New York has the seventh-strongest state economy in the nation, according to a new WalletHub analysis that measured economic performance and strength across all 50 states and the District of Columbia.
The report ranked New York seventh overall and highlighted strong performance in several key categories, including third for GDP growth, eighth for exports per capita and eighth for growth in nonfarm payrolls. The state also placed 12th for government surplus or deficit per capita, though it ranked lower in areas such as startup activity, high-tech employment and median household income.
WalletHub evaluated states using 28 indicators, ranging from unemployment and business growth to technology sector employment and economic output. New York ranked 18th for startup activity, 22nd for the share of jobs in high-tech industries and 22nd for annual median household income.
The study found that Massachusetts claimed the top spot nationally, driven by high levels of research and development spending, innovation and technology employment.
Analysts said strong economies can create more opportunities for residents by supporting job growth, higher incomes and long-term investment, though experts cautioned that tax incentive programs used to attract businesses often produce mixed results and can lead to costly competition among states.
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