Washington state’s economy ranked highest in the nation despite relatively low investment per capita
Aerial view of Seattle, Lake Washington, and Bellevue. (Flickr Photo / Joe Wolf)
Washington state’s technology industry isn’t always considered in the same league as California’s. But a 2017 study getting renewed attention this week suggests that Washington is actually punching well above its weight.
Credit reporting site WalletHub compared all 50 states and the District of Columbia across 27 metrics for economic health and opportunity in the report. The study resurfaced this week when Visual Capitalist, a digital media brand, compiled the data in the infographic below.
Washington ranked No. 1, driven by factors like strong gross domestic product growth, exports per capita, and percentage of high-tech jobs.
Booming Silicon Valley helped California land second place but the state’s high housing costs — 92.7 percent above the national average — weighed it down in the economic health rankings.
(Visual Capitalist graphic. Click to enlarge)
Washington’s first place spot is particularly notable because the state has relatively low investment per capita, according to the report. Washington’s per capita investment is $154 while California’s is $800 and New York’s $378. Washington’s lack of venture capital is often cited as a reason the state doesn’t have more startup activity.
The top three states — Washington, California, and Utah all have relatively similar tax burdens, according to the report. That led venture capitalist and progressive rabble-rouser Nick Hanauer to tweet this:
Socialist hell hole Washington State ranks #1 economy. At what point do conservatives begin to clue in to the fact that it is conservatism that makes them poor? https://t.co/fKMPGDu3SI
— Nick Hanauer (@NickHanauer) April 20, 2018