SALT LAKE CITY – Utah has been ranked in the top ten of U.S. states best prepared for economic uncertainty.
That’s the conclusion of a nationwide study by experts at Hennessey Digital that judged the states on the basis of data relating to their economic resiliency.
That research found that Utah was ranked seventh in economic resilience with a score of 59.42, based on a complicated index of data from sources including the U.S. Census Bureau, the Bureau of Labor Statistics and the Bureau of Economic Analysis.
This graphic illustrates Utah’s position at seventh in the Top Ten ranking of U.S. States in terms of economic resiliency (Image courtesy of Hennessey Digital).
The Hennessey Digital index was based on key indicators of economic resilience, such as economic performance and stability; entrepreneurship and business climate; and financial health and consumer behavior for each state.
These scores were used to calculate an overall economic index score for each state to measure their relative preparedness to meet economic uncertainty.
In addition to the overall index score, each state was also ranked on the basis of its financial health and consumer behavior as well as its investments in innovation, research and development.
That analysis found that Utah’s strongest attribute was its overall economic performance and stability, which is driven by steady employment growth and a diverse economy. The Beehive State’s thriving tech sector, combined with its robust business climate, low unemployment rate and commitment to innovation also helps the state weather economic uncertainty.
“States that rank highly in economic resilience have built their strength through a combination of diversified economies, investment in education and innovation,” according to Jason Hennessey, the CEO of Hennessey Digital.
“Those factors foster a supportive business climate,” he adds.
In addition to its overall ranking of seventh in the nation with an index score of 59.42, Utah also scored 74.04 in terms of economic performance and stability; 63.4 on educational attainment; 65.84 on entrepreneurship and business climate; 40.22 on financial health and consumer behavior; and 35.11 on innovation, research and development.
Other states leading Utah in the Hennessey Digital top ten ranking include Massachusetts (with a 74.41 index score based on the highest disposal personal income rate of $74,342); Washington (with an index score of 73.42); Colorado (index score of 68.8); California (index score of 66.48); New York (index score of 65.16); and Connecticut (index score of 62.95).
After Utah in seventh place, the remaining states in the top ten ranking are New Hampshire (index score of 59.28); New Jersey (index score of 58.96); and Virginia (index score of 58.07).
“By maintaining strong financial health and focusing on infrastructure and governance,” Hennessey said, “these states are better equipped to adapt to market changes and ensure long-term growth, even in times of economic uncertainty.”
At the other end of the 50-state ranking is West Virginia, with an economic index score of 21.26, making it the least economic resilient state.
Additional information about the Hennessey Digital study can be found at https://hennessey.com
Based in California, Hennessey Digital is a 100 percent virtual, award-winning agency specializing in legal marketing and other forms of branding.