(WFRV) – A new study from WalletHub has ranked the nation’s best economies by state (including the District of Columbia), and Wisconsin found itself around the middle of the pack.
WalletHub’s study weighed three major categories evenly, with Wisconsin finishing at No. 29 overall with all three of the following ranks combined:
- Economic Activity – (Wisconsin, No. 34)
- Economic Health – (Wisconsin, No. 25)
- Innovation Potential – (Wisconsin, No. 22)
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The Badger State’s next-door neighbor, Minnesota, finished one place below it at No. 30 overall, ranking in the top 20 on economic health and innovation potential, but at No. 43 in activity.
The methods that WalletHub used varied by category, with metrics graded on a scale of 100:
Economic Activity, 33.33 total points
- Change in GDP from 2023 to 2024 – quadruple weight, about 13.33 points
- Share of ‘fast-growing’ firms – triple weight, about 10 points
- Measures the number of firms in Deloitte’s Technology Fast 500 list as a percentage
- State gross public debt as a percent of GDP – full weight, about 3.33 points
- Exports per capita – full weight, about 3.33 points
- Startup activity – full weight, about 3.33 points
- Measures the rate of newly established ‘firms’
Economic Health, 33.33 total points
- Unemployment rate – double weight, about 3.92 points
- Underemployment rate – half weight, about .98 points
- Change in nonfarm payrolls from 2023 to 2024 – full weight, about 1.96 points
- Change in total civilian labor force from 2023 to 2024 – full weight, about 1.96 points
- Increase in ratio of full-time to part-time jobs from 2022 to 2023 – full weight, about 1.96 points
- Median annual household income with adjustments for living costs – full weight, about 1.96 points
- Growth in state personal income from 2023 to 2024 – full weight, about 1.96 points
- Government surplus/deficit per capita – full weight, about 1.96 points
- Unfunded public pension plans per capita – full weight, about 1.96 points
- Share of population without insurance: Half Weight – half weight, about .98 points
- Share of impoverished population – full weight, about 1.96 points
- Rate of foreclosures – double weight, about 3.92 points
- Growth in the number of businesses from 2021 to 2022 – full weight, about 1.96 points
- Fiscal health – full weight, about 1.96 points
- Based on state fiscal rankings from George Mason University’s Mercatus Center
- Building permit activity – full weight, about 1.96 points
- Average educational attainment of recent immigrants – half weight, about .98 points
- With/without a high school diploma or an equivalent
- Some college experience, associate’s degree or higher
- Average educational attainment of recent migrants from other states – half weight, about .98 points
- With/without a high school diploma or an equivalent
- Some college experience, associate’s degree or higher
Innovation Potential, 33.33 total points
- Share of jobs in high-tech industries – full weight, about 5.56 points
- Share of STEM Jobs – full weight, about 5.56 points
- Independent inventor patents per 1,000 working-age population – full weight, about 5.56 points
- Industry research and development investment amount per total civilian employment – full weight, about 5.56 points
- Nonindustry research and development investment amount as a share of GDP – full weight, about 5.56 points
- Entrepreneurial activity – full weight, about 5.56 points
- Based on the Kauffman Index of Startup Activity
Wisconsin’s overall score came out at 45.64 out of 100, barely behind Nevada at 45.68. No. 1 was Massachusetts at 70.84 and No. 51 was Iowa at 31.61.
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According to WalletHub, all data was collected as of April 17, 2025. The sources were as follows:
- U.S. Census Bureau
- Bureau of Labor Statistics
- Bureau of Economic Analysis
- Deloitte
- UnitedHealth Foundation
- American Legislative Exchange Council
- Mercatus Center at George Mason University
- Council for Community and Economic Research
- ATTOM, a property data provider – U.S. Foreclosure Market Report
- United States Patent and Trademark Office
- usgovernmentspending.com
- National Science Foundation
- Ewing Marion Kauffman Foundation
No additional information was provided. The full study can be found on WalletHub’s website.
