According to personal finance website WalletHub, New Jersey ranks as the 21st-best state economy for 2019.
WalletHub released its report, titled “Best & Worst State Economies” for 2019, on Monday. Using 28 key indicators of economic performance and strength, ranging from from GDP growth to startup activity, WalletHub compared the 50 states and the District of Columbia.
But they were mainly compared across three key dimensions: economic activity, economic health and innovation potential. New Jersey ranked 19th, 44th and 13th, respectively.
WalletHub used 28 metrics to evaluate those three dimensions. Each metric was graded on a 100-point scale before the site determined each state’s, weighted average across all metrics to calculate an overall score and use said scores to rank the states appropriately.
The metrics included:
- Economic Activity – Total Points: 33.33 (including GDP growth, share of fast-growing firms and more);
- Economic Health – Total Points: 33.33 (including unemployment rate, change in nonfarm payrolls and more);
- Innovation Potential – Total Points: 33.33 (including share of jobs in high-tech industries, share of STEM employment and more).
WalletHub also ranks New Jersey as having the fourth-highest median annual household income in the country.
For the complete report, click here. For an interactive map, scroll down.