Recently, U.S. News and World Report issued its economic rankings, measuring each state’s economic stability and potential. Utah secured the top spot overall with a population of about 3,206,000 people and a GDP of $193 Billion.
The U.S. experienced around 11 years of economic expansion before the coronavirus hit. National unemployment dropped to a record 3.5% in the month prior to the onset of the pandemic and then hit a peak of 14.7% before receding to single-digit levels.
Utah is currently ranked as the publication’s top state for economy, followed by Colorado, Idaho, Washington and Massachusetts. Five of the 10 states with the strongest economies also rank among the top 10 of the U.S. News and World Report’s Best States overall.
Utah is listed as No. 8 in the Business Environment category. This ranking gauges a state’s business environment based on monthly birth rate for new businesses and the rate of patents for new inventions.
Employment sees Utah showing up in the No. 2 spot. The employment ranking tracks the three-year average for job growth, unemployment rates and labor force participation rates.
Utah ranks No. 3 in U.S. News and World Report’s Growth category. Growth measures the growth of the young population in the state, overall growth through migration and the GDP growth rate.