Adam McCann, a WalletHub Financial Writer, has recently released a report on the best and worst state economies for 2024. McCann highlights that the economic growth of the United States relies significantly on the performance of individual states, with some states contributing more than others. To identify the states that are making the most progress in advancing the U.S. economy, all 50 states were compared across 28 indicators of economic performance and strength.
According to WalletHub Analyst Cassandra Happe, a strong state economy doesn’t guarantee success for its residents, but it does make financial success more achievable. Factors such as low unemployment rates and high average incomes enable residents to purchase property, reduce debt, and save for the future. Among the findings, Utah secured the second spot for the best economies with a total score of 62.00, following Washington in first place with a score of 71.10. Massachusetts ranked third with a score of 61.52, while Texas came in fourth with a score of 60.08.
Happe concludes that the best state economies foster growth by being supportive of new businesses and investing in new technology to address future challenges and enhance efficiency. In Utah, there is a high level of startup activity, with a median annual household income of nearly $84,000. The state also boasts one of the lowest unemployment rates in the country at 2.8% and experienced significant growth in the civilian labor force between 2022 and 2023. These factors have contributed to Utah’s strong economy and make it an attractive place for businesses looking to start or expand operations in the United States
