Is your state a drag on the American economy or a boon? The 50 states — as diverse as they are — each contribute something to the U.S. economy. Because of their diversity, state economies rarely trend in unison. GDP growth is often the default measure for economic strength, but it often fails to tell the whole story. Unemployment, poverty, job growth, and education among other factors can also play a part in defining the strength of an economy.
Economic vitality is as much about growth as it is about the state’s ability to support its population — with jobs, education, economic opportunities and more. In turn, employed, better-paid, and better-educated residents of a state further contribute to economic growth.
24/7 Wall St. reviewed economic growth, poverty, unemployment, job growth, and college attainment rates nationwide to compare and rank each state’s economy. As a result, the best ranked states tend to have fast-growing economies, low poverty and unemployment, high job growth, and a relatively well-educated workforce, while the opposite is generally the case among states with the worst ranked economies.
Sponsored: Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to 3 fiduciary financial advisors in your area in 5 minutes. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. If you’re ready to be matched with local advisors that can help you achieve your financial goals, get started now.