The Best And Worst States For Business
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Forbes' 10th annual ranking of the Best States for Business analyzes states across 40 metrics related to costs,
labor supply, regulatory environment, economic climate, growth prospects and quality of life. Here are the states with the 10 best and 10 worst business climates.
Rank #1 Utah, Gross State Product: $141 billion, 5-yr annual GSP growth: 2.4%, Governor: Gary Herbert. Utah finishes on top for the fifth time in six years. Energy costs are 23% below the national average and job growth has been third best in the U.S. over the last five years.
Rank #2 North Carolina, Gross State Product: $483 billion, 5-yr annual GSP growth: 1.4%, Governor: Pat McCrory. North Carolina has the lowest union workforce in the U.S. at 1.9%. The low rate contributes to labor costs that are 10% below the national average.
Rank #3 Nebraska, Gross State Product: $112 billion, 5-yr annual GSP growth: 2.6%, Governor: Pete Ricketts. Nebraska reaches an all-time high ranking of No. 3 thanks to low business costs and a business-friendly regulatory climate. At 2.6% in 2015, Nebraska's unemployment rate is the lowest in the U.S.
Rank #4 North Dakota, Gross State Product: $55 billion, 5-yr annual GSP growth: 8.6%, Governor: Jack Dalrymple. Texas is the only state within six percentage points of North Dakota's 8.6% annual gross state product growth since 2009. Credit the development of the Bakken oil shale fields in the western part of the state.
Rank #5 Colorado, Gross State Product: $307 billion, 5-yr annual GSP growth: 2.2%, Governor: John Hickenlooper. Colorado had the fourth fastest job growth over the past five years. Colorado adults have the second highest level of college attainment at 38%, behind only Massachusetts.
Rank #6 Texas, Gross State Product: $1.65 trillion, 5-yr annual GSP growth: 4.7%, Governor: Greg Abbott. There are 121 of the 1,000 largest companies in the U.S. based in Texas, including giants AT&T, ExxonMobil and Dell. