CINCINNATI (WKRC) – Ohio and Kentucky were ranked as two states with some of the worst economies in the country, according to study published this summer.
Massachusetts emerged as the state with the strongest economy in the United States, according to a comprehensive analysis by WalletHub. The study evaluated all 50 states and the District of Columbia across 28 key indicators of economic performance and strength, including GDP growth, startup activity, and the share of jobs in high-tech industries.
Massachusetts’ robust economic standing is attributed to its significant investments in both industry and academic research and development, which have yielded substantial economic growth. The state boasts the second-highest number of invention patents per capita, reflecting its innovation prowess.
Utah was second in the State Economy Rankings, with Washington third, California fourth and New Hampshire fifth. Indiana was in the top half at No. 22, with one of the biggest jumps in the country in GDP.
Ohio ranked No. 36 and Kentucky even worse at No. 41.
Ohio was ranked No. 30 both in Economic Activity Rank and in Innovation Potential Rank, but a lot worse in Economic Health Rank (No. 46).
Kentucky was ranked No. 27 in Economic Activity Rank, lowered by one of the highest rates for unemployment in the country. However the Bluegrass State was No. 39 in Economic Health Rank and second-worst in Innovation Potential Rank. Kentucky was tied for first in the nation in Exports per Capita.
WalletHub’s analysis considered three key dimensions to determine the best state economies: Economic Activity, Economic Health, and Innovation Potential. Each state was graded on a 100-point scale.