The 10 Best State Economies for 2024

The 10 Best State Economies for the Year

Overview of the 10 Best State Economies in the US

As we approach another federal election in November, it’s vital to remember that economics drives voting behavior to a remarkable degree. It goes without saying that political opinions are as varied as people themselves are varied, but in the end, pocketbook issues (wages, spending power, per capita income) tend to count for a lot. The American people are always seeking greater economic security—and given how mobile the population is, and how willing to relocate for more opportunity and better wages—it makes complete sense that they’d be interested in those regions of the country where the cost of living is a little lower and job prospects are a little better.

In many instances, Americans are chasing industries and companies they know, or at least hope will employ them, and companies want to be based in states with robust growth and strong economic fundamentals. The local housing market is obviously of major concern to everyone, especially potential employees.

States know this of course, and that’s why they often toot their own horn when they market themselves to businesses and, a little less directly, to Americans thinking about moving for a better job and higher wages. (Vibrant state economies, obviously, contribute significantly to the national economy via their economic output, meaning that we all benefit when a state does well, even if it’s not our state).

CNBC recently published its annual America’s Top States for Business study, which ranks US states on the basis of ten different variables—all of which relate to economic competitiveness.

Just to be clear, this isn’t a holistic “quality of life” survey (although that is one of the variables CNBC considers). Generally speaking, this a raw, no-holds-barred, down-and-dirty survey of economic vibrancy—meaning, for the average American—how likely it is that a particular state can offer you and your family a solid opportunity to boost your own prosperity. The states’ rankings take into account various economic factors like economic growth, job growth, economic stability, state finances, fiscal reserves, pension obligations, credit ratings, corporate presence, new business formation, and international investment, all of which significantly influence a state’s competitiveness. And for those thinking seriously about relocating, the rankings look closely at the overall housing market in each state.

Here, then, are 10 states—ranked from very good to truly outstanding—whose economies are at the top of their game, beating all comers, and welcoming new businesses and new residents from all over the United States.

10. Delaware

Anybody with ties to business knows that fully two-thirds of the Fortune 500 is incorporated in Delaware. To say that Delaware is known for its corporate-friendly legal system is to state the obvious. Business incorporation and a strong entrepreneurial environment are Delaware’s bread and butter. Post-Covid, according to the Census Bureau, Delaware added in excess of 55,000 new businesses in 2023 alone. That’s darned impressive and 2024 is proving to be even more impressive.

Economic fundamentals in Delaware—its finances in particular—are first-rate.

The performance of the state economy was slightly underwhelming in 2023 (it was the only state in the nation whose economy actually contracted), but 2024 has been an entirely different story thus far, at least according to the Commerce Department’s Bureau of Economic Analysis (BEA).

Read Here: Things to consider when moving to a new city

Delaware is a small state with a small economy, but there’s a tremendous amount of vitality here, and if you have high-level skills in certain areas—finance, law, or business administration for example—your chances of securing rewarding employment are extremely high. Dupont and Incyte are both headquartered in Delaware, potentially enticing to those with a background in chemistry, medicine, or engineering. 

Economic Analysis

2024 Economy Score: 231 out of a possible 350 points (CNBC Rating = “B”)

Gross Domestic Product (GDP) (2023) $74.3 billion

Job Growth (2023): 1.2 percent

Housing Market: Average home value is a little under $390,000, up about 3 percent over 2023. It is considered a seller’s market at the moment.

Debt Rating & Overall Financial Outlook (Moody’s): AAA (highest possible rating)

Foreign Direct Investment (FDI) (2022): $276 million

Major Corporate Headquarters: Dupont, a maker of chemicals, fibers, films, and plastics, and Incyte—a pharmaceutical giant—are both based in Delaware.

9. Idaho

Idaho’s housing market has been on a rocket ride the past year or two, fueled by the ongoing exodus from the West Coast. More recently, prices flattened out and actually dropped in several corners of the state, but they may be on their way up again, suggesting remarkable resilience despite the fact that housing inventory is somewhat limited. Average home value is about 15 percent higher than Delaware’s at around $460,000—a 2.4 percent increase over 2023.

Economic growth is strong and shows no signs of slowing, fueled by major industries that include food processing, lumber/wood products, chemicals, paper, mining, and tourism.

