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August 2022

Washington earns high marks for state economy, doing business

August 2022

Washington earned first place for having the best state economy and was runner up in an annual ranking of "America's Top States for Business in 2022."

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Washington climbed seven spots in the CNBC list compared to 2021, with its healthy workforce, strong economy and booming technology and innovation sectors among the factors that help propel it. It earned poor marks in business friendliness (with a D+ letter grade) and cost of living (with a D- letter grade).

CNBC, a business and financial news network, uses 88 metrics in 10 categories. Under its methodology, states can accumulate a maximum of 2,500 points. Washington earned 1,558 points

Only North Carolina, with 1,580 points, topped the Evergreen State, moving up from second place in 2021.

Rounding out the top five on CNBC's list were Virginia, Colorado and Texas.

Last place went to Mississippi. The other low-ranked states were Hawaii and New Mexico (tied for 46th), Louisiana (#48) and Alaska (#49).

WalletHubWalletHub compared the 50 states and District of Columbia across three key dimensions: economic activity, economic health, and innovation potential. Those dimensions were then evaluated using 28 metrics, with each graded on a 100-point scale. A score of 100 represents the highest economic performance.

Washington's tallied 73.83 points, enough to earn first place in the rankings. It had no first-place rankings on the three dimensions, finishing 2nd in innovation potential, 3rd in economic activity, and 7th in economic health.

California topped the list for economic activity. Utah earned a #1 ranking for economic health, and Massachusetts, took first place for its innovation potential.

WalletHub is an online tool that offers free credit reports, a daily free credit score, and educational information about personal finance. Based in Washington, D.C., it is owned by Evolution Finance, Inc.