One of the best in the country is NC, according to a national analysis
North Carolina’s economy has been ranked among the fastest growing economies in the country.
According to WalletHub finance editor Adam McCann, the state has the 7th best economy in the nation.
North Carolina’s gross domestic product was nearly $655 billion in 2021, which was 2.9% of U.S. GDP, according to data from the Bureau of Economic Analysis.
To rank each economy, WalletHub compared all 50 states in three key categories: economic activity, economic health, and innovation potential.
According to the report, North Carolina received its highest marks for innovation potential, ranking at No. 11. The score was calculated based on a number of metrics, including the share of jobs in high-tech industries, the share of jobs in STEM employment and entrepreneurial activity.
The Kauffman Index of Startup Activity, a comprehensive indicator of new business creation in the United States used to measure entrepreneurial activity in the report, ranked North Carolina 16th in the nation for activity starting.
Based on resident surveys and data from the Bureau of Labor Statistics, the study found that there were 340 new entrepreneurs per 100,000 adults and 74.7 startups per 1,000 businesses in the state.
North Carolina ranked 12th for economic health, a position based on factors such as overall unemployment rate, foreclosure rate and cost-of-living-adjusted median household income, according to the report.
The report also ranked North Carolina 14th in economic activity, weighing metrics like how the state’s GDP has changed between 2020 and 2021 and the share of fast-growing companies on the Technology list. Deloitte’s Fast 500, an annual ranking of North America’s fastest growing companies in technology, media and science.
Washington state was ranked No. 1 in the report, followed by Utah, California, Massachusetts, New Hampshire and Colorado. Washington DC was ranked No. 10.
Seven North Carolina companies made the list last year, including Nufabrx, a Conover-based biotech company that grew 22,957%, and MedShift, a Charlotte-based medical device company that grew 350% from 2017 to 2020.