Washington leads states for economy, innovation

Washington has the best state economy, according to recent study

OLYMPIA, Wash. — Washington is the place to go for an innovative and strong state economy, according to online personal finance platform WalletHub, which recently gave the state high marks on both lists.

Washington was ranked fifth overall for most innovative in an assessment released in March. The assessment included criteria such as the share of science, technology, engineering, and math professionals, projected STEM jobs, and student scores on Advanced Placement exams.

WalletHub also ranked recognized that Washington has the strongest state economy in country in a 2024 assessment, with criteria included the number of exports per capita and startup activity.

The Washington State Department of Commerce and its Office of Economic Development and Competitiveness wasn’t surprised at the results.

“Washington has always been a hub for innovation, from aerospace to clean energy, and I’m proud that our state is getting the credit we deserve” said Commerce Director Joe Nguyễn. “We’re doubling down on that legacy by investing in communities, empowering entrepreneurs, and building a future where opportunity is shared across every zip code.”

Part of that includes efforts like the new Tariff Information and Resource Guide, which launched in early April to help the state’s business community respond to confusion around recently implemented federal tariffs. Washington is one of the most trade-dependent state in the union.

Commerce also supports business owners and entrepreneurs through Keep Washington Working, which addresses statewide policy on supporting Washington’s economy and immigrants’ role in the workplace. According to WalletHub, new immigrants to Washington are the fifth-most educated of all states.

“We are honored by this recognition,” said OEDC Assistant Director Grace Yoo. “Every state in the nation wants to be known for a strong, resilient economy that protects and supports our hardworking families. It takes a dedicated focus on workforce development, continuous infrastructure improvement, and reliable investments in our small businesses and thriving innovation hubs. This ranking recognized our collective commitment to making Washington a great place to live and work.”

Innovators in Washington are as varied as the products. The Walla Walla Sweet Onion was created here in 1880; fiberglass skis first hit the slopes on Washington mountains in 1961; and major companies like Microsoft, Costco and Amazon still call our state home. Boeing was founded here in 1916, launching the state’s reputation for ambitious technology. And speaking of innovative: Aerospace leads as the state’s top export; in 2024, almost $18 billion of the state’s nearly $45 billion in exported commodities was related to aircraft in 2024.

For more information, including support with tariffs, exports and imports, or business expansion, go to ChooseWashingtonState.com.

Washington’s innovative culture also includes innovative leadership. Joseph Williams, Commerce’s Information and Communications Technology (ICT) sector lead, was recognized by GeekWire as their Public Policy Champion for Innovation for his leadership in the tech industry. 

Joseph will be formally recognized during the April 30 GeekWire Awards.

And Joseph isn’t the first Commerce employee to be recognized: Last year, Director Joe Nguyễn received the same award when he was a state senator. 

“Joseph’s passion for putting people and bold ideas at the center of tech continues to push our state to the forefront of global innovation and inclusive growth,” said Director Nguyễn. “As last year’s recipient, it’s great to see this award go to someone who I know will carry the torch with vision and heart.”