SALT LAKE CITY, Utah (ABC4 News) – Utah has recently been ranked the best economy in the nation. The top ranking comes from 24/7 Wall Street, a financial analysis publication. 24/7 Wall Street ranked all 50 states’ economies based on their five year annualized GDP and unemployment growth rate, among other metrics.
The state credits the top ranking thanks in part to its low poverty rate (9%) and country-leading July unemployment rate (4.5%). According to the publication, Utah has maintained a thriving economy before and during the COVID-19 pandemic saying ‘economic conditions in Utah were far stronger than they were in most of the country’.
According to 24/7 Wall Street, Utah’s GDP growth rate was 3.4% when the national GDP growth rate was 1.9%. Utah is also only one of seven states with a poverty rate below 10%.
Utah earned the top ranking in 2020 after coming in third place in the 2019 rankings.
Gov. Herbert’s office says that although the governor’s time in office is limited, that he remains committed to continuing these trends which have developed during his time in office. Herbert’s office also adds that building an inclusive economy that promotes mobility must be a continued goal for the state if we are to maintain these laudable achievements.