WYOMING — According to a study released by WalletHub, Wyoming ranks 42nd overall in U.S. states with the best economies.
Within the study, financial writer Adam McCann reported Wyoming as the state with the second to lowest change in gross domestic product (GDP). The GDP represents the total of all value added and created in an economy. Additionally, the report named Wyoming as the state with one of the lowest percentages of jobs in high-tech industries.
As Wyoming’s economy largely relies on the tourism and the coal and mining industries, its low economic ranking can be largely attributed to the fact that one of the measuring criteria was innovation potential. While the state continues to strongly rely on the mineral extracting industry as a crucial economic driver, a majority of states are growing their economies through the promise in high-tech industries.
McCann explained how state ranking is significantly determined by their respective leading industries.
“U.S. economic growth depends heavily on the performance of individual states. But some contribute more than others. California, for instance, is the fifth-largest economy in the world, boasting a GDP larger than that of countries like the U.K., France and India. Meanwhile, Hawaii is struggling with the highest unemployment rate in the country, at 9%,” said McCann.
“That makes sense considering the state has an economy that relies heavily on tourism, which took a big hit due to the COVID-19 pandemic.”
In order to determine which states are pulling the most weight even during a time of economic difficulty, WalletHub compared the 50 states and the District of Columbia across three key dimensions: economic activity, economic health and innovation potential.
They evaluated those dimensions using 29 relevant metrics, which are listed in the report with their corresponding weights. Each metric was graded on a 100-point scale, with a score of 100 representing the highest economic performance.WalletHub then determined each state and the District’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order the sample.
To view the full report click here.
