Ohio has one of the worst economies in the country, study says
COLUMBUS, Ohio (WCMH) – A recent study has named Ohio as one of the states with the worst economies in the country.
To determine the states with the best economies, WalletHub analyzed economic indicators for all 50 states and Washington D.C. The personal finance company examined three key dimensions – economic activity, economic health and innovation potential – across 28 different metrics. Some of those metrics include median household income, business growth and unemployment rate.
Ohio ranked No. 42 in the country, making it the state with the 10th worst economy, according to WalletHub. The Buckeye state did slightly better in its rankings for economic health (No. 39) and innovation potential (No. 33).
Completing the top 10 states with the worst economies is Mississippi (No. 51), Hawaii (No. 50), West Virginia (No. 49), Arkansas (No. 48), Louisiana (No. 47), Kentucky (No. 46), Rhode Island (No. 45), Iowa (No. 44) and Maine (No. 43).
Despite WalletHub’s study, Forbes recently named Ohio as one of the best states in the country to start a business. The state has also had numerous recent investments from Intel, Amgen and Honda, which Ohio Chamber of Commerce President and CEO Steve Stivers said makes him believe the state is on the right track.
“While we don’t want to put too much weight on any one index, we do pay attention to these reports, because we believe we can learn from every rating,” Stivers said. “Just last year, CNBC ranked us [number] 12 in its ‘Top States for Business’ list. The WalletHub study is very heavily weighted toward high-tech industries, and it shows that we need to do more to keep building and growing more in that sector.”
The state with the best economy in the country is Washington, the study claims. WalletHub noted Washington has the second-highest share of jobs in high-tech industries in the U.S. and the fourth-highest percentage of firms that are listed on the Technology Fast 500 list. The Evergreen State was followed by Utah, Massachusetts, Texas and California.