FORT LAUDERDALE, Fla. – Florida continues to be a strong place to make and spend money after the state was picked as having the best startup activity and second-best economic health in the country.
“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,” WalletHub Analyst Cassandra Happe said.
Overall, Florida was named as having the seventh-best economy in the country.
Analyzed by WalletHub, the study also placed Florida fourth for economic activity, seventh in change in GDP, 16th in unemployment rate, and 24th in government Surplus/deficit per capita for a total score of 55.75.
“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,” Happe added.
For its findings, WalletHub reviewed 28 key indicators of economic performance and strength across all 50 states and the District of Columbia. The study specifically looked at data ranging from GDP growth and the unemployment rate to startup activity and the share of jobs in high-tech industries.
According to WalletHub, Washington state has the best economy in the country. The state ranked first in in economic activity, second in innovation potential, and 15th in economic health for a total score of 71.10.
“Washington has the best state economy in the country, and it has an extremely high amount of industry R&D investment per capita, with the second-highest share of jobs in high-tech industries and the second highest share of Science, Technology, Engineering & Math professionals,” Happe said. “In addition, Washington has the fourth-highest percentage of firms that are listed on the Technology Fast 500 list and the sixth-highest median household income after adjusting for the cost of living.”
Washington state was followed by Utah, Massachusetts, Texas and California in the top five. Both Utah and Massachusetts also were rated as having the best economic health and innovation potential, respectively.
The rest of the top ten included Colorado, North Carolina, Washington D.C. and Arizona.
On the flip side, Mississippi was recognized as having the worst economy in America. The state ranked 50th in economic health, 48th in economic activity, and 45th in innovation potential for a total score of 26.67.
The state was followed by Hawaii, West Virginia, Arkansas and Louisiana in the top 5. Kentucky, Rhode Island, Iowa, Maine and Ohio also rounded out the top 10.
Among its dead last categories, Wisconsin ranked as having the worst economic activity in the country. Illinois also placed last in economic health while West Virginia bottomed in innovation potential.