A vital state economy provides a stable environment for growth, access to a skilled workforce, and business opportunities through robust consumer spending and favorable business policies.
This graphic shows the ten U.S. states with the best economies in 2024, according to data sourced from CNBC.
Methodology
CNBC considered economic growth and job growth. It also analyzed state finances, fiscal reserves, pension obligations, and credit ratings, as well as the housing market’s overall health. The study also looked at how many major corporations are headquartered in each state, new business formations, and foreign direct investment in each state, both in absolute terms and as a percentage of GDP.
Key Takeaways
- Florida retained its top spot as the best-performing state economy for the second consecutive year. A 9% increase in new business applications in 2023 contributed significantly to its leading position.
- Georgia benefited greatly from foreign investment, attracting major global companies like Mercedes-Benz, Nestlé-Purina, and Adidas.
- Texas continues to be a major hub for large corporations, with only California housing more S&P 500 companies. High-profile companies like Oracle and Tesla have relocated their headquarters from California to Texas. Oracle, however, is already in the process of moving again, this time to Tennessee.
| Rank | State | Economy Score (0-350) | Major Companies |
|---|---|---|---|
| 1 | Florida | 308 | CSX, Carnival |
| 2 | Texas | 292 | ExxonMobil, Tesla |
| 3 | Tennessee | 259 | FedEx, Autozone |
| 4 | North Carolina | 256 | Bank of America, Duke Energy |
| 5 | Arizona | 255 | Align Technology, First Solar |
| 6 | Utah | 245 | Zions Bancorporation, Extra Space Storage |
| 7 | Georgia | 244 | Assurant, Intercontinental Exchange |
| 8 | Nevada | 233 | Las Vegas Sands, MGM Resorts International |
| 9 | Idaho | 232 | Micron Technology, Lamb Weston Holdings |
| 10 | Delaware | 231 | Dupont De Nemours, Incyte |
Source: Visual Capitalist
