To identify the states with the best economies, 24/7 Wall Street reviewed:

  1. Average annual GDP growth between 2012 and 2017 from the Bureau of Economic Analysis.
  2. Poverty rate from the U.S. Census Bureau’s 2016 American Community Survey.
  3. Unemployment rate in June 2018 from the Bureau of Labor Statistics.
  4. Employment growth rates.
  5. % of adults with at least a bachelor’s degree.

The rankings also take into account state specific information like:

  1. GDP in 2017.
  2. Exports as a percentage of GDP.
  3. The homeownership rate.
  4. The median household income.
  5. Median home values.
  6. Uninsured rates from the U.S. Census Bureau’s 2016 American Community Survey.

So finally, here are the top 10 states with the best economies.

1. Colorado

  • 5 yr. GDP annual growth rate: +2.7% (4th largest increase)
  • 2017 GDP: $302.9 billion (18th largest)
  • June 2018 Unemployment: 2.7% (tied — 3rd lowest)
  • 5 yr. annual employment growth: +2.4% (5th largest increase)

2. Utah

  • 5 yr. GDP annual growth rate: +2.8% (3rd largest increase)
  • 2017 GDP: $141.1 billion (20th smallest)
  • June 2018 Unemployment: 3.0% (11th lowest)
  • 5 yr. annual employment growth: +2.7% (the largest increase)

3. Massachusetts

  • 5 yr. GDP annual growth rate: +1.6% (20th largest increase)
  • 2017 GDP: $456.2 billion (11th largest)
  • June 2018 Unemployment: 3.5% (tied — 17th lowest)
  • 5 yr. annual employment growth: +1.4% (15th largest increase)

4. New Hampshire

  • 5 yr. GDP annual growth rate: +1.6% (21st largest increase)
  • 2017 GDP: $70.5 billion (12th smallest)
  • June 2018 Unemployment: 2.7% (tied — 3rd lowest)
  • 5 yr. annual employment growth: +1.1% (24th largest increase)

5. Washington

  • 5 yr. GDP annual growth rate: +3.0% (the largest increase)
  • 2017 GDP: $439.4 billion (14th largest)
  • June 2018 Unemployment: 4.7% (tied — 4th highest)
  • 5 yr. annual employment growth: +2.2% (7th largest increase)

6. Hawaii

  • 5 yr. GDP annual growth rate: +1.5% (23rd largest increase)
  • 2017 GDP: $75.5 billion (13th smallest)
  • June 2018 Unemployment: 2.1% (the lowest)
  • 5 yr. annual employment growth: +1.2% (19th largest increase)

7. Minnesota

  • 5 yr. GDP annual growth rate: +1.7% (14th largest increase)
  • 2017 GDP: $305.6 billion (17th largest)
  • June 2018 Unemployment: 3.1% (12th lowest)
  • 5 yr. annual employment growth: +1.2% (20th largest increase)

8. California

  • 5 yr. GDP annual growth rate: +2.9% (2nd largest increase)
  • 2017 GDP: $2.4 trillion (the largest)
  • June 2018 Unemployment: 4.2% (tied — 18th highest)
  • 5 yr. annual employment growth: +2.2% (8th largest increase)

9. Idaho

  • 5 yr. GDP annual growth rate: +2.4% (6th largest increase)
  • 2017 GDP: $62.6 billion (10th smallest)
  • June 2018 Unemployment: 2.9% (tied — 7th lowest)
  • 5 yr. annual employment growth: +2.4% (4th largest increase)

10. Maryland

  • 5 yr. GDP annual growth rate: +1.2% (19th smallest increase)
  • 2017 GDP: $341.2 billion (15th largest)
  • June 2018 Unemployment: 4.3% (tied — 13th highest)
  • 5 yr. annual employment growth: +0.9% (16th smallest increase)