New Study Finds Colorado Has One of the Best State Economies

Over the past year, it has become evident that Colorado is facing a few financial issues.

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For example, the state has seen inflation numbers rise to the point where it places seventh in the entire country.

Not to mention, both housing and renting prices have seen a huge surge recently.

However, a study from WalletHub shows it may not be all doom and gloom for the Centennial State after all.

They took a look at every state in the country and ranked them by their economic activity, economic health, and innovation potential to find the best state economies in the country. After each category is taken into consideration, a state is given a total score.

As it would turn out, Colorado ranks amongst the best in the United States.

Colorado Has the Fourth-Best state Economy in the United States

In the study, Colorado was able to take the fourth spot for best state economies.

Not only did it perform well in the overall ranking, but it was top 10 in every category.

For economic activity, the state ranked fourth due to it having fast-growing firms and an impressive change in GDP from 2021 to 2022.

In terms of economic health, it ranks as the seventh best. Colorado also ranks highly for innovation potential, finishing sixth in this category.

With all of this being said, WalletHub gave Colorado a total score of 62.89.

What States Have a Better State Economy Than Colorado?

There are only three states that have a better state economy than Colorado.

Massachusetts ranks third, despite having lower rankings in economic activity (13th) and economic health (36th). However, they rank as the best state in the country for innovation potential.

Colorado’s neighbor, Utah, took the second spot. They ranked first in both economic activity and economic health and ranked just below Colorado in innovation potential at tenth.

Finally, first place was given to Washington. They rank second in both economic activity and innovation potential but rank fourteenth for economic health.