Study: MS, AR economies rank near bottom of US - WMC Action News 5 - Memphis, Tennessee

Study: MS, AR economies rank near bottom of US

(Source: Pixabay) (Source: Pixabay)
(WMC) -

With economic growth varying significantly from one state to another - California recently became the sixth largest economy in the world while Illinois is expected to have no budget for the third year in a row, for instance - the personal-finance website WalletHub conducted an in-depth analysis of 2017’s Best & Worst State Economies.

In their findings, Mississippi ranked 49th, and Arkansas finished one place higher at 48th.  Tennessee ranked 35th.

In order to determine America’s top economic performers, WalletHub’s analysts compared the 50 states and the District of Columbia across 27 key indicators of economic performance and strength. The specific areas range from GDP growth to startup activity to share of jobs in high-tech industries.

Best State Economies:

  1. Washington
  2. California
  3. Utah
  4. Massachusetts
  5. District of Columbia
  6. Colorado
  7. Oregon
  8. New Hampshire
  9. Maryland
  10. Delaware

Best vs. Worst:

Washington has the highest value of exports per capita, $11,390, which is 12.9 times higher than in Hawaii, the state with the lowest at $881.

Colorado has the lowest unemployment rate, 2.6 percent, which is 2.6 times lower than in New Mexico, the state with the highest at 6.7 percent.

Massachusetts has the lowest share of the uninsured population, 3.6 percent, which is 5.7 times lower than in Texas, the state with the highest at 20.6 percent.

New Hampshire has the lowest share of the population living below poverty level, 8.9 percent, which is 2.5 times lower than in Mississippi, the state with the highest at 22.5 percent.

Colorado has the lowest foreclosure rate, 0.2 percent, which is 14 times lower than in New Jersey, the state with the highest at 2.8 percent.

Massachusetts has the highest share of jobs in high-tech industries, 7.91 percent, which is 3.4 times higher than in Wyoming, the state with the lowest at 2.33 percent.

Utah has the highest number of independent-inventor patents per 1,000 working-age residents, 0.184, which is 7.7 times higher than in Mississippi, the state with the lowest at 0.024.

To view the full report and your state or the District’s rank, click here.

Copyright 2017 WMC Action News 5. All rights reserved.

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