Adam McCann, WalletHub Financial Writer, recently released a report regarding the best and worst state economies for 2024.
In this study, McCann states that the economic growth of the United States depends heavily on the performance of the individual states, with some contributing more than others. To determine the states that are putting in the most work toward moving the economy of the U.S. forward, the 50 states were compared across 28 indicators of economic performance and strength.
“A strong state economy doesn’t guarantee success for the state’s residents, but it certainly makes financial success more attainable. Factors like a low unemployment rate and high average income help residents purchase property, pay down debt and save for the future,” stated Cassandra Happe, WalletHub Analyst.
Through the findings, it was discovered that the state of Utah ranks second place for the best economies with a total score of 62.00, coming in just under Washington in first place with 71.10. Massachusetts (61.52) took third place and Texas (60.08) came in fourth.
Utah earned second for the most startup activity in median annual household income, which was at nearly $84,000. Utah boasts one of the lowest unemployment rates in the country at 2.8% and has the second-most growth in civilian labor force between the years of 2022 and 2023.
“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,” concluded Happe.