Report: R.I. 11th-worst economy in U.S.

WALLETHUB ranked the states and Washington, D.C., on their economies, and Rhode Island ranked 41st - or 11th worst. / COURTESY WALLETHUB
WALLETHUB ranked the states and Washington, D.C., on their economies, and Rhode Island ranked 41st - or 11th worst. / COURTESY WALLETHUB

PROVIDENCE – Rhode Island ranks 41st – or 11th worst – in the nation for its economy, according to WalletHub.
WalletHub called 2015 “a banner year for the U.S. economy, thanks to a strong dollar, job gains, lower oil prices, increased consumer spending and general improvements in the housing and business sectors.” It said more growth is expected, despite a slowing global economy.
Because state economies within the U.S. “could still be either boom or bust,” WalletHub said it rated the states and Washington, D.C., on their economic activity, economic health and innovation potential. Factors including foreclosure rate, unemployment rate, median household income, exports per capita, gross domestic product growth, business startup activity and percentage of jobs in high-tech industries were studied.
Based on that methodology, Utah ranks No. 1 and Mississippi was last at No. 51.
Massachusetts was fourth best on the list.
And Maine was the only New England state that fared worse than Rhode Island, coming in at No. 48.
However, when looking at the subcategory of innovation potential, Rhode Island ranks 22nd.
The Ocean State was 39th and 45th in the economic health and economic activity subcategories, respectively.

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