Adam McCann, a WalletHub Financial Writer, recently published a report highlighting the best and worst state economies for 2024. McCann emphasized that the economic growth of the United States relies heavily on the performance of individual states, with some making greater contributions than others. To determine which states are leading the charge in moving the U.S. economy forward, a comparison was made across 28 indicators of economic performance and strength among the 50 states.
According to Cassandra Happe, a WalletHub Analyst, a strong state economy does not guarantee success for residents, but it does make financial success more achievable. Factors such as low unemployment rates and high average incomes enable residents to buy property, reduce debt, and save for the future. In the study, it was found that Utah ranked second for the best economy, with a total score of 62.00, just behind Washington in first place with a score of 71.10. Massachusetts and Texas ranked third and fourth, respectively.
Utah’s high ranking was due to its significant startup activity, median annual household income of nearly $84,000, low unemployment rate of 2.8%, and substantial growth in the civilian labor force between 2022 and 2023. Happe concluded that the best state economies foster growth by being supportive of new businesses and investing in technology to address future challenges and improve efficiency.