One of the state’s fastest-growing sectors is science and tech, spearheaded by the semiconductor maker Micron Technology. Interestingly, there is almost no direct foreign investment in  Idaho. Much of the state’s success is locally driven and bottom-up.

Read Here: The best small cities in the US to move to

Idaho’s credit rating, like Delaware’s, is AAA – as good as it gets. New business applications increased 4.5 percent last year – part of a trend stretching back at least a decade-and-a-half.

Economic Analysis

2024 Economy Score: 232 / 350 points (CNBC rank = “B”)

GDP (2023): $94.9 billion

Job Growth (2023): 2.5 percent

Debt Rating & Outlook (Moody’s): AAA (stable)

Major Corporate Headquarters: As noted, Micron Technology is Headquartered in Idaho, as is Lamb Weston Holdings, a producer of potato-based products like frozen french fries.

8. Nevada

The Silver State enjoyed robust job growth over much of 2023, and that was a very welcome shift given that unemployment has been extremely high in recent years. Some experts suggest, however, that this rate is actually a positive sign, indicating that many of those sidelined during the pandemic are now actively looking for work. Nevada is a state where people without a college degree can still find opportunities in service and hospitality, construction, health care, manufacturing, and tourism. Highly specialized manufacturing skills are generally in demand as well.

Per capita income (PCI) is another key indicator of Nevada’s economic performance, reflecting the state’s popularity with businesses and residents, especially given the absence of a personal income tax.

Read Here: 7 Hot Second Home Markets 2024

At the same time, a steady inflow of new state residents is contributing mightily to an ever-stronger housing market. Inventory is low for the moment, but new construction promises a major supply boost shortly. State finances are decent, if not exceptional, though the fact that collected taxes are outpacing their 15-year average is a sign of strong economic fundamentals, according to the Pew Charitable Trusts.

Economic Analysis

2024 Economy Score: 233 / 350 points (CNBC rating = “B”)

GDP (2023): $192.2 billion

Job Growth (2023): 3.8 percent

Debt Rating & Outlook (Moody’s): AAA (stable)

Foreign Direct Investment (2022): $6 million (quite modest, and concentrated in the hotel and entertainment sector in and around Las Vegas)

Major Corporations: Las Vegas Sands, MGM Resorts International

7. Georgia

In Georgia, we have a state that’s much more of a player in the international economy in terms of FDI. Indeed, many suggest that FDI in Georgia—more than $10 billion in 2023 according to the U.S. Commerce Department—is key to the remarkable depth and breadth of Georgia’s rapidly expanding economy. The Peach State is home to international companies as diverse as Mercedes-Benz, Nestle-Purina, and Adidas, and is welcoming more enterprises all the time, attracted to the state’s generous tax-and-incentives regime.

Growth was a little tame last year but has picked up pace dramatically this year.

Georgia is also focusing on attracting new investments to further bolster its economic resilience and support essential services. Economic opportunities in Georgia abound across an extremely diverse range of industries, including (but not limited to) aerospace, real estate, agribusiness, film and television production, auto manufacturing (including EV manufacturing), defense, and energy. The state is an attractive destination for employees with specialized skills. The average home value is roughly $335,000, up about 4 percent over 2023, but still highly affordable compared to states like California and New York. In short, Georgia has a dynamic economy and opportunities can be found all across the state, but particularly in and around the greater Atlanta region.

Economic Analysis

2024 Economy Score: 244 / 350 points (CNBC grade = “B”)

GDP (2023): $661.1 billion

Job Growth (2023): 1.2 percent

Debt Rating & Outlook (Moody’s): AAA (stable)

Foreign Direct Investment (2022): $9.7 billion

Major Corporate Headquarters: Home Depot, UPS, Coca-Cola, Delta Airlines, Aflac, Norfolk Southern, Assurant, Intercontinental Exchange

6. Utah

Eight of the 10 major private sector industry groups in Utah reported significant job growth last year, according to Utah’s Department of Workforce Services. This is an obvious indicator of a white-hot economy that hasn’t yet started to cool. Utah’s economy surged out of the pandemic and experienced a remarkable recovery. What’s especially interesting for anyone considering a move to find a new and better job is that Utah needs more workers. Unemployment is low and the labor market is tight. The greater the number of workers who decide to relocate to Utah, the more potential there is for the economy to expand and reach its full potential. Utah’s growth rate was sub-par in 2023, but many experts suggest that a wider and deeper pool of workers—both skilled and unskilled—would jumpstart growth and keep things humming. 

