On June 3, 2024, WalletHub released a ranking of the best and worst economies among the U.S. states, and Wisconsin did not perform well. Among the 50 states and the District of Columbia, Wisconsin ranked 40 out of 51 for its overall economy.
The rankings were based on three main factors: Economic Activity, Economic Health, and Innovation Potential. In terms of economic activity, Wisconsin ranked last in several categories such as change in gross domestic product (GDP), share of fast-growing firms, startup activity, and exports per capita.
In terms of economic health, Wisconsin fared better than some other states but still ranked 31st due to factors like unemployment rate and median annual household income adjusted for the cost of living. The innovation potential factor considered a state’s share of jobs in high-tech industries, science, technology, engineering, and mathematics employment. Despite having a relatively low ranking for innovation potential compared to other states in the study, Wisconsin had the second-least startup activity in this category.
Overall, Wisconsin’s economic performance was rated poorly compared to other states in the study. It is important for policymakers to consider these findings when making decisions that could positively impact the state’s economy in order to improve its standing among other states in future studies.