WalletHub recently released a list of the best and worst economies in the U.S., and Wisconsin did not fare well in the ranking. Among all 50 states and the District of Columbia, Wisconsin was ranked at No. 40 out of 51 for its overall economy.
The rankings were based on various factors including economic activity, economic health, and innovation potential. Wisconsin ranked poorly in economic activity, coming in last among all states. Economic health was ranked at 31, while innovation potential was ranked at 21.
Factors such as a state’s change in GDP, share of fast-growing firms, startup activity, and exports per capita were considered in calculating economic activity. Economic health was determined using 14 different factors including unemployment rate and median annual household income adjusted for cost of living. Innovation potential was calculated by looking at a state’s share of jobs in high-tech industries and STEM employment.
In specific rankings, Wisconsin had the second-lowest change in GDP, with only Delaware ranked lower. Additionally, Wisconsin had the second-least startup activity, with West Virginia right behind. The study was published on June 3, 2024.