MA Economy Is Ranked Best in America, RI Not Close

MA Economy Is Ranked Best in America, RI Not Close

The Commonwealth of Massachusetts is ranked as the best, having the best economy in the United States, according to a new report.

In contrast, Rhode Island ranks 33rd and has the second-worst economy in New England. Only Maine is ranked lower than RI—it is ranked 37th.

In order to determine America’s top economic performers, WalletHub compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength. The data set ranges from changes in GDP to startup activity to the share of jobs in high-tech industries.

GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST

SEE ALL THE RANKINGS BELOW

"U.S. economic growth depends heavily on the performance of individual states. But some contribute more than others. California, for instance, has outranked Japan as the world’s fourth-largest economy in 2024, with a GDP of roughly $4.17 trillion. On the other hand, Vermont’s gross domestic product is around $45.7 billion, nearly 91 times smaller than California’s economic output," said WalletHub.

In order to determine which states are pulling the most weight even during this time of economic difficulty caused by inflation, WalletHub compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength. Our data set ranges from GDP growth to startup activity to the share of jobs in high-tech industries.

 

Massachusetts' Strengths

Massachusetts has the best state economy, and it invests a lot more in both industry and academic R&D than most other states, which leads to big payoffs in economic growth. This has led to the state having the second-most invention patents per capita.

The Bay State has a lot of workers in industries that propel the economy forward, too. It has the highest share of jobs in high-tech industries and the third-highest share of STEM professionals.

In addition, Massachusetts has the highest percentage of firms that are listed on the Technology Fast 500 list.

“A strong state economy doesn’t guarantee success for the state’s residents, but it certainly makes financial success more attainable. Factors like a low unemployment rate and high average income help residents purchase property, pay down debt and save for the future. The best state economies also encourage growth by being friendly to new businesses and investing in new technology that will help the state deal with future challenges and become more efficient,” said Chip Lupo, WalletHub Analyst.