State economy rankings

[Marvin the Martian]

Wallethub ranked states by their economic performance. The area around Indiana doesn't do so well. Indiana is 38th, Kentucky 46th, Ohio 42nd, Illinois 39th, and Michigan 19th.

Best & Worst State Economies in 2024

Best & Worst State Economies in 2024

wallethub.com

The factors they considered are:

Economic Activity – Total Points: 33.33​

• Change in GDP (2023 vs. 2022): Quadruple Weight (~13.33 Points)
• Share of Fast-Growing Firms: Triple Weight (~10.00 Points)
  Note: This metric measures the number of firms in Deloitte’s Technology Fast 500 list as a percentage of total firms.
• State Gross Public Debt as Percent of GDP: Full Weight (~3.33 Points)
• Exports per Capita: Full Weight (~3.33 Points)
• Startup Activity: Full Weight (~3.33 Points)
  Note: This metric measures the rate of newly established firms.

Economic Health – Total Points: 33.33​

• Unemployment Rate: Double Weight (~4.30 Points)
• Underemployment Rate: Half Weight (~1.08 Points)
• Change in Nonfarm Payrolls (2023 vs. 2022): Full Weight (~2.15 Points)
• Change in Total Civilian Labor Force (2023 vs. 2022): Full Weight (~2.15 Points)
• Increase in Ratio of Full-Time Jobs to Part-Time Jobs (2022 vs. 2021): Half Weight (~1.08 Points)
• Median Annual Household Income Adjusted for Cost of Living: Full Weight (~2.15 Points)
• Growth in State Personal Income (2023 vs. 2022): Full Weight (~2.15 Points)
• Government Surplus/Deficit per Capita: Full Weight (~2.15 Points)
• Unfunded Public Pension Plans per Capita: Full Weight (~2.15 Points)
• Share of Uninsured Population: Half Weight (~1.08 Points)
• Share of Population in Poverty: Full Weight (~2.15 Points)
• Foreclosure Rate: Full Weight (~2.15 Points)
• Growth in Number of Businesses (2021 vs. 2020): Full Weight (~2.15 Points)
• Fiscal Health: Full Weight (~2.15 Points)
  Note: This metric is based on the George Mason University Mercatus Center’s state fiscal rankings, particularly the State Fiscal Condition Index, which refers to the sum of cash, budget, long-run, service-level and trust-fund solvency indices for each state.
• Building-Permit Activity: Full Weight (~2.15 Points)
  Note: This metric measures the total number of new privately owned residential-building permits issued annually per capita.
• Average Educational Attainment of Recent Immigrants: Half Weight (~1.08 Points)
  Note: The educational attainment of recent immigrants aged 25 and older from a foreign country is classified as having either no high school diploma; a high school diploma or equivalent; some college experience or an associate’s degree; a bachelor’s degree; or a graduate or professional degree.
• Average Educational Attainment of Recent Migrants from Other U.S. States: Half Weight (~1.08 Points)
  Note: The educational attainment of recent migrants aged 25 and older from other states within the U.S. is classified as having either no high school diploma; a high school diploma or equivalent; some college experience or an associate’s degree; a bachelor’s degree; or a graduate or professional degree.

Innovation Potential – Total Points: 33.33​

• Share of Jobs in High-Tech Industries: Full Weight (~5.56 Points)
• Share of Jobs STEM Employment: Full Weight (~5.56 Points)
• Independent Inventor Patents per 1,000 Working-Age Population: Full Weight (~5.56 Points)
• Industry R&D Investment Amount per Total Civilian Employed Population: Full Weight (~5.56 Points)
  Note: “R&D” refers to research and development.
• Nonindustry R&D Investment Amount as Share of GDP: Full Weight (~5.56 Points)
  Note: “R&D” refers to research and development.
• Entrepreneurial Activity: Full Weight (~5.56 Points)

 

[mcmurtry66]

Wallethub ranked states by their economic performance. The area around Indiana doesn't do so well. Indiana is 38th, Kentucky 46th, Ohio 42nd, Illinois 39th, and Michigan 19th.

Best & Worst State Economies in 2024

Best & Worst State Economies in 2024

wallethub.com

The factors they considered are:

Economic Activity – Total Points: 33.33​

• Change in GDP (2023 vs. 2022): Quadruple Weight (~13.33 Points)
• Share of Fast-Growing Firms: Triple Weight (~10.00 Points)
  Note: This metric measures the number of firms in Deloitte’s Technology Fast 500 list as a percentage of total firms.
• State Gross Public Debt as Percent of GDP: Full Weight (~3.33 Points)
• Exports per Capita: Full Weight (~3.33 Points)
• Startup Activity: Full Weight (~3.33 Points)
  Note: This metric measures the rate of newly established firms.

