According to Insider, they averaged the scores of the eight metrics they used to determine the state’s ranking. They looked at:
- Gross Domestic Product
- Working Age Population (18-64)
- Unemployment Rate
- Non-Farm Payroll Jobs
- International Exports
- Average Annual Wages
- Housing Prices
- Auto Sales
“Massachusetts, powered by its many prestigious colleges and universities, has a robust service economy, anchored by creative industries, financial services, information technology, and the life sciences.”
From June 2013 to June 2014, the unemployment rate in Massachusetts dropped from 7.1 percent to 5.5 percent, according to Insider.
Between 2012 and 2013 Massachusetts saw a 3.2 percent growth in international exports and a 0.5 percent increase in its working age population, Insider reported.
The top states that were ranked before Massachusetts were, from fastest to slowest: Colorado, California, Texas, Arizona, Utah, Florida, Washington, South Carolina and Nevada.
Alaska was ranked 50th and considered the state with the slowest-growing economy.