Did you know that Florida, California, Texas and New York have economies so big that if they were countries, they would rank in the top 20 in the world?
Personal finance company WalletHub just released a study that ranks all 50 states by determining the states with the best and worst economies, based on metrics like changes in each state’s GDP, unemployment rates and growth in number of businesses. And Florida placed in the top 10 on the “best” list.
“A strong state economy doesn’t guarantee success for the state’s residents, but it certainly makes financial success more attainable,” WalletHub Analyst Cassandra Happe said in the study.
“Factors like a low unemployment rate and high average income help residents purchase property, pay down debt and save for the future.”
Here’s which state placed first on WalletHub’s list of the states with the best economies, where Florida ranked and why.
Which U.S. state has the best economy?
According to WalletHub’s study, Washington has the best state economy in the U.S. for a variety of reasons.
Washington has the second-highest share of jobs in high-tech industries and the second-highest share of STEM professionals nationwide.
“In addition, Washington has the fourth-highest percentage of firms that are listed on the Technology Fast 500 list, and the third-highest number of invention patents per capita. This business growth and new technology will expand the economy even more in the future,” the study says.
“To…
