Driven by science, technology, engineering and mathematics opportunities, Massachusetts has the best state economy in the nation, according to a new report from WalletHub.

Using data from the United States Census Bureau, Bureau of Labor Statistics, Bureau of Economic Analysis and other sources, WalletHub ranked all 50 states and the District of Columbia based on economic activity, economic health and innovation potential. The Bay State came out on top overall, ranking first for innovation potential, sixth for economic activity and 17th for economic health.

Industry, research and development thrive in Massachusetts, in part thanks to investment in institutions like Harvard. The state boasts the highest share of jobs in high-tech industries and claims the number three spot for highest share of STEM professionals.

Massachusetts also holds the second-most invention patents per capita and leads the nation in percentage of firms that are listed on the Technology Fast 500 list.

“A strong state economy doesn’t guarantee success for the state’s residents, but it certainly makes financial success more attainable,” said WalletHub analyst Chip Lupo. “The best state economies also encourage growth by being friendly to new businesses and investing in new technology that will help the state deal with future challenges and become more efficient.”