Economic growth in the U.S. depends heavily on the performance of individual states, and some pull more weight than others, according to a new study from WalletHub, a personal finance website. "A strong state economy doesn't guarantee success for the state's residents, but it certainly makes financial success more attainable," WalletHub analyst Cassandra Happe said in a statement. "Factors like a low unemployment rate and high average income help residents purchase property, pay down debt and save for the future." Happe said the best state economies also promote growth by welcoming new businesses and investing in new technology that will help the state deal with future challenges and become more efficient. WalletHub determined how much each states contributes to moving the U.S. economy forward by comparing all 50 states and the District of Columbia across these key dimensions:
  • Economic activity, including change in GDP (2023 vs. 2022), share of fast-growing firms and exports per capita
  • Economic health, including unemployment rate, median annual household income adjusted for cost of living, share of population in poverty and growth in number of businesses
  • Innovation potential, including share of jobs in high-tech industries, industry R&D investment amount per total civilian employed population and entrepreneurial activity
Researchers evaluated these dimensions using 28 relevant metrics, and graded each one on a 100-point scale, with a score of 100 representing the highest economic performance. They then determined each state and the District's weighted average across all metrics to calculate its overall score. See the gallery for the 15 best states economies this year, according to WalletHub.  
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