Enter your email address and start getting breaking law firm and legal news right now!
Which State Ranks Highest for Business?
CNBC has tallied their annual rankings of the American States in terms of which are the best states for business, and determined the best to be South Dakota. Texas kept upwards as usual, ranking second, with North Dakota in third, Nebraska in fourth, and Utah and Virginia coming in fifth. Among the worst states were Pennsylvania and Washington (tied for 44th) and dead last Illinois.
These nominations are awarded based on a point system that considers “cost of doing business” “economy” “infrastructure” “workforce” and so forth, and attributes points to each state. More than 50 metrics are used for the states, adding up to a possible 2,500 points. This year, South Dakota scored highest with 1,639 points.
2010 tax cutting was accredited with some of the benefits of doing business throughout the country, and South Dakota ranked second when it came to state’s legal and regulatory climates. The beauty of the state and its low crime rate put it in seventh, but it scored near last, 48th, in technology and innovation, as being one of the least internet-connected states. Nevertheless, its cumulative advantages added up to the number one, leading Gov. Dennis Daugaard, who sees a problem in not enough workers to keep up with the demand, that “I like to think of South Dakota as not stealing employees [from other states], but providing refuge.”
Texas kept its high ranking place, with 1,593 points, with highest points in Economy and Infrastructure; North Dakota came in third, coming up from last year’s fifth, with 1,592 points, and second only to Texas in its Economy and Infrastructure; Nebraska made the top five list for the first time with 1,575 points, doing its best in Business Friendliness, coming in third.
Notably, the only state on the top five that didn’t vote Republican in the last election was Virginia.Which State Ranks Highest for Business? by Daniel June