WalletHub recently released its list of the best and worst economies in the U.S., and unfortunately, Wisconsin did not make it to the top of the rankings. The study ranked Wisconsin at No. 40 out of 51 for its overall economy.
WalletHub analyzed various factors such as economic activity, economic health, and innovation potential to determine each state’s ranking. In terms of economic activity, Wisconsin ranked last among all states. However, when it came to economic health, Wisconsin was ranked at 31st, while innovation potential was ranked at 21st.
The study considered several factors when calculating economic activity, including a state’s change in GDP, share of fast-growing firms, startup activity, and exports per capita. Economic health was determined using 14 different factors such as the unemployment rate and median annual household income adjusted for cost of living. Innovation potential was calculated based on 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 ranked lower. Additionally, Wisconsin had the second-least startup activity compared to other states, with West Virginia right behind them.
The study was published on June 3rd, providing valuable insights into how each state’s economy is performing relative to others.
In conclusion, WalletHub’s latest list shows that despite having some areas of strength like innovation potential and low unemployment rates adjusted for cost of living but overall economy is not performing well as expected compared to other states like Delaware or West Virginia which have lower ranking than them but higher performance in some areas like GDP change or Startup activity respectively
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