2023’s Best & Worst State Economies

by Author Contribution 06/05/2023

written by Author Contribution 06/05/2023

By Adam McCann, WalletHub Financial Writer

U.S. economic growth depends heavily on the performance of individual states. But some contribute more than others. California, for instance, is on track to overtake Germany as the world’s fourth largest economy. Meanwhile, Vermont’s GDP is close to 100 times smaller, at around $36 billion compared to California’s $3.6 trillion.

In order to determine which states are pulling the most weight even during this time of economic difficulty caused by inflation, WalletHub compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength. Our data set ranges from GDP growth to startup activity to the share of jobs in high-tech industries.

State Economy Rankings

Overall Rank	State	Total Score	Economic Activity	Economic Health	Innovation Potential
1	Washington	68.13	2	14	2
2	Utah	65.04	1	1	10
3	Massachusetts	64.89	13	36	1
4	Colorado	62.89	4	7	6
5	California	61.04	8	42	3
6	Idaho	58.92	14	2	14
7	North Carolina	58.17	16	4	11
8	District of Columbia	56.60	3	19	13
9	Texas	55.94	10	6	23
10	Arizona	55.40	11	11	20
11	Georgia	54.30	7	12	25
12	Oregon	54.05	17	35	7
13	Florida	53.60	15	3	32
14	Delaware	52.90	12	25	18
15	Tennessee	51.83	6	9	37
16	Virginia	49.76	20	8	24
17	New Jersey	49.44	18	38	12
18	New York	49.35	9	45	21
19	Maryland	47.63	32	39	4
20	Michigan	47.56	26	37	8
21	Nevada	47.49	5	23	44
22	Minnesota	47.35	24	17	16
23	New Hampshire	46.64	44	16	5
24	Connecticut	46.23	36	32	9
25	Montana	44.45	23	10	34
26	Wisconsin	43.73	33	26	17
27	Indiana	43.17	28	18	28
28	Pennsylvania	42.53	29	40	19
29	Kansas	42.32	25	24	31
30	Vermont	42.25	34	30	22
31	Alabama	42.03	22	20	35
32	Illinois	41.94	19	49	26
33	South Carolina	41.21	21	21	40
34	Missouri	40.18	37	27	29
35	Nebraska	40.17	35	13	36
36	New Mexico	38.07	40	48	15
37	Ohio	37.59	30	46	33
38	Rhode Island	36.87	42	33	30
39	Iowa	36.76	45	29	27
40	Wyoming	36.74	39	22	38
41	Arkansas	35.49	31	28	47
42	Maine	35.36	38	31	43
43	South Dakota	35.29	43	5	50
44	North Dakota	35.25	47	15	42
45	Kentucky	34.17	27	43	46
46	Oklahoma	31.89	49	34	39
47	Hawaii	28.76	46	41	48
48	Mississippi	28.67	41	50	45
49	Alaska	28.48	51	44	41
50	Louisiana	25.04	50	51	49
51	West Virginia	24.12	48	47	51

Note: With the exception of “Total Score,” all of the columns in the table above depict the relative rank of that state, where a rank of 1 represents the best conditions for that metric category.

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