As a state, Wyoming has a lot of healthy elements as it pertains to its economy. The annual legislative body balances their budget before gaveling out and the Cowboy State is among the top contributors to students in terms of education.
However, with much of the economy built on natural resources that are facing big questions like coal and oil, the Wyoming economy’s diversification is always a topic of discussion among the natives.
According to WalletHub‘s most recent data study on the strength of each state’s economic health, Wyoming is near the bottom in terms of innovation and overall rankings.
Analysts on the website “compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength with a data set ranging from GDP growth to startup activity to the share of jobs in high-tech industries.”
Wyoming ranked at #40 overall which pales in comparison to some of their neighbors such as Utah who ranked #1 in Economic Activity and Economic Health and #2 overall behind top-rated Washington.
Other Wyoming neighbors with top scores included Colorado at #4 and Idaho at #6. Montana was in the middle of the pack at #25. Nebraska was #35.
The Dakotas did not fare as well with rankings below Wyoming at #43 and #44 respectively.
West Virginia had the dubious distinction of being ranked #51.
According to the study, Idaho led the nation in Highest Change in Gross Domestic Product (GDP)
For more details on this study and the factors involved visit WalletHub.com.
Best vs. Worst
- Louisiana has the highest value of exports per capita, $26,246, which is 54.2 times higher than in Hawaii, the state with the lowest at $484.
- New Hampshire has the lowest share of the population living in poverty, 7.40 percent, which is 2.6 times lower than in Mississippi, the state with the highest at 19.40 percent.
- South Dakota has the lowest foreclosure rate, 0.0018 percent, which is 25 times lower than in Illinois, the state with the highest at 0.0450 percent.
- Massachusetts has the highest share of jobs in high-tech industries, 9.28 percent, which is four times higher than in Arkansas, the state with the lowest at 2.30 percent.
- North Dakota has the lowest unemployment rate, 2.10 percent, which is 2.6 times lower than in Nevada, the state with the highest at 5.50 percent.