Recent research by WalletHub has identified Ohio and Kentucky as two of the country’s worst-performing economies. To determine the rankings, analysts evaluated 28 key indicators of economic strength and performance, including GDP growth, unemployment rate, startup activity, and high-tech job shares.
Cassandra Happe, a WalletHub analyst, emphasized that while a strong state economy doesn’t guarantee success for its residents, it does make financial success more attainable. In the State Economy Rankings, Ohio came in at No. 42 while Kentucky ranked even worse at No. 46. However, Ohio performed better in Economic Activity Rank (No. 44) and Economic Health Rank (No. 39), but fared poorly in Innovation Potential Rank (No. 46). On the other hand, Kentucky was average in Economic Activity Rank (No. 25), but did better in Economic Health Rank (No. 44) and had its best ranking in Exports per Capita (No. 4).
In comparison to these struggling states, Washington was ranked as having the best state economy while Mississippi had the worst state economy according to WalletHub. Factors like low unemployment rates and high average income can help residents purchase property, pay down debt and save for the future. The top-performing states also foster growth by being business-friendly and investing in new technology to address future challenges and become more efficient.
