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A study published in June by WalletHub revealed the overall rankings of each 50 states and the District of Columbia in terms of their economic health. Where does your state fall in the list?
Washington ranked overall as the best state economy in the U.S., largely thanks to the “extremely high amount of industry [research and development] investment per capita,” WalletHub found. ” Washington has the fourth-highest percentage of firms that are listed on the Technology Fast 500 list, and the third-highest number of invention patents per capita. This business growth and new technology will expand the economy even more in the future,” the report continued. “To top things off, new immigrants to the Evergreen State are the fifth-most educated in the country, and the state has the sixth-highest median household income after adjusting for the cost of living.” (TAKE A POLL: Is the Current Education System Adequately Preparing Our Children For the Future Economy?)
Following shortly behind Washington is Utah, which boasts nearly $84,000 as the median household income and a “very healthy” labor market. Utah also has one of the lowest rates of unemployment anywhere in the U.S.
What States Are Falling Behind Financially?
Mississippi, Hawaii, and West Virginia ranked as the worst state economies when analyzed under WalletHub’s extensive methodology. The researchers looked at the economic activity, health, and innovation potential of each state, which was broken down into 28 separate metrics.
“Not all local communities within a state are the same. Each community has unique characteristics, challenges, and aspirations. Therefore, having competent officials who thoroughly understand their community’s specific needs and economic growth goals is essential,” said Morgan State University political economist Linda Loubert. “These officials are instrumental in identifying and leveraging opportunities for local development.” (TAKE A POLL: Is It Time To Re-Evaluate Our Approach To Student Loan Debt and Its Impact on the Economy?)
One of the core solutions to problems throughout states is communication, Loubert noted. “t is paramount for negotiating responsible and equitable allocation of state funds to local communities. The State legislative body, composed of representatives from various local communities, has a duty to advocate for and address the specific needs of these communities. This legislative body is responsible for ensuring that local communities receive the needed support for schools, businesses, and infrastructure.”
Importance of ‘Fiscal Managers’
“For economic success at the local level, it is vital to have skilled fiscal managers within the legislative body. These individuals are tasked with the responsibility to understand the process for negotiating the necessary appropriations that fuel local development projects,” Loubert added. (READ MORE: Do You Feel You Have Enough Money to Take a Vacation This Year?)
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