Ohio ranks among states with worst economies, study says

COLUMBUS, Ohio (WCMH) – Ohio has again ranked among the states with the worst economies in the country but has improved compared with last year, according to a WalletHub study.

WalletHub, a personal finance company, analyzed data for all 50 states and Washington, D.C., across 28 indicators of economic performance, including median household income, business growth and unemployment rate.  

The study, released in June, sourced its data from a variety of government agencies, nonprofit organizations, private companies and think tanks.

In the list of the states with the best economies, Ohio ranked at No. 36, making it the state with the 16th-worst economy. Ohio saw a relatively high unemployment rate of 4.6%, low payroll growth and weak startup activity, according to WalletHub analyst Chip Lupo. 

However, the state jumped six spots from last year, when it ranked at No. 42, or as the state with the 10th-worst economy. Lupo said Ohio saw improvement in Gross Domestic Product growth and exports per capita, which contributed to its better ranking. 

“So while the Buckeye State is gaining ground in areas like output and innovation, it needs stronger job growth and entrepreneurship to keep moving up the list,” Lupo said. 

The state with the worst economy was Iowa, which experienced the lowest level of startup activity and the second-lowest change in GDP. Iowa was followed by West Virginia, Hawaii, North Dakota and South Dakota. 

In contrast, Massachusetts was the state with the best economy, seeing the highest percentage of jobs in high-tech industries and the highest percentage of firms listed on the Technology Fast 500. Massachusetts was followed by Utah, Washington, California and New Hampshire. 

WalletHub’s full study can be found here.