(The Center Square) – A study of the economy in each U.S. state found Indiana ranked near the middle of the pack.
The report by WalletHub evaluated the 50 states and the District of Columbia based on 28 metrics that looked at their economic activity, fiscal health and growth potential. The Hoosier State finished 27th.
Befitting of its spot near the middle, Indiana placed in the top 10 in three categories and came in 41st or lower in another three.
Its best category was the amount of unfunded public pension plans per capita. At $10,189 per person, Indiana finished second best. It ranked eighth nationally in exports per capita at $6,668 and ninth in per capita budget surplus at nearly $1,158 per Hoosier.
The state only finished in the bottom 10 in one category, foreclosure rate. Its .028% was 42nd nationally.
Elsewhere, Indiana landed 41st in two other measurements: average educational attainment of people moving from other states and its share of jobs (4.91%) in STEM (Science, Technology, Engineering and Mathematics) fields.
Dennis Hoffman, a professor of economics at Arizona State University, said attracting highly skilled workers “goes hand in hand” with landing and keeping successful businesses. However, states need to do more to attract a workforce that is becoming increasingly virtual.
“So, people-friendly amenities – especially those that attract and retain young innovative talent should be an emphasis,” said Hoffman, who also serves as the director of the L. Wm. Seidman Research Institute and the Office of the University Economist at Arizona State. “And this can span arts, quality, and availability of educational programs, healthcare, entertainment, sports, culture, lifestyle, climate, etc.”
Two years ago, the Indiana General Assembly set aside $500 million in funding for regional grants to improve the quality of life across the state and make it more attractive to prospective businesses and workers. The state received funding requests that were more than triple the allocated amount, which led Gov. Eric Holcomb to request and lawmakers to approve another $500 million in the next two-year budget, which starts next month.
Only Michigan, which landed at No. 20, finished higher than Indiana among its neighboring states. Illinois finished 32nd, and Ohio came in 37th. Kentucky ranked 45th.
Washington state has the nation’s best economic climate, according to the report, and West Virginia was determined to have the nation’s worst.
