The Economic Growth of America: Where Does Your State Rank?

Could you name the best states for economic growth in America? New data compiled by GOBankingRates might surprise you as to which states have been the best and worst for economic growth over the last few years.

To determine this ranking, GOBankingRates analyzed the most recent publicly available data (2021-23) for each state’s change in population, household median income, labor force participation rate, unemployment rate and poverty rate. Using each data point, the change in units and percent was calculated. The average total monthly and annual cost of living was also calculated using the average mortgage and average expenditure costs.

• Idaho snapped up first place as the best state for economic growth. The state boasts a 4.5% population increase and drops in labor force changes (-0.2%) and the annual cost of living (-28.3%).
• Florida and Arizona ranked second and third. Both states have seen positive population growth (2.8% and 2.7%). 
• The remaining seven states considered best for economic growth include Delaware, Tennessee, North Carolina, Utah, New Mexico, Georgia and South Carolina.
• Hawaii thudded into 50th place as the worst state for economic growth. 

Keep reading to see where your state ranks within the nation’s economic growth.

• Change in population: 4.5%
• Change in household median income: 17.8%
• Change in labor force: -0.2%
• Change in population with income below poverty line: -0.8%
• Change in annual cost of living: 28.3%

• Change in population: 2.8%
• Change in household median income: 16.1%
• Change in labor force: 0.2%
• Change in population with income below poverty line: -0.5%
• Change in annual cost of living: 34.8%

• Change in population: 2.7%
• Change in household median income: 16.6%
• Change in labor force: -0.1%
• Change in population with income below poverty line: -0.7%
• Change in annual cost of living: 30.3%

• Change in population: 2.4%
• Change in household median income: 13.9%
• Change in labor force: 0.1%
• Change in population with income below poverty line: -0.7%
• Change in annual cost of living: 27%

• Change in population: 1.9%
• Change in household median income: 14.7%
• Change in labor force: 0.3%
• Change in population with income below poverty line: -0.5%
• Change in annual cost of living: 30.6%

• Change in population: 2.1%
• Change in household median income: 15.5%
• Change in labor force: 0.1%
• Change in population with income below poverty line: -0.5%
• Change in annual cost of living: 30.6%

• Change in population: 3.1%
• Change in household median income: 15.9%
• Change in labor force: 0.5%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 34.1%

• Change in population: 0.3%
• Change in household median income: 15%
• Change in labor force: 0.5%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 29%

• Change in population: 1.9%
• Change in household median income: 14.8%
• Change in labor force: 0.1%
• Change in population with income below poverty line: -0.4%
• Change in annual cost of living: 33.9%

• Change in population: 2.6%
• Change in household median income: 14.7%
• Change in labor force: 0%
• Change in population with income below poverty line: -0.3%
• Change in annual cost of living: 27.9%

• Change in population: 1.1%
• Change in household median income: 12.9%
• Change in labor force: 0.3%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 20.6%

• Change in population: -0.9%
• Change in household median income: 13.8%
• Change in labor force: 0.3%
• Change in population with income below poverty line: -0.3%
• Change in annual cost of living: 23.2%

• Change in population: 2.7%
• Change in household median income: 13.3%
• Change in labor force: 0.2%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 27.4%

• Change in population: 2.5%
• Change in household median income: 15.5%
• Change in labor force: -0.5%
• Change in population with income below poverty line: -0.5%
• Change in annual cost of living: 39%

• Change in population: 2.7%
• Change in household median income: 15%
• Change in labor force: -0.3%
• Change in population with income below poverty line: -0.3%
• Change in annual cost of living: 32%

• Change in population: 1.5%
• Change in household median income: 15.3%
• Change in labor force: 0.1%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 35.5%

• Change in population: 0.9%
• Change in household median income: 13.1%
• Change in labor force: 0.1%
• Change in population with income below poverty line: -0.3%
• Change in annual cost of living: 25.8%

• Change in population: 0.3%
• Change in household median income: 16%
• Change in labor force: -0.4%
• Change in population with income below poverty line: -0.4%
• Change in annual cost of living: 38%

• Change in population: 0.4%
• Change in household median income: 12.6%
• Change in labor force: 0.1%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 25.1%

• Change in population: 1.6%
• Change in household median income: 15.2%
• Change in labor force: 0%
• Change in population with income below poverty line: -0.1%
• Change in annual cost of living: 37.4%

• Change in population: 2%
• Change in household median income: 13.3%
• Change in labor force: -0.4%
• Change in population with income below poverty line: -0.5%
• Change in annual cost of living: 29.1%

• Change in population: -0.5%
• Change in household median income: 11.8%
• Change in labor force: -0.2%
• Change in population with income below poverty line: -0.3%
• Change in annual cost of living: 19.8%

• Change in population: 0.1%
• Change in household median income: 12.5%
• Change in labor force: 0%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 25%

• Change in population: 0.4%
• Change in household median income: 12.9%
• Change in labor force: -0.1%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 25.1%

• Change in population: -0.5%
• Change in household median income: 14.6%
• Change in labor force: 0%
• Change in population with income below poverty line: -0.3%
• Change in annual cost of living: 43.7%

• Change in population: 0.8%
• Change in household median income: 14.8%
• Change in labor force: -0.3%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 28.4%

