US states with the best economies in 2024 – and the worst
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The United States has the largest economy in the world, and each of its states and territories play a part in keeping its massive engine running. The states with the largest populations also contribute the most to gross domestic product, but a new study from WalletHub looked under the hood to gauge additional indicators of performance and strength.
The analysis released Monday compared all 50 states and the District of Columbia based on their economic activity, economic health, and innovation potential using 28 metrics, including change in GDP, unemployment rate and fiscal health, to determine which ones are pulling the most weight when it comes to moving the U.S. economy forward.
Here are the states with the best economies in the nation right now, according to WalletHub:
Arial view of Seattle, Washington. The state was named by WalletHub as best economy in the U.S. in 2024. ( / iStock)
The state of Washington topped the list with the highest economic activity ranking and an «extremely high» amount of industry R&D investment per capita, according to the findings.
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«Washington claims the top spot as the best state economy, driven by substantial investment in research and development, a high concentration of high-tech jobs, and a robust startup ecosystem,» WalletHub analyst Cassandra Happe told FOX Business. «These factors position Washington as a current leader and a future powerhouse in economic growth and innovation.»
Utah's economy was ranked No. 2 thanks to its impressive economic health and labor market, Happe said.
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