Economic Health – Total Points: 33.33​

• Unemployment Rate: Double Weight (~4.30 Points)
• Underemployment Rate: Half Weight (~1.08 Points)
• Change in Nonfarm Payrolls (2023 vs. 2022): Full Weight (~2.15 Points)
• Change in Total Civilian Labor Force (2023 vs. 2022): Full Weight (~2.15 Points)
• Increase in Ratio of Full-Time Jobs to Part-Time Jobs (2022 vs. 2021): Half Weight (~1.08 Points)
• Median Annual Household Income Adjusted for Cost of Living: Full Weight (~2.15 Points)
• Growth in State Personal Income (2023 vs. 2022): Full Weight (~2.15 Points)
• Government Surplus/Deficit per Capita: Full Weight (~2.15 Points)
• Unfunded Public Pension Plans per Capita: Full Weight (~2.15 Points)
• Share of Uninsured Population: Half Weight (~1.08 Points)
• Share of Population in Poverty: Full Weight (~2.15 Points)
• Foreclosure Rate: Full Weight (~2.15 Points)
• Growth in Number of Businesses (2021 vs. 2020): Full Weight (~2.15 Points)
• Fiscal Health: Full Weight (~2.15 Points)
  Note: This metric is based on the George Mason University Mercatus Center’s state fiscal rankings, particularly the State Fiscal Condition Index, which refers to the sum of cash, budget, long-run, service-level and trust-fund solvency indices for each state.
• Building-Permit Activity: Full Weight (~2.15 Points)
  Note: This metric measures the total number of new privately owned residential-building permits issued annually per capita.
• Average Educational Attainment of Recent Immigrants: Half Weight (~1.08 Points)
  Note: The educational attainment of recent immigrants aged 25 and older from a foreign country is classified as having either no high school diploma; a high school diploma or equivalent; some college experience or an associate’s degree; a bachelor’s degree; or a graduate or professional degree.
• Average Educational Attainment of Recent Migrants from Other U.S. States: Half Weight (~1.08 Points)
  Note: The educational attainment of recent migrants aged 25 and older from other states within the U.S. is classified as having either no high school diploma; a high school diploma or equivalent; some college experience or an associate’s degree; a bachelor’s degree; or a graduate or professional degree.

Innovation Potential – Total Points: 33.33​

• Share of Jobs in High-Tech Industries: Full Weight (~5.56 Points)
• Share of Jobs STEM Employment: Full Weight (~5.56 Points)
• Independent Inventor Patents per 1,000 Working-Age Population: Full Weight (~5.56 Points)
• Industry R&D Investment Amount per Total Civilian Employed Population: Full Weight (~5.56 Points)
  Note: “R&D” refers to research and development.
• Nonindustry R&D Investment Amount as Share of GDP: Full Weight (~5.56 Points)
  Note: “R&D” refers to research and development.
• Entrepreneurial Activity: Full Weight (~5.56 Points)

Always sort of interesting but I think unfair. Missouri and Indiana are very close. How do you compare us to California and Florida with all of the inherent advantages of those states. It’s a derivation of the guns germs and steel rationale

 

[Marvin the Martian]

Always sort of interesting but I think unfair. Missouri and Indiana are very close. How do you compare us to California and Florida with all of the inherent advantages of those states. It’s a derivation of the guns germs and steel rationale

The rust belt has some disadvantages, but Utah is #2 and ahead of Florida and California. Mass is #3 and they are a cold weather state. Missouri just lacks economic activity overall (the first category of GDP and exports). They aren't bad in the other two areas.

 

[mcmurtry66]

The rust belt has some disadvantages, but Utah is #2 and ahead of Florida and California. Mass is #3 and they are a cold weather state. Missouri just lacks economic activity overall (the first category of GDP and exports). They aren't bad in the other two areas.

But population is important too. Utah is 1 or 2 percent black. So if you presume blacks were late to the economic party, have less money to start businesses, spend, get an education etc that can be a drag etc.

I love to blame politicians but there are so many foundational things that factor into this stuff. And I know you weren’t making this post political Marv.

Stl city was a slave trade city. Half black. Education money behind. You don’t have the resultant infrastructure to turn it into a Silicon Valley or baby Wall Street

 

[JamieDimonsBalls]

Wallethub ranked states by their economic performance. The area around Indiana doesn't do so well. Indiana is 38th, Kentucky 46th, Ohio 42nd, Illinois 39th, and Michigan 19th.

