This New England State has the Best Economy in the U.S

You don't need to be an economist to know that times are tough in our country's economy right now; just look at the price of eggs!

It is more difficult than ever for families to survive even on two incomes. By the time all bills are paid, cars are filled up with gas, and childcare is paid for you, many families are lucky to break even month after month.

The growth of our economy as a country is on a state by state basis but some states pull more weight than others. The article states that California outranked Japan as the world’s fourth-largest economy in 2024. On the other hand, Vermont’s gross domestic product is around $45.7 billion, nearly 91 times smaller than California’s economic output.

Wallethub decided to conduct a survey to uncover the best and worst state economies out of the 50 U.S states aka determine which states are pulling the most weight.

What factors were analyzed to gather this data?

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Factors like unemployment rate, average income and the percentage of residents living poverty were all taken into account.

Massachusetts came in as the #1 state economy in the U.S

What contributes to Massachusetts' strongest state economy?

Massachusetts has the best state economy, and it invests a lot more in both industry and academic R&D than most other states. This leads to huge payoffs in economic growth. This has led to the state having the second-most invention patents per capita!

Massachusetts also has the highest share of jobs in high-tech industries, which is four times higher than in Arkansas, the state with the lowest. The Bay State also has third-highest share of STEM professionals.

In addition, Massachusetts has the highest percentage of firms that are listed on the Technology Fast 500 list.

Other notable findings:

New Hampshire has the lowest share of the population living in poverty, which is 2.7 times lower than in Mississippi, the state with the highest. Good for the Granite State!

Explore the full survey and it's findings here.