Massachusetts has topped a new WalletHub report ranking the best state economies in the U.S., earning the number one spot. According to Chip Lupo, a WalletHub analyst, Massachusetts leads because it invests heavily in both industry and academic research and development, which drives strong economic growth.
WalletHub evaluated all 50 states plus Washington D.C. using 28 key economic metrics, including GDP growth, startup activity, and the proportion of jobs in high-tech industries. Each metric was scored on a scale of 0 to 100, with 100 indicating the highest performance. Massachusetts achieved a total score of 70.84, placing it at the top of the list.
The state’s economy stands out in several areas, especially health and innovation. Massachusetts boasts the highest share of jobs in high-tech industries, the third-highest share of STEM professionals, and ranks second in invention patents per capita. It also has the largest percentage of firms listed on the Technology Fast 500, a ranking of the fastest-growing tech companies.
Experts noted that while having a strong state economy does not guarantee individual success, it creates better conditions for financial stability. A low unemployment rate and high average income help residents buy homes, reduce debt, and save money. According to Lupo, the best state economies also support growth by fostering a friendly environment for new businesses and investing in technologies that prepare the state for future challenges and improve efficiency.
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