Florida’s economy is among the 10 best in the United States, according to a recent report by WalletHub.
According to the study, Florida, New York, California and Texas “have economies so large that if they were countries, they would rank in the top 20 in the world.” The personal finance company evaluated metrics including economic activity, health and “innovation potential” across the 50 states and the District of Columbia to “determine the best state economies.”
Florida’s economy ranked 10th overall, with a total score of 54.26, an economic activity rank of 6, an economic health rank of 19 and an innovation potential rank of 29. For comparison, Massachusetts, which ranked first overall, had a total score of 69.37, an economic activity rank of 5, an economic health rank of 37 and an innovation potential rank of 1.
“Factors like a low unemployment rate and high average income help residents purchase property, pay down debt and save for the future,” said Chip Lupo, an analyst for WalletHub, in a statement. “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.”
Which states have the best economies?
Sarah Perkel is a South Florida Connect Reporter for the USA TODAY Network’s Florida Connect team. You can get all of Florida’s best content directly in your inbox each weekday day by signing up for the free newsletter, Florida TODAY.
This article originally appeared on Florida Today: Florida’s economy among US top 10 in study. Which states rank ahead
Reporting by Sarah Perkel, USA TODAY NETWORK / Florida Today
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