Does NC have one of the best or worst state economies in the US? See the rankings

A lot of factors go into making a strong economy, and according to a new report, North Carolina has one of the best in the country.

Based on unemployment rates, startup activity, the share of jobs, and other factors across economic activity, economic health and innovation potential, WalletHub released a list of 2024’s best and worst state economies.

North Carolina ranked among the top ten states “pulling the most weight in moving the U.S. economy forward,” the study shows.

North Carolina economic performance (No. 8)

• Change in GDP: ranked 18th

• Startup activity: ranked 14th

• Percent of jobs in high-tech industries: ranked 10th

• Annual median household income: ranked 28th

• Change in nonfarm payrolls: ranked 9th

• Government surplus/deficit per capita: ranked 3rd

• Unemployment rate: ranked 27th

“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,” Wallethub analyst Cassandra Happe said in the report.

“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.”

In comparison, Washington, Utah, Massachusetts, Texas and California were ranked the top five states with the best economies and Mississippi, Hawaii, West Virginia, Arkansas and Louisiana have the worst.

Here’s a look at the full list of the best and worst state economies in the U.S. and how North Carolina compares:

Top 10 best state economies

1. Washington

2. Utah

3. Massachusetts

4. Texas

5. California

6. Colorado

7. Florida

8. North Carolina

9. District of Columbia

10. Arizona

Top 10 worst state economies

1. Mississippi

2. Hawaii

3. West Virginia

4. Arkansas

5. Louisiana

6. Kentucky

7. Rhode Island

8. Iowa

9. Maine

10. Ohio

You can find more details in Wallethub’s full report online at wallethub.com.

This story was originally published June 10, 2024 at 2:22 PM with the headline "Does NC have one of the best or worst state economies in the US? See the rankings."

Chyna Blackmon

The Charlotte Observer

Chyna Blackmon was a service journalism reporter for The Charlotte Observer. A native of the Carolinas, she grew up in Columbia, SC, and graduated from Queens University of Charlotte. She’s also worked in local television news in Charlotte, NC, and Richmond, VA. Support my work with a digital subscription