ProfitDuel has ranked each state in the United States according to economic prosperity to determine the best and worst states to live in for 2024. The data, sourced from the U.S. Census Bureau, includes factors such as average income, employment rate, job creation, and job destruction to rank each state for overall performance across these key areas. The final rankings show Mississippi, West Virginia, New Mexico, Arkansas, and Louisiana as the worst places to live in 2024.
Mississippi ranks poorly in various metrics, including having the lowest average income and the second lowest employment rate. West Virginia also performs poorly, with the lowest employment rate and a low rate of job creation. However, its low rate of job destruction spares it from being the worst-ranking state overall. The rankings highlight the challenges faced by these states in terms of economic prosperity and employment opportunities.
Mauricio García, the chief growth officer at ProfitDuel, acknowledges the limitations of this ranking approach, as a state that excels in one factor but struggles in another may see its overall score disproportionately affected by the poor ranking. This shows that economic success is not just about income or job growth but also about economic resilience and stability. States like California, Texas, and New Jersey rank high in income and job creation but face challenges in sustaining those jobs due to higher rates of job destruction.
The best-ranking states in terms of economic prosperity include Utah, the District of Columbia, Vermont, Massachusetts, and New Hampshire. These states exhibit a strong performance across various economic metrics, highlighting the importance of sustainable employment and economic resilience. However, improving conditions in the lowest-ranking states may be challenging, especially with a new president set to be elected.
Effective policies that support sustainable employment and economic stability could make a significant difference in improving the economic prosperity of the worst-ranking states. The priorities of the next administration, whether under Donald Trump or Kamala Harris, will play a crucial role in determining the strategies and initiatives that could help level the playing field for states facing economic challenges. Overall, the rankings provide valuable insights into the economic landscape of different states and the potential areas for improvement to enhance overall economic prosperity.
