Utah ranks as second best economy in the United States, per report

SALT LAKE CITY (ABC4) — Utah has long prided itself on its economy. Through third-party analysis and reports, the Beehive State continually finds itself leading the nation.

And a recently released report from WalletHub, a personal finance company, is no different. According to the report, Utah has the second-best economy in the United States, second only to Massachusetts.

To determine which states have the best economies, WalletHub analysts compared all 50 states as well as the District of Columbia on their economic activity, economic health and innovation potential. Each category was evaluated by several key metrics, such as change in Gross Domestic Product (GDP), unemployment rate, startup activity, median household income, and entrepreneurial activity, among others.

The data found Utah leads the nation in economic activity, and ranks within the top 10 for economic health (No. 9) and innovation potential (No. 10).

“Utah has the second-best state economy, and at over $88,500, the median annual household income in the state is the second-highest in the country after adjusting for the cost of living,” wrote WalletHub Financial Writer Adam McCann. “The labor market in Utah is also very healthy. Utah has one of the lowest unemployment rates in the country, at 3.2%, along with the eighth-most growth in the civilian labor force between 2023 and 2024.”

WalletHub also found Utah had the highest change in GDP and the third-highest startup activity in the nation.

The top-ranked economies in the nation, per WalletHub, can be found below:

1. Massachusetts
2. Utah
3. Washington
4. California
5. New Hampshire
6. North Carolina
7. Idaho
8. Texas
9. Maryland
10. Colorado

On the opposite end of the spectrum, Iowa was found to have the worst state economy in the nation, followed by West Virginia, Hawaii, North Dakota and South Dakota.

You can learn more about the WalletHub report here.