With California on track to overtake Germany as the world’s fourth largest economy, the personal-finance website WalletHub released its report on 2023’s Best & Worst State Economies, as well as expert commentary.
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 change in GDP to startup activity to the share of jobs in high-tech industries. Arizona has the 10th best state economy according to the report.
Economic Performance of Arizona (1=Best; 25=Avg.):
- 15th – Change in GDP
- 9th – Startup Activity
- 17th – % of Jobs in High-Tech Industries
- 26th – Annual Median Household Income
- 12th – Change in Nonfarm Payrolls
- 18th – Government Surplus/Deficit per Capita
“The best economic environment for quality growth is one that is rich in workforce talent obtained by training, retaining, and attracting productive workers who have diverse and dynamic skill sets,” says Dennis L. Hoffman, Professor and Director of the L. Wm. Seidman Research Institute and the Office of the University Economist at Arizona State University when asked about the most effective ways for state and local officials to help their local economies. “Investments in education and amenities that attract and retain quality workers are important. Strong local economies also have efficient and affordable transportation and energy infrastructures that are dependable. Economic development professionals in strong local economies recognize the importance of attracting businesses in ‘traded clusters’ – entities that produce products and services for external markets. Local businesses will then naturally thrive in economies with strong, diverse, traded components.”
View the full report here.
