Recent studies published by WalletHub have ranked Ohio and Kentucky among the states with some of the weakest economies in the country. The study analyzed 28 key indicators of economic performance and strength, such as GDP growth, unemployment rate, startup activity, and the share of jobs in high-tech industries to determine the best and worst state economies.
Ohio was ranked No. 42 in the State Economy Rankings, while Kentucky ranked even worse at No. 46. Despite their poor rankings, there were some positive aspects noted in the study. For instance, Kentucky placed No. 4 in Exports per Capita. However, according to WalletHub analyst Cassandra Happe, a strong state economy doesn’t guarantee success for its residents but makes financial success more attainable.
Factors like a low unemployment rate and high average income can help residents purchase property, pay down debt, and save for the future. Moreover, the best state economies encourage growth by being friendly to new businesses and investing in new technology that helps them deal with future challenges and become more efficient. Washington was ranked as the best state economy while Mississippi was ranked as the worst state economy according to WalletHub’s analysis.
