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By Joe Edwards
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States with Democratic governors dominated the top 10 in a list of the best and worst U.S. economies, according to a WalletHub report from earlier this year.
The states ranked in the report's top 10 were Washington, Utah, Massachusetts, Texas, California, Colorado, Florida, North Carolina, Arizona, and Maryland.
Of these, Washington, Massachusetts. California, Colorado, North Carolina, Arizona, Maryland had Democratic governors. U.S. capital city Washington, D.C. ranked between Arizona and Maryland and is run by a Democratic mayor.
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WalletHub's report compared states across indicators of economic strength and performance, using a dataset which included GDP growth, unemployment rate, start-up activity, and the share of jobs in high-tech industries.
They were measured across three key dimensions: "economic activity", "economic health", and "innovation potential".
Topping the list of best state economies was Washington.
The Evergreen State was noted in the study for an "extremely high" amount of industry research and development investment per capita, allowing it to be "at the forefront of new tech." The state had the second-highest share of both high-tech industry jobs and STEM (Science, Technology, Engineering & Math) professionals.
It also said Washington had the third-highest number of invention patents per capita, and the fourth-highest percentage of firms listed on the Technology Fast 500 list – which recognizes fast-growing companies in the technology ecosystem.
WalletHub's report also highlighted Massachusetts. The Bay State had the third-strongest economy overall, investing much more in both industry and academic research and development than other U.S. states, with the second-most invention patents per capita, the study said.
Massachusetts boasted the highest share of high-tech industry jobs and the third-highest share of STEM professionals. The state also had the second-highest percentage of firms on the Technology Fast 500 list, and a relatively low unemployment rate of three percent.
"The states with the best economies, which includes California, Washington, Maryland, Massachusetts, Colorado, North Carolina, and Arizona, excel by embracing innovation, high-tech industries, and a focus on economic growth," WalletHub analyst Chip Lupo told Newsweek.
"Washington leads because of its strong investment in technology and R&D (Research & Development), which boosts both job creation and economic potential. California thrives on high-tech industries and patents, while Massachusetts benefits from its top-tier STEM (science, technology, engineering, and mathematics) workforce and innovation.
"States like Colorado and North Carolina have vibrant startup ecosystems, which in turn, makes them business-friendly. Maryland and Arizona perform well thanks to their balance of high-tech jobs and solid economic health.
"These key categories position each of these states as leaders in driving U.S. economic progress," Lupo added.
"These states excel because of their strong tech innovation, business-friendly environments, and highly educated workforces. They invest in R&D, attract startups, and diversify their economies across multiple industries. While policy supports this success, factors such as talent and industry focus are also key contributors."
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Three states with Republican governors made it into the top 10 – Utah, Florida and Texas.
The study noted that if Republican-led Texas and Florida were independent countries, they would rank among the top 20 economies in the world.
There was a more even split among the states at the bottom of the list. These were:
- Mississippi
- Hawaii
- West Virginia
- Arkansas
- Louisiana
- Kentucky
- Rhode Island
- Iowa
- Maine
- Ohio
Of these, five had Democratic governors and five Republican.
The economy has consistently proved to be a top concern for Americans as the election moves ever closer. According to recent polling data from YouGov, almost half (47 percent) of Americans said that the economy was among the most important issues facing the country.
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