WalletHub Says Utah Has the 2nd Best Economy in the Country and Here’s Why

WalletHub has ranked Utah as having one of the best economies in the entire country, only losing out to one other state. 

WalletHub Analyst Cassandra Hope detailed what makes for a good economy in the full ranking. 

Hope said, “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.” 

With that being said, Utah ranked No. 2 in the ranking with a total score of 62.00 with the nation's best economic health rank. The beehive state ranked No. 7 in the economic activity rank, and No. 10 in the innovation potential rank. 

Adam McCann detailed why Utah ranked so high among the more popular states. 

McCann said, “Utah has the second-best state economy, and at nearly $84,000, the median annual household income in the state is the second-highest in the country after adjusting for the cost of living. The average income in the state also grew 6.8% between 2022 and 2023.” 

McCann stated how the labor market in Utah is in a good spot with one of the lowest unemployment rates in the United States. McCann also praised Utah’s potential for future economic growth. 

McCann said, “Finally, the Beehive State shows great potential for the future of business, with the fifth-highest growth rate in the number of businesses and the sixth-highest share of jobs in high-tech industries.” 

The state of Washington ranked No. 1 in the full ranking, and it won by quite a margin with a total score of 71.10. Washington ranked No. 1 in the economic activity rank, and No. 2 in the innovation potential rank. 

More details on the full ranking can be found on WalletHub.