The average home value in Utah is about $520,000, up about 1.6 percent over 2023.

Major industries in need of more workers include coal mining, cattle ranching, salt production, and government services, as well as adventure tourism, service and hospitality, and outdoor gear manufacturing.

Economic Analysis

2024 Economy Score: 245 / 350 points (CNBC grade = “B+”)

GDP (2023): $219.2 billion

Job Growth (2023): 2 percent

Debt Rating & Outlook (Moody’s): AAA (stable)

Foreign Direct Investment (2022): $271 million

Major Corporate Headquarters: Zions Bancorporation, Overstock.com, Nu Skin Enterprises, Skywest, Extra Space Storage

5. Arizona

The Grand Canyon State’s burgeoning microchip sector, now worth billions annually, is producing a wide range of benefits for Arizona residents, including incredibly robust private sector job growth and a dynamic housing market. Housing inventory remains quite limited in Arizona due to a rapidly growing population, but this isn’t as much of a problem as it appears. Housing starts have dipped slightly over the past couple of years due to inflation and supply chain issues, but the sector remains vibrant and home builders expect to remain busy for the foreseeable future. They’re working hard to catch up to demand. 

Unfortunately, when it comes to state finances and general economic stability, Arizona isn’t where it wants to be at the moment.

The Pew Charitable Trusts suggest that if all revenue inflows stopped without warning, Arizona would run out of money in about 100 days, give or take a day or two (with Pew assuming that Arizona would start drawing immediately on both its “rainy day fund” and its fairly modest general fund surpluses). That time period is well below the national average.

Current Governor Katie Hobbs recently signed into law Arizona’s FY2025 budget, which totals $16.2 billion. Most state agencies are set to lose roughly 3 percent of their funding; fewer schools are set to be built, but the state plans to spend more on health care, security along the US-Mexico border, drug interdiction, and affordable housing. These new investments highlight Arizona’s strategic focus on directing funds toward essential sectors to enhance economic resilience.

Read Here: Is Arizona a Great Place for Retirement?

Overall, Arizona’s economy, despite very real challenges, is incredibly vibrant, offering near-endless opportunities in industries like aerospace, agriculture, high-tech, construction, renewable energy, manufacturing, and tourism. The average home value is about $435,000, just over 3 percent higher than in 2023.

Economic Analysis

2024 Economy Score: 255 / 350 points (CNBC ranking = “B+”)

GDP (2023): $414.3 billion

Job Growth (2023): 2.5 percent

Debt Rating & Outlook (Moody’s): AA1, stable but slightly lower than AAA.

Foreign Direct Investment (2022): $2.8 billion

Major Corporations: Align Technology, First Solar, Avnet, Freeport-McMoRan, PetSmart, and Republic Services, as well as Reliance, Carvana, Insight Enterprises, Microchip Technology, ON Semiconductor, Taylor Morrison Home, and Knight-Swift Transportation Holdings.

4. North Carolina

The Tar Heel State’s finances are rock solid, showcasing levels of growth that most other states would kill for. North Carolina has managed to achieve strong and sustained economic growth. Solid credit scores and impressive fiscal balances are set to be the norm for some time to come. And yet, curiously, job market reviews are mixed. On the one hand, construction employment grew markedly in 2023, which suggests that the state’s economy retains a ton of vigor; but in other areas, there are definitely a few worrying signs.

Prominent state economists note that while employers in North Carolina are still hiring, they’re adding jobs at a slower pace than they were during the previous two years when the economy in North Carolina was white hot—the product of a strong post-Covid resurgence.

Non-construction job growth has slowed markedly, particularly in the professional and business services sector. Economists remain somewhat confused by North Carolina’s sluggish economic performance this year, but the state’s long-term prospects remain excellent.

The population is growing rapidly and the economy continues to diversify.

Major industries in North Carolina include aerospace and defense, automotive, truck and heavy machinery, biotech and pharmaceuticals, financial services, and energy. Unemployment is below the national average, but there are still significant opportunities for those with specialized skills.

