DENVER -- Colorado, which boasts an unemployment rate below 3 percent, has the fifth best economy in the U.S. according to a study by the personal finance website WalletHub.
States were given a score based on three main categories: economic activity, economic health and “innovation potential.”
Colorado’s economic activity, based on factors such as GDP growth and startup activity, was the eighth best in the country. The state snagged third for economic health, which looked at the unemployment rate, the foreclosure rate, what share of the population is in poverty, building permit activity and other factors. In addition, the Centennial State was fourth in “innovation potential” which looked at the state’s entrepreneurial activity, the share of jobs in the tech industry and more.
Colorado had the fourth most startup activity and tied with Hawaii, Idaho, Iowa and Maine for the lowest unemployment rate. The state also ranked fifth for highest median annual household income. However, Colorado didn’t get top marks across the board. The state was among the worst for its exports per capita.
Washington was named the best state economy, followed by Utah, Massachusetts and California.
The study used data from the U.S. Census Bureau, the Bureau of Labor Statistics, the Bureau of Economic Analysis and other sources to determine its rankings.