• Change in population: 0.6%
• Change in household median income: 15.3%
• Change in labor force: -0.4%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 28.8%

• Change in population: -0.1%
• Change in household median income: 12.6%
• Change in labor force: -0.1%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 23.6%

• Change in population: -0.2%
• Change in household median income: 12.2%
• Change in labor force: 0.1%
• Change in population with income below poverty line: 0%
• Change in annual cost of living: 35.9%

• Change in population: -0.3%
• Change in household median income: 11.3%
• Change in labor force: -0.7%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 22.6%

• Change in population: 0.4%
• Change in household median income: 12.7%
• Change in labor force: 0.3%
• Change in population with income below poverty line: 0%
• Change in annual cost of living: 45.3%

• Change in population: 0.01%
• Change in household median income: 13.8%
• Change in labor force: 0%
• Change in population with income below poverty line: 0.1%
• Change in annual cost of living: 46.6%

• Change in population: 1.1%
• Change in household median income: 14.6%
• Change in labor force: -0.8%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 42.1%

• Change in population: 0.9%
• Change in household median income: 12.8%
• Change in labor force: -0.1%
• Change in population with income below poverty line: 0%
• Change in annual cost of living: 21.5%

• Change in population: -0.8%
• Change in household median income: 12%
• Change in labor force: 0.1%
• Change in population with income below poverty line: 0.1%
• Change in annual cost of living: 14.2%

• Change in population: 0.9%
• Change in household median income: 12.9%
• Change in labor force: -0.3%
• Change in population with income below poverty line: 0%
• Change in annual cost of living: 38%

• Change in population: 1.5%
• Change in household median income: 13.6%
• Change in labor force: -0.8%
• Change in population with income below poverty line: -0.2%
• Change in annual cost of living: 36.5%

• Change in population: -1%
• Change in household median income: 12.6%
• Change in labor force: -0.2%
• Change in population with income below poverty line: -0.1%
• Change in annual cost of living: 27.4%

• Change in population: 0.1%
• Change in household median income: 12.6%
• Change in labor force: -0.2%
• Change in population with income below poverty line: 0%
• Change in annual cost of living: 22.1%

• Change in population: 0.2%
• Change in household median income: 12.6%
• Change in labor force: -0.3%
• Change in population with income below poverty line: 0%
• Change in annual cost of living: 22.8%

• Change in population: 0.7%
• Change in household median income: 12.5%
• Change in labor force: -0.5%
• Change in population with income below poverty line: 0%
• Change in annual cost of living: 25.7%

• Change in population: 0.5%
• Change in household median income: 11.8%
• Change in labor force: -0.4%
• Change in population with income below poverty line: 0%
• Change in annual cost of living: 21.6%

• Change in population: 1.2%
• Change in household median income: 11.7%
• Change in labor force: -0.2%
• Change in population with income below poverty line: 0.1%
• Change in annual cost of living: 22.2%

• Change in population: 0.4%
• Change in household median income: 11.2%
• Change in labor force: -0.3%
• Change in population with income below poverty line: 0.1%
• Change in annual cost of living: 34.5%

• Change in population: 0.4%
• Change in household median income: 12.8%
• Change in labor force: -0.6%
• Change in population with income below poverty line: -0.1%
• Change in annual cost of living: 27.2%

• Change in population: 0.8%
• Change in household median income: 11.5%
• Change in labor force: -0.8%
• Change in population with income below poverty line: -0.1%
• Change in annual cost of living: 18.4%

• Change in population: 0.8%
• Change in household median income: 12.7%
• Change in labor force: -0.7%
• Change in population with income below poverty line: 0%
• Change in annual cost of living: 25.5%

• Change in population: 0.5%
• Change in household median income: 10%
• Change in labor force: -0.8
• Population with income below poverty line: 0%
• Change in annual cost of living: 31%

• Change in population: -1.2%
• Change in household median income: 12.5%
• Change in labor force: -0.1%
• Population with income below poverty line: 0.2%
• Change in annual cost of living: 36.4%

• Change in population: -0.5%
• Change in household median income: 11.7%
• Change in labor force: -1.1%
• Population with income below poverty line: 0.5%
• Change in annual cost of living: 44.9%

Methodology: For this study, GOBankingRates analyzed each state to find the best and worst states for economic growth over the last few years. GOBankingRates found the total population, population ages 65 and over, total households, household median income, civilian labor force participation rate, civilian labor force unemployment rate, and the percent of households whose income was under the poverty line for 2021 and 2023. The average single-family home was sourced from Zillow Home Value Index for December 2021 and December 2024. Using the average home values, assuming a 10% down payment, and using the national average 30-year fixed mortgage rate from December 2021 and December 2024, as sourced from the Federal Reserve Economic Data, the average mortgage was calculated. Using the average mortgage and average expenditure costs, the average cost of living was calculated. The household median income was scored and weighted at 1.00, the unemployment rate was scored and weighted at 1.00, the labor force participation rate was scored and weighted at 1.50, the percentage of household below poverty line was scored and weighted at 1.50, and the change in the total population was scored and weighted at 1.00. All scores were summed and sorted to rank each state in economic growth over the last few years. All data was collected on and is up to date as of Feb. 10, 2025.