California Economy Third Best In U.S.

Tuesday, June 21, 2016

(California Association for Local Economic Development: Excerpted from Boston Business Journal)

California’s economy is the third-best in the country, according to a new report from personal finance website WalletHub.

Using data from 2013 until 2016, WalletHub’s analysts compared all 50 states and the District of Columbia across three key metrics that include economic activity, economic health and innovation potential.
The report found that California was,
·        No. 1 (tied with Massachusetts and New York) for most venture-capital funding per capita,
·        No 1 (tied with Utah) for most independent-investor patents per 1,000 working-age residents,
·        No. 2 for innovation potential,
·        No. 4 for economic activity,
·        No. 5 for highest percentage of jobs in high-tech industries,
·        No. 5 (tied with North Dakota) for highest business start-up activity, and
·        No. 12 for economic health.

According to the report, “California has blossomed into the seventh largest economy in the world, boasting a GDP of $2.3 trillion, which was comparable to Brazil’s $2.2 trillion, in 2014.”

The state with the best economy, according to the report: Utah. At the bottom of the list? Mississippi.

Here are the top five states with the best economies, according to WalletHub report:
1.  Utah
2.  Washington
3.  California
4.  Massachusetts
5.  Colorado

Details of the report can be found here.

 

Category: Economic Development