WalletHub's 'best and worst' state economies puts Maine in bottom tier
An analysis of 2017 “best and worst state economies” by the personal finance website WalletHub ranks Maine 45th nationwide.
WalletHub compared the 50 states and the District of Columbia across 27 key indicators of economic performance and strength. The data set ranges from GDP growth to startup activity to share of jobs in high-tech industries.
Top five economies in this year’s analysis, starting with 1, are: Washington, California, Utah, Massachusetts and District of Columbia.
Bottom five economies are: Oklahoma, Arkansas, Mississippi, Louisiana and West Virginia.
Here’s the breakdown of Maine’s economic performance (1 = best; 25 = average). The metrics are weighted, so that a relatively good ranking in some metrics may not contribute significantly to the overall score:
- 22nd – GDP growth
- 40th – Exports per capita
- 28th – Startup activity
- 42nd – Percentage of jobs in high-tech industries
- 35th – Annual median household income
- 32nd – Change in nonfarm payrolls (2016 vs. 2015)
- 27th – Government surplus/deficit per capita.
WalletHub’s analysis is based on data collected from the U.S. Census Bureau, Bureau of Labor Statistics, Bureau of Economic Analysis, Deloitte, U.S. Chamber Institute for Legal Reform, United Health Foundation, American Legislative Exchange Council, Mercatus Center at George Mason University, CoreLogic, U.S. Patent and Trademark Office, National Science Foundation and Ewing Marion Kauffman Foundation.
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