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Oregon Ranks Among Best Economies in US

Monday, June 06, 2016

 

Oregon ranks as having the 10th best economy in the country, according to a recent study done by WalletHub. 

Mass ranks 10th in economic activity, 9th in economic health and 13th in innovation potential. 

The Rankings 

Oregon ranks behind New York and Texas at 8 and 9 respectively, while ranking ahead of New Hampshire and Maryland at 11 and 12 respectively. 

Utah ranks as the top economy, while Mississippi ranks as the worst economy. 

To see where the rest of the states rank, check out the map below. 

Source: WalletHub

The Method 

To identify the best-performing state economies, WalletHub's analysts compared the 50 states and the District of Columbia across three key areas including economic activity, economic health and innovation potential. 

WalletHub first identified 23 relevant metrics and gave them all a value between 0 and 100, 100 being the most favorable. 

WalletHub calculated the overall score for  each state using the weighted average across all metrics and ranked the states accordingly. 

 

Economic Activity – Total Points: 40

  • GDP Growth: Full Weight (~8.00 Points)
  • Exports per Capita: Full Weight (~8.00 Points)
  • Percentage of Fast-Growing Firms: Full Weight (~8.00 Points)
  • Notes: This metric measures the number of firms in each state that are included on the “Technology Fast 500” list (Deloitte report) as a share of total firms in each state.
  • Business-Startup Activity: Full Weight (~8.00 Points)
  • Quality of State Legal System: Full Weight (~8.00 Points)

 

Economic Health – Total Points: 40

  • Unemployment Rate: Full Weight (~3.64 Points)
  • Nonfarm Payrolls Change: Full Weight (~3.64 Points)
  • Civilian Labor-Force Change: Full Weight (~3.64 Points)
  • Median Annual Household Income: Full Weight (~3.64 Points)
  • State-Government Surplus/Deficit per Capita: Full Weight (~3.64 Points)
  • Unfunded Liability (Public Pension Plans) per Capita: Full Weight (~3.64 Points)
  • Percentage of Population Lacking Health Insurance: Full Weight (~3.64 Points)
  • Percentage of Residents Living Below Poverty Level: Full Weight (~3.64 Points)
  • Foreclosure Rate: Full Weight (~3.64 Points)
  • Immigration of U.S. Knowledge Workers (Average Educational Attainment of Recent Migrants from Abroad): Full Weight (~3.64 Points)
  • Notes: The educational attainment of recent immigrants aged 25 and older from abroad (“moved from a different country”) is classified as having either no high school diploma, a high school diploma (or equivalency), some college experience or an associate’s degree, a bachelor’s degree, or a graduate or professional degree. Each degree class was assigned a weight based on the equivalent average years of schooling the U.S. education system would require for the level of educational attainment:
  • 0 for no high school diploma,
  • 12 for high school diploma,
  • 14 for some college experience or an associate’s degree,
  • 16 for a bachelor’s degree, and
  • 18.95 for a graduate or professional degree (the average number of years of schooling of the U.S. population of graduate, professional, and doctorate degree holders)
  • The number of recent immigrants in each education class was multiplied by its respective weight then divided by the total number of recent immigrants aged 25 and older for the final score.
  • Migration of U.S. Knowledge Workers (Average Educational Attainment of Recent Migrants from Other U.S. States): Full Weight (~3.64 Points)
  • Notes: The educational attainment of recent migrants aged 25 and older from other states within the U.S. (“moved from a different state”) is classified as having either no high school diploma, a high school diploma (or equivalency), some college experience or an associate’s degree, a bachelor’s degree, or a graduate or professional degree. Each degree class was assigned a weight based on the equivalent average years of schooling the U.S. education system would require for the level of educational attainment:
  • 0 for no high school diploma,
  • 12 for high school diploma,
  • 14 for some college experience or an associate’s degree,
  • 16 for a bachelor’s degree, and
  • 18.95 for a graduate or professional degree (the average number of years of schooling of the U.S. population of graduate, professional, and doctorate degree holders)
  • The number of recent immigrants in each education class was multiplied by its respective weight then divided by the total number of recent immigrants aged 25 and older for the final score.

Innovation Potential – Total Points: 20

  • Percentage of Jobs in High-Tech Industries: Full Weight (~2.86 Points)
  • Percentage of Jobs Held by Scientists and Engineers: Full Weight (~2.86 Points)
  • Number of Independent-Inventor Patents per 1,000 Working-Age Residents: Full Weight (~2.86 Points)
  • Industry R&D Investment Amount per Total Civilian Employed Population: Full Weight (~2.86 Points)
  • Nonindustry R&D Investment Amount as a Percentage of GDP): Full Weight (~2.86 Points)
  • Venture-Capital Funding per Capita: Full Weight (~2.86 Points)
  • Entrepreneurial Activity: Full Weight (~2.86 Points)
 

Related Slideshow: Oregon Business Rankings in US

See how Oregon stacked up against the other states in the U.S.

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ThumbTack

Oregon gets a C+ for small business friendliness from Thumbtack, in conjunction with the Kauffman Foundation.

According to the ranking:

Overall friendliness C+

Ease of starting a business B
Ease of hiring D+
Regulations D
Health & safety D
Employment, labor & hiring D
Tax code D+
Licensing C-
Environmental D
Zoning D+
Training & networking programs B+

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CEO Magazine

CEO magazine was not kind to Oregon.

The state ranked in the bottom ten states at #42.

Oregon get lumped by CEO's as being California like - too much regulation.

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Forbes

The 2015 rankings puts Oregon in the top 20. Oregon ranks #18 in the United States. 

NY ranks one spot ahead at #17 and Florida ranks after Oregon.

#1 in the United States: Utah

#50 in the United States: Mississippi

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WalletHub

Oregon has been ranked as the 2nd most eco-friendly state in the country, according to a recent study by WalletHub

Oregon ranks eighth in environmental quality and first in Eco-Friendly Behaviors landing them in second overall. 

Oregon is behind Vermont and ahead of New York and Minnesota who land in the third and fourth spots respectively. 

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The Economist

Small Business Friendliness Grade: C+

The Economist grades states on an A+ to F grading scale for its small business climate. Oregon is one of 4 states that earned a "C+"

Overbearing bureaucracy and excessive licensing is stifling small business in America. 

Read More About The Economist Grade Here

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CNBC

#22 CNBC

CNBC ranks each state in cost of doing business, economy, technology and innovation.

Read More About CNBC Ranking Here

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Wallet Hub

#28 Wallet Hub

Wallet Hub ranks each state in ROI rank, state tax rank, and overall government services.

Read More About Wallet Hub Ranking Here

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#38 Kauffman Foundation

Kauffman Foundation ranks each state in entrepreneurship.

Entrepreneurial activity generally is highest in Western and Southern states and lowest in Midwestern and Northeastern states.

Read More About Kauffman Ranking Here

Prev Next

Forbes

#19 Forbes in 2014

Forbes ranks each state in business costs, economic climate, and growth prospects.

Read More About Forbes Rankings Here

 
 

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