Utah has the best economy in the nation, according to new report

Local News

SALT LAKE CITY (ABC4) – As the U.S. economy continues to react to the COVID-19 pandemic, so do states.

Some states are faring better than others. With the lowest unemployment rate in the nation, Utah is often viewed as having a great economy, receiving high ranks from U.S. News & World Report and the Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index.

A new report from WalletHub compares all 50 states and the District of Columbia across nearly 30 key indicators of economic performance and strength, including change in GDP to startup activity to the share of high-tech jobs.

The Beehive State took the top spot in the report, edging out the state of Washington and California.

Across the key indicators, Utah had the highest change in GDP and the lowest unemployment rate (tying with South Dakota and Vermont). The state took second in terms of startup activity and change in nonfarm payrolls, falling to Nevada and Idaho, respectively.

Utah ranked third in terms of the highest median annual household income.

When ranked based on economic health, Utah took second, just behind Idaho. Based on innovation potential, WalletHub ranked Utah at 10th, just behind Colorado.

Here are the top five ranked states in this report:

  1. Utah
  2. Washington
  3. California
  4. Massachusetts
  5. Idaho

Here are the bottom five states:

  1. Hawaii
  2. West Virginia
  3. Louisiana
  4. Alaska
  5. Oklahoma

For the full report, click here.

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