A recent study by WalletHub has ranked the best and worst economies in the United States, and Wisconsin has not fared well. Among the 50 states and the District of Columbia, Wisconsin was ranked at No. 40 out of 51 for its overall economy.
The rankings were based on various factors such as economic activity, health, and potential for innovation. In terms of economic activity, Wisconsin came in last among all states. However, when it comes to economic health, Wisconsin was ranked at 31st. The innovation potential of the state was ranked at 21st.
Factors such as changes in GDP, share of fast-growing firms, startup activity, and exports per capita were taken into account when calculating economic activity. Economic health was determined through 14 different factors including unemployment rate and median annual household income adjusted for cost of living. Innovation potential was calculated by looking at a state’s share of jobs in high-tech industries and STEM employment.
In specific rankings, Wisconsin had the second-lowest change in GDP compared to other states with only Delaware ranking lower. Additionally, Wisconsin had the second-least startup activity among all states with West Virginia right behind. The study was published on June 3rd, 2024 [end]
