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Best, worst state economies of 2024: where does New York rank?

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Published  June 4, 2024 8:38am EDT
New York
FOX 5 NY

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NEW YORK - A new study from WalletHub ranked the states, including New York, that had the best economy and contributed the most to the country’s economic growth. 

The analysis released Monday compared all 50 states and the District of Columbia based on their economic activity, economic health and innovation potential using 28 metrics, including change in GDP, unemployment rate and fiscal health, to determine which ones are pulling the most weight when it comes to moving the U.S. economy forward. 

How does NY fare on the list?

New York ranking

  • Total score: 44.46
  • Economic activity rank: 23
  • Economic health rank: 42
  • Innovation potential rank: 22

Below is the full list of the states with the best economies in the nation right now, according to WalletHub.

Hawaii was listed as No. 50, and Mississippi came in last at No. 51 in the rankings. 

The Aloha State, which relies heavily on tourism, is burdened with high state debt and a lack of growth in key economic areas, while Mississippi's struggles were attributed to its low median household income, high poverty rate and minimal entrepreneurial activity. 

Where does NY, NJ rank for best states to live a long, healthy life?

A new study by Life Extension found Hawaii was the best state to live in for a long and healthy life. Here's where New York and New Jersey ranked on the list.

Here's a look at how states stacked up based on other factors, including median household income and unemployment rates. 

Top 5 states with the highest median income

  1. Virginia
  2. Utah
  3. Minnesota
  4. New Jersey
  5. Colorado

Top 5 states with the lowest median income

  1. Mississippi
  2. Louisiana
  3. New Mexico
  4. Maine
  5. West Virginia

Wallethub: NY has the highest state & local tax rates

Wallethub says New York has some of the highest state and local tax rates.

Top 5 states with the lowest unemployment 

  1. North Dakota
  2. South Dakota
  3. Maryland
  4. Vermont
  5. Nebraska

Top 5 states with the highest unemployment

  1. Illinois
  2. New Jersey
  3. District of Columbia
  4. California
  5. Nevada

Catherine Stoddard and FOX Business helped contribute to this report.