National State Economic Ratings: RI is Now Third Tier in U.S. as MA Moves Up to #3 in New Report
Monday, June 05, 2023
The Rhode Island economy is now ranked in the bottom third of the country and has fallen far behind both Massachusetts and Connecticut, according to a new report released on Monday.
For best performers, the study ranks Massachusetts behind only Washington and Utah; the worst-ranked state is West Virginia.
For Rhode Island, the ranking is more sobering. Rhode Island is ranked 38th overall and behind all other New England states except Maine.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTNew Hampshire is ranked #23, Connecticut #24, Vermont #30, and Maine #42.
About Rankings
“In order to determine which states are pulling the most weight even during this time of economic difficulty caused by inflation, WalletHub compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength. Our data set ranges from GDP growth to startup activity to the share of jobs in high-tech industries,” said the report.
There are some unique elements to Rhode Island’s ranking:
- RI has the 4th highest state surplus per capita
- Rhode Island ranks 4th worst for the average educational attainment of recent immigrants
- Overall, Massachusetts ranks #1 in “innovation potential,” and Rhode Island ranks 30th
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