WalletHub has recently ranked Ohio as one of the states with the worst economies in the United States. The study analyzed economic indicators across all 50 states and Washington D.C., focusing on three main dimensions including economic activity, economic health, and innovation potential by examining 28 different metrics such as median household income, business growth, and unemployment rate.
Ohio was ranked as the 10th-worst economy in the country, coming in at No. 42 according to WalletHub. However, despite this ranking, Forbes recently named Ohio as one of the best states in the country to start a business. The state has seen investments from several major companies including Intel, Amgen, and Honda, leading Ohio Chamber of Commerce President and CEO Steve Stivers to believe that the state is heading in the right direction.
Stivers mentioned that while they don’t base all their decisions on rankings such as these, they do pay attention to reports like these. The recent WalletHub study emphasized the need for Ohio to focus more on high-tech industries to further boost its economic potential. The study also highlighted Washington as the state with the best economy in the U.S., noting its high concentration of jobs in high-tech industries and the percentage of listed firms on the Technology Fast 500 list. Washington was followed by Utah, Massachusetts, Texas, and California in the rankings.
