Washington has the Strongest Economy in the Nation- WalletHub Study Claims
Washington residents should be proud of this movement; the latest survey reveals that Washington has one of the best economies in the United States. WalletHub, a financial assistance website, had conducted the recent survey.
WalletHub agency carries out the survey by including all 50 states along with Washington D.C and Washington. The survey result was a big surprise because Washington defeated all the other state and earned the top position. It performed better than Massachusetts, Colorado, Utah, and California.
WalletHub agency divided the ranking into three various categories, namely, economic health, innovation potential, and economic activity. Depending upon the agency rated the states.
The WalletHub also compared the State’s economic performance and economic strength along with with startup operations, GDP growth, and jobs percentage in high-tech companies.
The metric measurement was based on a 100 point scale; the State that scored the highest earned the top position with regards to economic performance. The total score of Washington was 77.60, followed by Utah with a score of 73.51 and ranked at No. 2 position, Massachusetts with 70.23 scores, earned the 3rd spot. California and Colorado were ranked at No. 4 and No.5th position respectively. Oregon was ranked at No. 8th position.
Washington managed to perform better in all three categories. In Economic Activity category, Washington was placed at No one position, ranked the second position in Innovation Potential and number four in Economic Health.
With regards to other separate categories, the Evergreen Washington State was ranked at the top position in GDP Growth, and Export per Capita ranked at No. 4 for a percentage of jobs in high-tech industries and No.10 in Startup operations.
Apart from this, other states that were ranked the worst five states -West Virginia at No.47, Hawaii at No.48, Mississippi at No. 49, Louisiana at No.50 and Alaska at No.51.
Elements Included in Categories
The key elements that were considered in Economic health category were average household revenue, percentage population in poverty, and unemployment rate.
In the category of innovation Potential, the elements that were considered were the percentage of STEM employment, entrepreneurial activity level, and percentage of jobs in high-tech companies.
Elements included in Economic Activity were startup activities, exports per capita, and GDP growth.
Washington State is only stated to perform better in every category. Washington State not only performed better in these categories but was the only state next to Utah to be ranked within the top 10 spots.
The survey also revealed that when it came to the highest employment percentage in high-tech industries, Washington was ranked at No. 4 position.
Another side of the survey
Washington State has performed well in some categories, but there are few individual categories were the performance of Washington was not so good. When it came to the highest unemployment rate, Washington State was tied with New Mexico, nearly 4.6 percent of Washington citizens are without a job. The federal Bureau of Labor Statistics revealed the unemployment data. The unemployment percentage is just above the country’s average rate of 3.8 percent.
Earlier to this, the Washington State was ranked as the best state of the US by US News and World Report.