HONOLULU (HawaiiNewsNow) - Hawaii has the ninth worst state economy in the country, according to a report by the personal finance website WalletHub.
The ranking was a part of the website's 2018 Best & Worst State Economies list.
While composing the rankings, WalletHub examined key indicators of economic performance and strength across the 50 states and Washington D.C.
Hawaii ranked dead last in two areas: Median annual household income adjusted for cost of living, and exports per capita. But some are raising doubts about the report's methodology.
"They are almost certainly undercounting Hawaii's true exports. As a tourism centric economy, we export tourism services to the rest of the world. And we export military defense services to the rest of the US," said Carl Bonham, Executive Director of the Economic Research Organization at the University of Hawaii, in an email.
The state also ranked third worst in terms of the number of jobs in high-tech industries, and 8th worst in innovation potential. The data makes it apparent that Hawaii is certainly not on the cusp of becoming the next Silicon Valley, but a report from the Kaufmann Index ranked Hawaii # 2 in rate of startup growth for small states.
Bonham also raised doubts about the indicators that are being used to determine the health of state economies.