Here's Why MA's Economy Is One Of Nation's Very Best

The Massachusetts economy is one of the very strongest in the country, thanks largely to its ingenuity and high-tech jobs. Personal finance website WalletHub on Monday released the list of the best (and worst) economies in America, following up on a U.S. News & World Report ranking that also gave Massachusetts high marks.

WalletHub graded states in 28 metrics across three areas: Economic activity, economic health, and innovation potential. Massachusetts ranked No. 1 in economic health, No. 2 in economic activity, and No. 10 in innovation potential.

Massachusetts led the way in at least two of the metrics: Highest percentage of jobs in high-tech industries and most independent inventor patents per 1,000 people of working age (tied with California and Washington.)

U.S. News & World Report earlier this year listed Massachusetts' economy ninth, while taking into consideration growth, employment, and business environment. The Bay State ranked second in business environment, thanks to a strong showing in patent creations (No. 2 ) and venture capital (No. 2.)

Elite creativity and innovative thinking, it appears, is a common theme among those giving high marks to the Bay State. A Boston Globe story from 2015 talks about some of the more interesting patents field by Massachusetts residents.

The state's college brain power - U.S. News also ranked Massachusetts No. 1 in a separate education ranking - surely helps it stay ahead of the curve.

Meanwhile, the state's continuously growing relevance in the high-tech areas makes it more attractive for potential entrepreneurs. Much as the same IT companies flock to Silicon Valley, for instance, biotech companies are attracted the Boston-Cambridge area, Jon C. Thompson, an assistant professor of economics at Williamette University, said.

"In other words, to have a state be attractive to entrepreneurs you need a related industry to already be in place for the most part," Thompson said.

>>>See the full WalletHub report here.

>>>See the full U.S. news report here.

Image via shutterstock