10 states are running America’s best economies for residents. Find out where Florida ranks – NBC 6 South Florida

• Some states are in better shape to withstand an economic downturn than others.
• CNBC’s annual America’s Top States for Business study measures every state’s economy, including GDP and job growth, the housing market, and the health of state finances.
• The Southeast leads the nation for economic strength this year.

Economists are increasingly divided on whether a recession is inevitable, or if the U.S. economy is headed for a soft landing. Inflation is trending lower, the stock market is up, the labor market remains strong, and while consumer demand is down, many Americans keep spending. Whatever happens, it will affect different states in different ways.

Some state economies are better situated than others to navigate the twists and turns ahead. Companies are keeping close track as they decide where to do business. And CNBC’s annual competitiveness study, America’s Top States for Business, is keeping track as well. The Economy category is among the heaviest weighted in our methodology this year.

To determine which states have the best economy, we look at overall economic growth and annual job growth on a percentage basis, as well as the health of state finances. We also look at the overall health of the housing market. We measure the breadth of each state’s economy by looking at how many major corporations are headquartered there. And, new in 2023, we are evaluating the entrepreneurial economy based on new business formations.

Some state economies are faltering and at risk of taking a big hit in a recession. But these ten states are well equipped to handle almost anything the national economy throws their way.

10. Delaware

For well over a century, the First State’s business laws and court system have made it a favored spot to incorporate a business. And when entrepreneurship booms as it did coming out of the pandemic, Delaware really benefits. New business formations surged by 44% in 2021, the most recent annual figures available from the Census Bureau. Delaware also has strong state finances and a pristine credit rating.

2023 Economy score: 247 out of 360 points (Top States grade: B)

GDP Growth (2022): 2.1%

Job Growth: 2.5%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: Dupont De Nemours, Incyte

9. Indiana

While the Hoosier State’s economy is hardly a barnburner, Indiana offers stability. These days, that is a big plus. Home prices are appreciating by about 10% per year, according to the Federal Housing Finance Agency, but housing here is still among the most affordable in the nation, according to the National Association of Realtors. The state’s debt rating is solid.

2023 Economy score: 248 out of 360 points (Top States grade: B)

GDP Growth (2022): 1.9%

Job Growth: 2.6%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: Eli Lilly, Simon Property Group

8. Idaho

Led by the Gem State’s surging real estate and IT sectors, Idaho’s economy was the fastest growing in the nation last year, and job growth was among the best as well. Idaho’s many new residents, fleeing from more expensive states like California, are starting new businesses at a rapid clip. The explosive growth is creating some stress, however. That is particularly evident in the red-hot housing market, where foreclosures are rising, according to Attom Data Solutions.

2023 Economy score: 252 out of 360 points (Top States grade: B)

GDP Growth (2022): 4.9%

Job Growth: 3%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: Micron Technology, Lamb Weston Holdings

7. South Carolina

The Palmetto State is a popular place to start a business. With nearly 96,000 startups in 2021, South Carolina ranked in the top ten per capita. The state ranked third for housing price appreciation last year, even as homebuilders steadily added to the supply. But with no S&P 500 companies headquartered in the state, business opportunities can be hard to come by.

2023 Economy score: 269 out of 360 points (Top States grade: B+)

GDP Growth (2022): 2.4%

Job Growth: 3.1%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: None

6. Utah

The Beehive State’s economy just keeps buzzing. State finances are nearly as good as they get, according to CNBC’s analysis of state financial statements. Its credit rating is top-notch. Job growth continues as Utah’s tech economy and its mining sector gain strength.

2023 Economy score: 278 out of 360 points (Top States grade: B+)

GDP Growth (2022): 2.7%

Job Growth: 3.1%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: Zions Bancorporation, Extra Space Storage

5. Tennessee

The Volunteer State is another growth story — the nation’s second-fastest growing economy last year — led by durable goods manufacturing, though activity began to level off as the year went on. Tennessee is attracting plenty of new jobs, and state finances are strong.

2023 Economy score: 295 out of 360 points (Top States grade: A-)

GDP Growth (2022): 4.3%

Job Growth: 4.1%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: FedEx, Tractor Supply

4. Georgia

The home of household names such as Home Depot, Delta Airlines and Coca-Cola, the Peach State offers a diverse and dynamic economy. Georgia’s state finances are solid, and home prices are appreciating by about 11% a year despite plenty of new construction. But foreclosure activity is starting to tick up.

2023 Economy score: 296 out of 360 points (Top States grade: A-)

GDP Growth (2022): 2.8%

Job Growth: 3.4%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: Assurant, Intercontinental Exchange

3. North Carolina

The Tar Heel State is leaps and bounds ahead of the competition as it continues to add companies, people and jobs. While there are some growing pains, North Carolina’s housing market remains well-balanced. Prices rose more than 13% last year, but builders are keeping pace. So are homeowners, with minimal foreclosure activity.

2023 Economy score: 310 out of 360 points (Top States grade: A)

GDP Growth (2022): 3.2%

Job Growth: 3.4%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: Bank of America, Duke Energy

2. Texas

The Lone Star State added nearly 630,000 jobs last year. The 4.8% jump in non-farm payrolls was among the best in the nation. The Texas economy is growing at a Texas-sized pace, and the number of big corporations based here trails only California and New York. State finances are solid.

2023 Economy score: 324 out of 360 points (Top States grade: A+)

GDP Growth (2022): 3.4%

Job Growth: 4.8%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: Oracle, Tesla

1. Florida

The Sunshine State’s economy is white hot. Overall growth is among the strongest in the nation, with the job market to match as workers flood into the state. Florida’s housing market, which is notoriously prone to booms and busts, is well-balanced for the time being. Price appreciation is the fastest in the nation at around 15%, while construction activity is strong, and foreclosures are minimal. There are some clouds on the horizon: affordability is becoming an issue, and the insurance market is dicey. But for now, the future looks bright in the state with America’s top economy.

2023 Economy score: 340 out of 360 points (Top States grade: A+)

GDP Growth (2022): 4%

Job Growth: 4.9%

Debt Rating and Outlook (Moody’s): AAA Stable

Major Corporate Headquarters: CSX, Carnival