U. S. States with the economies in 2024, and the worst

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The United States has the largest economy in the world, and its states and territories play a role in running its massive engine. The most populous states also contribute the most to gross domestic product, but a new study from WalletHub looked under the hood to assess more signs of functionality and resilience.

The research released Monday compares the 50 states and the District of Columbia based on their economic activity, economic health and innovation prospects using 28 metrics, adding GDP growth, unemployment rate and fiscal health, to which they bring the most weight when it comes to moving the U. S. economy forward.

Here are the states with the country’s economies right now, according to WalletHub:

Aerial view of Seattle, Washington. The state has been named through WalletHub as the economy of the United States in 2024. ( / iStock)

Washington state tops the list with economic activity and an “extremely high” amount of business investment in R

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“Washington claims the most sensible place as a state economy, driven through really extensive investment in studies and development, a large concentration of high-tech jobs, and a physically powerful startup ecosystem,” WalletHub analyst Cassandra Happe told FOX Business. “These points position Washington as an existing leader and a long-term powerhouse in economic expansion and innovation. ”

Utah’s economy ranked second thanks to its impressive economic aptitude and hard market work, Happe said.

Beehive State has the second-highest average annual household income source in the country after adjusting for the cost of living, at only about $84,000, and the state’s average income source grew 6. 8% between 2022 and 2023.

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Utah also has one of the lowest unemployment rates in the country, at 2. 8%, as well as the second-largest expansion of the civilian workforce.

A view of the Boston. Massachusetts skyline has been named the third-best in the country in a new study from WalletHub. (Ron Dahlquist/Editorial Design Pics/Universal Images Group via/Getty Images)

Massachusetts has been identified as the state’s third-best economy, which Happe said has been boosted through investments in R

“The Bay State excels in innovation, with a consistent percentage of high-tech jobs and a significant number of patents consistent with capital,” Happe said. “These attributes make Massachusetts a key player in the progress of the national economy. “

Fourth, Texas enjoys a giant, diversified economy with significant GDP expansion and strong export activity despite lower innovation potential, according to the analysis.

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The Lone Star State Economic Activity Index is the second-highest in the ranking and seventh in terms of economic health. But the State occupies the 24th position for its innovation potential.

Maritime cranes at Oakland Harbor, off the San Francisco skyline, on Oct. 24, 2022 (Justin Sullivan/Getty Images).

California ranked fifth among primary state economies, which Happe said reflects “its role as a primary economic powerhouse with a lot of generation and really extensive investment in R

However, he added, the state faces economic fitness issues due to the high cost of living and inequality in the source of income.

On the other end of the spectrum, Louisiana, ranked 47th, struggles with high unemployment rates and low median household incomes, with minimal investment in R.

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Meanwhile, Arkansas, ranked 48th, faces peak poverty rates and limited job opportunities in the high-tech sector, which affects economic fitness and innovation potential.

West Virginia is ranked 49th, which it says is due to its shrinking workforce and low GDP growth, compounded by the country’s lower innovation potential.

Charleston is the capital and largest city of West Virginia. ( /iStock)

Hawaii ranked 50th and Mississippi last, at 51st. Happe said the two states are among those facing “significant economic challenges. “

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The tourist-heavy Aloha State is burdened by huge government debt and a lack of expansion in key economic areas, while Mississippi’s problems have been blamed on low median household incomes, high poverty rates and minimal entrepreneurial activity.

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