NEW: Rhode Island and Massachusetts Economies Are Near Polar Opposites in New Ranking

NEW: Rhode Island and Massachusetts Economies Are Near Polar Opposites in New Ranking

 

It is hard to imagine that the two abutting states have such differing economic conditions, but Rhode Island and Massachusetts have polar-opposite economies, according to a new study released on Monday.

 

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In the United States, California, Texas, New York, and Florida have economies so large that if they were countries, they would rank in the top 20 in the world. To determine America’s top economic performers across a variety of metrics, the personal-finance company WalletHub today released its report on 2026’s Best & Worst State Economies.

 

WalletHub compared the 50 states and the District of Columbia across 28 key indicators of economic performance and strength. The data set ranges from GDP growth and the unemployment rate to startup activity and the share of jobs in high-tech industries.

Massachusetts is ranked first in the U.S., and Rhode Island is ranked 47th.

 

Massachusetts

Massachusetts has the best state economy, and it invests a lot more in both industry and academic R&D than most other states, which leads to big payoffs in economic growth. This has led to the state having the second-most invention patents per capita.

The Bay State has a lot of workers in industries that propel the economy forward, too. It has the highest share of jobs in high-tech industries and the third-highest share of STEM professionals.

In addition, Massachusetts has the highest percentage of firms that are listed on the Technology Fast 500 list.

 

Rhode Island

Only Maine, Louisiana, Kentucky, and West Virginia rank worse