Washington has the third-best state economy.
That’s according to a recent study by personal-finance company WalletHub, which compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength.
According to the findings, Washington also has a high amount of industry R&D investment per capita, which enables the state to be at the forefront of new technology. Washington has the second-highest share of jobs in high-tech industries, as well as the second-highest share of STEM professionals, according to the study.
The research additionally found that Washington has the third-highest number of invention patents per capita and the seventh-highest percentage of firms listed on the Technology Fast 500 list.
Washington also has the sixth-highest median household income after adjusting for the cost of living, and new immigrants to the state are the seventh-most educated in the country.
Massachusetts ranked No. 1 on the list, followed by Utah, which has the second-best state economy, according to the research.
To determine the best state economies, WalletHub compared the 50 states and the District of Columbia across three key dimensions: economic activity, economic health, and innovation potential. It then evaluated those dimensions using 28 relevant metrics.