WalletHub, a financial website, recently unveiled its latest report, "2023's Best & Worst State Economies," and Massachusetts has reason to celebrate. The Bay State secured an impressive third place in the rankings, with only Washington and Utah surpassing it.
One crucial factor that contributed to Massachusetts' high ranking is its thriving high-tech industry. The report highlights that a remarkable 9.28% of the state's economy is composed of high-tech jobs. These positions encompass a range of industries at the forefront of technological advancement, including software development, biotechnology, and electronics manufacturing. This indicates that Massachusetts is a hub for innovation and technological progress, driving economic growth and prosperity.
The state is tied for first place for "Independent Inventor Patents per 1,000 working-age population" alongside California and Washington.
Massachusetts also claimed the top position for "Potential Innovation." By creating an ecosystem that supports and nurtures innovation, Massachusetts is poised to lead the way in driving technological advancements and shaping future industries.
It's important to note that there is always room for improvement. In terms of GDP growth, the state landed in 21st place, indicating that there is potential for further economic expansion. Similarly, Massachusetts ranked 25th in exports per capita, and 26th in startup activity.
WalletHub's recognition of Massachusetts extends beyond its economic performance. The report also highlights the state's exceptional educational landscape and family-friendly environment. Earlier this year, Massachusetts earned the prestigious title of the "Most Educated State,” as well as the "Best State for Families.”
These rankings reaffirm the Bay State's status as a thriving and dynamic economic powerhouse.