The best and worst state economies in 2021
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The U.S. economy took a major hit the past year due to the coronavirus pandemic, but certain states handled the crisis differently and are contributing more to the nation's GDP than others.
Which state economies are in the best and worst shape in 2021?
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WalletHub compared all 50 states, as well as Washington D.C., across 29 key economic factors, including GDP growth and unemployment rate to come with a ranking.
Here are the states with the best economies and those contributing most to overall GDP.
1. Utah
2. Washington
3. California
4. Massachusetts
5. Idaho
6. Colorado
7. Maryland
8. Oregon
9. Arizona
10. Georgia
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Here are the states (plus the District of Columbia) with the worst economies, struggling the most.
51. Hawaii
50. West Virginia
49. Louisiana
48. Alaska
47. Oklahoma
46. Kentucky
45. Nevada
44. Maine
43. Mississippi
42. Wyoming
The GDP rate, which was a large focus in the study, found Utah, Washington, and Arizona to be the top states with the most significant change in GDP. In contrast, Hawaii, Wyoming, and Oklahoma were found to have the lowest change in GDP.
With the current post-pandemic job market, the unemployment rate was also an important aspect of the study. South Dakota, Utah, and Vermont all tied for first place for having the lowest unemployment rate in their state. Hawaii, New York, and Connecticut, on the other hand, have the highest unemployment rate.
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Median annual household income was also included, showing Virginia, Minnesota, and Utah with the most in that exact order. In contrast, the states with the lowest median annual household income for 2021 are West Virginia, Maine, and New Mexico.
Other areas studied include startup activity, which found Nevada, Utah, and Florida to report the most startup activity this year and West Virginia, Vermont, and Ohio to report the least activity.
Additionally, in terms of exports, Louisiana and Texas tied for the most exports per capita, compared to Hawaii and Montana, which have the least for 2021.
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Lastly, Connecticut and North Dakota were found to have the most state-government surplus per capita, whereas Alaska and Wisconsin were found to have the least.