FILE - Richmond Virginia

Richmond, Va., skyline

Virginia has the 17th best economy in the nation, according to a study by the financial website Wallethub that ranked the states and the District of Columbia.

The study also found that Virginia had the highest median household income in the country.

Virginia "has the ninth largest share of fast growing firms, a low unemployment rate, and the highest median annual household income adjusted for cost of living,” WalletHub analyst Jill Gonzalez told The Center Square in an email. “Other indications of the state's economic health are the high share of STEM professionals, and the fact that it's drawing large numbers of educated workers both from within the U.S. and abroad."

The commonwealth scored a 51.33 out of a possible score of 100. The highest score was Washington at 77.6, and the lowest was Alaska with a 28.49 score.

The study ranked each state and Washington, D.C. in three equally weighted categories, which each considered several factors. Virginia ranked in the top half in all three.

Virginia ranked 13th in its economic health ranking, which considers unemployment rate, underemployment rate and growth in personal income, among other things. It ranked 14th in economic activity, which considers GDP growth and its share of fast-growing firms, among other things.

Innovation potential was Virginia’s lowest ranking, where it was 25th. Some of this category’s considerations include the state’s share in high-tech industries, in STEM employment and its entrepreneurial activity.

Virginia finished fourth among its neighbors in the rankings with the District of Columbia, North Carolina and Maryland ranking ahead of them at six, 10 and 16, respectively. Tennessee finished around the middle of the road at 22. Kentucky and West Virginia finished far worse, ranking 45 and 47, respectively.

Staff Reporter

Tyler Arnold reports on Virginia and Ohio for The Center Square. He previously worked for the Cause of Action Institute and has been published in Business Insider, USA TODAY College, National Review Online and the Washington Free Beacon.