The housing market, reflecting rapid population expansion, is highly competitive, and average home value now tops $335,000—a roughly 4 percent increase over last year’s figures.

Economic Analysis

2024 Economy Score: 256 / 350 points (CNBC grade = “B+”)

GDP (2023): $625.7 billion

Job Growth (2023): 1.4 percent

Debt Rating & Outlook (Moody’s): AAA (stable)

Foreign Direct Investment (2022): $8.3 billion

Major Corporate Headquarters: Bank of America, Duke Energy, Honeywell.

3. Tennessee

Tennessee’s economy surged out of the pandemic, with Gross Domestic Product spiking a truly remarkable 9 percent in 2021 and a still-remarkable 5 percent in 2022. That’s extremely impressive growth. By the close of 2023, however, University of Tennessee economists were making it clear to the governor that the post-Covid recovery was winding down and job growth was slowing. Rising interest rates played a major role in the cooling process. In 2023, Tennessee’s economy grew at a decent 3.2 percent—enough to keep the state finances well in the black. Even so, job growth continued to slow.

On the whole, Tennessee’s economy is in better shape than the national economy as a whole.

So far in 2024, job growth is solid. Major industries include health care, manufacturing, and agriculture, as well as IT. Those with highly marketable skills should give Tennessee serious consideration if they’re thinking about relocating. The average home value is just over $325,000, up roughly 4 percent over last year. Given the state of housing in the United States as a whole, that’s remarkable value for money.

Economic Analysis

2024 Economy Score: 259 / 350 points (CNBC grade = “B+”)

GDP (2023): $425.4 billion

Job Growth (2023): 0.3 percent

Debt Rating & Outlook (Moody’s): AAA (stable)

Foreign Direct Investment (2022): $6.7 billion

Major Corporate Headquarters: FedEx, Autozone, HCA Healthcare, Bridgestone, Dollar General, Cracker Barrel

2. Texas

Austin, the state capital, plays a significant role in Texas’s economic dynamism, contributing to its status as the second-fastest growing state economy in the US in 2023. Texas boasts one of the highest GDPs among U.S. states, ranking just behind California. Job growth is remarkable and shows no signs of slowing. The state’s fiscal situation is excellent, with rising nominal GDP, plenty of reserves, and a solid credit rating.

Home prices are rising more slowly than the national rate as a whole, despite population growth, making Texas a buyer’s market. Over the past year, inventories have risen just over 15 percent. Local property taxes have been high in recent years but began to come down in 2024.

The average home value in the state is currently just under 307,000, virtually unchanged from 2023.

Texas is truly remarkable. The state’s economy is enormous—second only to that of California, the Golden State—and it continues to grow rapidly. Energy, manufacturing, and technology dominate. Texas’ economy has added roughly 270,000 jobs over the past year and remains a highly dynamic and diversifying economy with positions available for both skilled and unskilled workers. It’s been a magnet for Americans from every corner of the country in recent years and this is a trend that’s expected to continue.

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Economic Analysis

2024 Economy Score: 292 / 350 points (CNBC grade = “A”)

GDP (2023): $2.03 trillion

Job Growth (2023): 2.1 percent

Debt Rating & Outlook (Moody’s): AAA (stable)

Foreign Direct Investment (2022): $20.7 billion

Major Corporate Headquarters: Oracle, Tesla, Exxon, AT&T, Dell, American Airlines

1. Florida

Having added in excess of 240,000 jobs over the course of 2023, Florida’s economy and labor market remain hot, hot, hot. Florida’s economy, driven by sectors as diverse as tourism, agriculture, and technology, continues to demonstrate real strength. Overall economic output remains impressive. Housing prices are rising rapidly, but construction is booming, too—a reflection of the ongoing influx of new residents into the state.

Florida’s strategic location as a gateway to Latin America enhances its economic ties and potential for trade and tourism growth. Economic growth remains vibrant and new business applications rose almost 10 percent in 2023. The state’s credit rating is sterling and the books are in good shape, but the sheer volume of new residents has put some stress on state budget reserves.

Governor Ron DeSantis recently introduced a $116.5 billion state budget for FY2025 that cuts spending, reduces the tax burden significantly, and boosts teacher salaries.

