Economic Woes: Wisconsin Ranks 40th in Overall Economic Performance, Despite Outperforming in Innovation Potential

According to a recent study by WalletHub, Wisconsin’s economy is not performing well compared to the rest of the United States. The state was ranked at No. 40 out of 51 in overall economic performance, making it one of the bottom-performing economies in the country.

The study took into account various factors such as economic activity, economic health, and innovation potential to determine the rankings. In terms of economic activity, Wisconsin came in last among all states, while its ranking for economic health was only slightly better at 31st. However, when it comes to innovation potential, Wisconsin performed better than expected and was ranked at 21st.

Several factors were considered when calculating economic activity, including a state’s change in GDP, share of fast-growing firms, startup activity, and exports per capita. Meanwhile, economic health was determined using 14 different factors such as unemployment rate and median annual household income adjusted for cost of living. Finally, innovation potential was calculated based on a state’s share of jobs in high-tech industries and STEM employment.

Despite its poor ranking for overall economic performance, Wisconsin did have some bright spots in specific categories. For example, the state had the second-lowest change in GDP compared to other states and only Delaware had lower numbers. Additionally, Wisconsin had relatively low startup activity compared to other states but still performed better than West Virginia which came right after it on this category.

The study was published on June 3rd 2024 and provides valuable insights into how each state’s economy performs across various aspects such as growth potential and innovation capabilities.

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