There are a number of factors that help decide whether a location is likely to be prosperous should you decide to set up home there. A recent study by Play USA took a look at all 52 states in the US and came up with a list of the ones that are thriving economically.
While states such as Alaska and Nevada may not be worth the gamble, you might be surprised to find that North Dakota, Washington and Massachusetts made it to the top of the table. All three have the fastest economic growth over the last decade and, according to the research, could well be pretty good places to settle down.
It’s long been known that the state of the economy in the location where you live is closely linked to your potential financial wellbeing. If you’re tempted by the prospect of the big city, however, you may be perplexed to find that New York lags a way behind states such as North Dakota.
The research looked at different parameters including growth in GDP, the rise in students going to college and percentage increases in house prices. Along with the number of new business that have started over the last ten years and levels of household income and employment opportunities, the list gives a good idea which states are currently the most prosperous in a purely economic sense.
The Top Five States With the Best Economic Prospects
North Dakota: With a growth of 5.83% in new businesses and GDP up by 7.36%, it’s a surprise to find this state on the list. Growth has been driven by the oil industry over the last decade and this has led to a strong economic profile compared to many other states.
Washington: Employment is up by just over 3% in the Garden State and household income has increased by 3.39% over the last ten years, some of which has been driven by the development in the information sector.
Massachusetts: The state has seen a 3.42% increase in college admissions, which usually means that economic health is good, as well as boost to GDP of over 4%. Local household income took a big rise just before the financial crisis and jumped up 6%. Overall, it’s risen by 3.69% in the last ten years.
California: You might expect this state to be on the list and that’s born out by a college admission growth of over 7%. Employment has also increased in a pretty healthy manner and is up by 3.35%.
Missouri: Another surprise on the list, a 5.46% rise in new businesses indicates this state is the place to set up a company. Much of this has been due to high tech industries moving into the area.
The research was carried out using 6 measurements that point to good economic health between 2007 and 2018. You can view the full infographic on the Play USA website as well as download more detailed information about the performance of different states.