Measures are being taken to help homeowners deal with a burgeoning insurance crisis that has the potential to spoil the party.

Industries of every type can be found in Florida, ranging from aviation and manufacturing to IT, agriculture, tourism, and finance—along with many more. Florida is importing a lot of workers, but it needs even more, both skilled and unskilled. The average home value is just under $400,000, up less than 2 percent over last year.

Read Here: Best Reasons to Move to Florida

Florida offers a dynamic economy, an abundance of opportunities in the job market, a cost of living that’s lower than the national average, and an abundance of sunshine and sandy white beaches. People are voting with their feet, and Florida continues to win a big chunk of that vote.

Economic Analysis

2024 Economy Score: 308 / 350 points (CNBC ranking = “A+”)

GDP (2023): $1.28 trillion

Job Growth (2023): 2.5 percent

Debt Rating & Outlook (Moody’s): AAA (stable)

Foreign Direct Investment (2022): $9.1 billion

Major Corporate Headquarters: CSX, Carnival, Publix, International Van Lines, Office Depot, Citadel

International Van Lines (IVL):

The World’s Premier Long-Distance and International Moving Company

International Van Lines (IVL) is the world’s premier long-distance and international moving company. The IVL advantage? Simple. We’ve got the infrastructure, the personnel, and the experience. No other mover can match what we do, so whether you’re moving to the other side of town or the other side of the world, IVL stands ready to help. We guarantee a smooth, predictable, and worry-free moving experience.

Based in Coral Springs, Florida, but now serving over 180 different countries worldwide, IVL’s reputation for excellence continues to grow. Over the past 25 years, we’ve mastered every aspect of full-service door-to-door relocation.

IVL relies on the following transport methods: air freight, ocean freight, and our enormous and growing fleet of high-end moving vans and trucks.

We also offer a wide variety of storage options (see below), so whatever your plans may be upon arrival at your destination, we’ve got you covered.

To get your free moving quote online and for easy access to all the moving info you’ll ever need, head to our website or give us a call at (877) 647-1336. Our team is ready to assist you with all your moving needs.

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What We Offer

IVL’s domestic and international moving services are comprehensive and door-to-door. Here’s a brief overview of our services:

• Comprehensive packing and unpacking services.
• Furniture assembly and disassembly.
• Personalized services for high-value and/or fragile items, including art and antiques.
• Transport via ocean and/or air freight, as well as our fleet of high-end moving vans.
• Debris pickup.
• Vehicle transport, domestic or international.
• Varied storage services (short-term, long-term, standard, climate-controlled).
• Full customs clearance management (in the case of international moves).
• Limited liability insurance providing basic moving protection; full value protection available for purchase.
• Full corporate and military relocation services.
• Live chat and customer service 24/7
• Easy shipment tracking with the help of real-time, AI-based data collection.

How Much Does IVL Charge?

Take a few minutes to check out our online moving cost calculator to get a better feel for what your move is likely to cost. When requesting a moving quote from IVL, be sure to provide your move details and the destination zip code to ensure the most accurate quote possible.

Also, feel free to contact IVL directly for a rough estimate or quote or a more detailed moving quote based on your specific circumstances and needs. Understanding the actual cost of moving is crucial to avoiding confusion and disappointment. In some instances, rough estimates may not reflect the final bill you receive. Rapidly shifting fuel costs, for example, can affect the final invoice.

IVL, however, is always transparent with you, the customer. We always make it clear that our initial quote—and the final bill—can vary slightly.  

For Your Free Long-Distance Moving Quote, Click Here!

Is There Anything Else I Should Know?

To promote the speed and efficiency of your move, IVL, like many movers, may choose to partner with one or more local moving companies at certain points of the moving process—the final stages in particular.

There is also a 25 percent deposit required to reserve a moving date. This is refundable in the event of cancellation. The balance is then split into two separate payments: 50 percent on moving day, and the remainder upon delivery. The deposit can be made using a credit card, check, or ACH. 

Given the complex logistical arrangements that moving overseas requires, deposits collected for any international move are not refundable.

Is IVL Fully Licensed?

Yes. Per federal requirements, IVL is licensed by DOT, FMC, and AMSA (the latter having been recently absorbed by ATA).

Click Here For Your Free Online Moving Quote! Or Contact Us Directly at (877) 647-1336