, the personal-finance website WalletHub conducted an in-depth analysis of 2016’s States with the Best & Worst Economies.
In order to determine which states are the top economic performers in the U.S., WalletHub’s analysts compared the 50 states and the District of Columbia across three key dimensions: Economic Activity, Economic Health and Innovation Potential.
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Best State Economies |
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Worst State Economies |
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1 |
Utah |
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42 |
Hawaii |
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2 |
Washington |
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43 |
Oklahoma |
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3 |
California |
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44 |
Alabama |
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4 |
Massachusetts |
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45 |
Kentucky |
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5 |
Colorado |
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46 |
Louisiana |
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6 |
Delaware |
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47 |
New Mexico |
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7 |
District of Columbia |
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48 |
Maine |
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8 |
New York |
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49 |
West Virginia |
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9 |
Texas |
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50 |
Arkansas |
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10 |
Oregon |
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51 |
Mississippi |
Comparing the Best & Worst
- Washington has the highest value of exports per capita, $12,517, which is nine times higher than in Hawaii, the state with the lowest, $1,361.
- South Dakota has the lowest unemployment rate, 2.5 percent, which is three times lower than in Alaska, the state with the highest, 6.6 percent.
- Massachusetts has the lowest percentage of uninsured population, 3.8 percent, which is six times lower than in Texas, the state with the highest, 21.9 percent.
- New Hampshire has the lowest percentage of residents living below poverty level, 8.9 percent, which is three times lower than in Mississippi, the state with the highest, 22.6 percent.
- Alaska has the lowest foreclosure rate, 0.3 percent, which is 13 times lower than in New Jersey, the state with the highest, 4 percent.
- The District of Columbia has the highest immigration of U.S. knowledge workers (average educational attainment of recent immigrants from abroad), which is 1.5 times higher than in New Mexico, the state with the lowest.
- Massachusetts has the highest percentage of jobs in high-tech industries, 7.94 percent, which is three times higher than in Wyoming, the state with the lowest, 2.32 percent.
- Utah has the highest number of independent-inventor patents per 1,000 working-age residents, 0.188, which is eight times higher than in Mississippi, the state with the lowest, 0.024.
For the full report and to see where your state ranks, please visit:
https://wallethub.com/edu/states-with-the-best-economies/21697/
