WalletHub, the personal-finance website, has returned with yet another financial study, this time focusing on the best and worst state economies for 2023.
Economic growth in the United States is heavily dependent on the performance of individual states. However, there are states that contribute more than others, such as California, which is on track to overtake Germany as the world’s fourth largest economy. In contrast, Vermont’s growth is close to 100 times smaller.
To determine the states that are pulling the most weight, even during economic difficulty, WalletHub compared 28 key indicators for the states in regard to economic performance and strength. The data set ranged from GDP growth to topics such as startup activity and the share of jobs in high-tech industries.
Through the main findings, it was discovered that the state of Utah ranked second for great economies. Utah had a total score of 65.04, coming in just under Washington in first place at 68.13.
On the other end, the three worst economies were found in Alaska, Louisiana and West Virginia. In regard to startup activity, Utah was once again found in the rankings, coming in at number three for the most activity, trailing behind Delaware and Florida.
Not stopping there, Utah also ranked in a five-way tie for the lowest unemployment rate with North and South Dakota, Nebraska and Montana. In regard to the states with the highest median annual house income, Utah was found in the second place once again.