Despite having the largest gross domestic product in the United States, California’s economy was ranked fourth best in the country by a recent study.
WalletHub, a personal financial services website, conducted a study that examined several factors among all 50 state economies plus the District of Columbia. The study concluded that Washington had the best economy of 2019, while Alaska’s was the worst.
Washington’s GDP growth rate was the highest out of any state, according to the study, while California’s was sixth best.
Utah came in second place overall for best economy and also had the second highest GDP growth rate, according to WalletHub.
Massachusetts, which came in third overall, had the highest percentage of jobs in high-tech industries, while California had the fifth highest percentage, according to WalletHub.
California was ranked 47th in terms of median annual household income, dragging down its economic health metrics, though it did tie for first in number of independent investor patents along with Massachusetts, Washington, and Oregon, according to WalletHub.
The study ranked California’s startup activity as sixth best and its exporting as 19th best.
Alaska’s GDP growth rate, unemployment rate and independent patent rate were all ranked the worst by WalletHub.
The bottom five overall worst economies in the study were West Virginia, Hawaii, Mississippi, Louisiana and Alaska.