Best & Worst State Economies in 2024

Best & Worst State Economies in 2024

wallethub.com

The factors they considered are:

Economic Activity – Total Points: 33.33​

• Change in GDP (2023 vs. 2022): Quadruple Weight (~13.33 Points)
• Share of Fast-Growing Firms: Triple Weight (~10.00 Points)
  Note: This metric measures the number of firms in Deloitte’s Technology Fast 500 list as a percentage of total firms.
• State Gross Public Debt as Percent of GDP: Full Weight (~3.33 Points)
• Exports per Capita: Full Weight (~3.33 Points)
• Startup Activity: Full Weight (~3.33 Points)
  Note: This metric measures the rate of newly established firms.

Economic Health – Total Points: 33.33​

• Unemployment Rate: Double Weight (~4.30 Points)
• Underemployment Rate: Half Weight (~1.08 Points)
• Change in Nonfarm Payrolls (2023 vs. 2022): Full Weight (~2.15 Points)
• Change in Total Civilian Labor Force (2023 vs. 2022): Full Weight (~2.15 Points)
• Increase in Ratio of Full-Time Jobs to Part-Time Jobs (2022 vs. 2021): Half Weight (~1.08 Points)
• Median Annual Household Income Adjusted for Cost of Living: Full Weight (~2.15 Points)
• Growth in State Personal Income (2023 vs. 2022): Full Weight (~2.15 Points)
• Government Surplus/Deficit per Capita: Full Weight (~2.15 Points)
• Unfunded Public Pension Plans per Capita: Full Weight (~2.15 Points)
• Share of Uninsured Population: Half Weight (~1.08 Points)
• Share of Population in Poverty: Full Weight (~2.15 Points)
• Foreclosure Rate: Full Weight (~2.15 Points)
• Growth in Number of Businesses (2021 vs. 2020): Full Weight (~2.15 Points)
• Fiscal Health: Full Weight (~2.15 Points)
  Note: This metric is based on the George Mason University Mercatus Center’s state fiscal rankings, particularly the State Fiscal Condition Index, which refers to the sum of cash, budget, long-run, service-level and trust-fund solvency indices for each state.
• Building-Permit Activity: Full Weight (~2.15 Points)
  Note: This metric measures the total number of new privately owned residential-building permits issued annually per capita.
• Average Educational Attainment of Recent Immigrants: Half Weight (~1.08 Points)
  Note: The educational attainment of recent immigrants aged 25 and older from a foreign country is classified as having either no high school diploma; a high school diploma or equivalent; some college experience or an associate’s degree; a bachelor’s degree; or a graduate or professional degree.
• Average Educational Attainment of Recent Migrants from Other U.S. States: Half Weight (~1.08 Points)
  Note: The educational attainment of recent migrants aged 25 and older from other states within the U.S. is classified as having either no high school diploma; a high school diploma or equivalent; some college experience or an associate’s degree; a bachelor’s degree; or a graduate or professional degree.

Innovation Potential – Total Points: 33.33​

• Share of Jobs in High-Tech Industries: Full Weight (~5.56 Points)
• Share of Jobs STEM Employment: Full Weight (~5.56 Points)
• Independent Inventor Patents per 1,000 Working-Age Population: Full Weight (~5.56 Points)
• Industry R&D Investment Amount per Total Civilian Employed Population: Full Weight (~5.56 Points)
  Note: “R&D” refers to research and development.
• Nonindustry R&D Investment Amount as Share of GDP: Full Weight (~5.56 Points)
  Note: “R&D” refers to research and development.
• Entrepreneurial Activity: Full Weight (~5.56 Points)

Meh, I don't care for Wallethub's scoring. The Deloitte 500? This is a crazy weight to put on something that subjective.

I was just looking at GDP YoY and it's crazy how low Wisconsin was for the full year, while they were 4.3% Q4 vs. Q3, higher than average. I wonder if the trend will continue or how choppy state-level data and reporting are.

I have no doubt a state like MS is going to come in near the bottom in most years, but I'm surprised how mediocre MN, IA, WI, IL, IN, OH and MI were. I wonder how much commodity prices impact the farming proportion of GDP in those regions, similar to the impact of energy on states that did well last year (WY down to TX).

 

[outside shooter]

I saw a little bit of Fareed Zakaria's show on Sunday and part of the discussion was the widespread disconnect between how people in the USA FEEL about the US economy vs. how it actually stacks up, especially relative to other nations. if you were to imagine that the entirety of the European Union were to become the 51st state of the United States, just where do you think the EU would rate, per capita? I am not sure which study he was referencing, or the methods, but that answer was that the EU would rank 51st, behind the state of Mississippi, in 50th place