Ranking the Best State Economies in 2024

What We’re Showing

The ten U.S. states with the best economy in 2024. This ranking was 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’s economy ranked best in the nation for the second year, with new business applications jumping 9% in 2023
• Foreign investment drives Georgia's economy, with companies like Mercedes-Benz, Nestlé-Purina, and Adidas setting up there
• Only California has more S&P 500 companies than Texas
• While these companies are large, they still have a willingness to move around. For example. Oracle recently moved its headquarters from California to Texas, and is now in the process of moving to Tennessee. Tesla is another high profile example, as the company also made the move from California to the Lone Star State.