Recession probabilities in the U.S. have dropped markedly over the past year, yet businesses continue seeking states with robust economies. CNBC's yearly competitiveness analysis, *America's Top States for Business*, treats economic strength as a crucial element. This year, a number of states have distinguished themselves through job growth, robust housing markets, and fiscally sound budgets.
Wisconsin
Since the pandemic, new business formations have surged in Wisconsin, according to a May report from the Wisconsin Policy Forum. Data compiled for CNBC by Construction Coverage placed Wisconsin 12th in a composite index measuring one‑, two‑, and three‑year survival rates for startups. The state's large agricultural sector, which faced risks from China trade exposure last year, received a boost when the Supreme Court struck down many of President Trump's emergency tariffs in February.
Economy score for 2026: 258 out of 415 (B grade) In 2025, Wisconsin's real GDP stood at $359.6 billion, a 1.5% increase. Debt rating (Moody's): Aa1, Stable Federal funds share: 26.8% Goods trade internationally amounted to $64 billion in 2025, representing 13.6% of GDP. In 2024, foreign direct investment totaled $1.5 billion. Major HQs: Snap‑On, Alliant Energy, Fiserv
Ohio
Ohio's strong economy helped it earn the title of America's Top State for Business in 2026. The Buckeye State also boasts 21 S&P 500 firms headquartered within its borders and holds a pristine Aaa credit rating from Moody's. However, weaknesses exist: Ohio's total fund balance could sustain operations for only about 60 days, per Pew Charitable Trusts, and the housing market has performed relatively poorly over the past five years, with high property taxes adding to the drag.
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Ohio's economy score in 2026 was 275 of 415, earning a B+. Ohio's real GDP in 2025 reached $734.4 billion, a 1.7% rise. Debt rating (Moody's): Aaa, Stable Federal funds share: 38.8% Ohio conducted $143 billion in international goods trade in 2025, equaling 14.8% of its GDP. In 2024, foreign direct investment in Ohio was $7.8 billion. Major HQs: FirstEnergy, Procter & Gamble, GE Aerospace
Minnesota
A May report from the Minnesota Chamber of Commerce declared it an "economic imperative" for the state to accelerate growth and narrow the gap with the national economy. "This gap is reflected across nearly every major macroeconomic indicator," the report noted. Despite trailing the national average last year, economic growth improved markedly from the previous period.
The North Star State maintains solid credit and decent small‑business survival rates, though new business formation remains insufficient. Because a significant portion of its foreign trade is tied to China, Minnesota also benefited from the Supreme Court's invalidation of President Trump's emergency tariffs. Real estate values appreciated solidly in 2025, yet housing remained within reach for buyers.
Minnesota's economy score for 2026: 278 out of 415 (A-). In 2025, Minnesota's real GDP was $405.8 billion, up 1.6%. Debt rating (Moody's): Aaa, Stable Federal funds share: 30.9% International goods trade in 2025 totaled $63.7 billion, or 12% of Minnesota's GDP. In 2024, foreign direct investment reached $2.96 billion. Major HQs: Hormel Foods, UnitedHealth Group, Target
Delaware
Pew Charitable Trusts notes that Delaware's finances are in good shape, with manageable pension obligations, and its total fund balance could cover operations for roughly five months if revenue stopped. Delaware is well known as a corporate‑friendly incorporation destination, but Census Bureau data show new business formations there are only about average.
Real GDP (2025): $78.4 billion (+1.3%) Debt rating (Moody's): Aaa, Stable Federal funds share: 22.5% International goods trade (2025): $9.5 billion (12.1% of GDP) Foreign direct investment (2024): $2.8 billion Major HQs: DuPont, Sallie Mae, Bank of America (credit card operations)
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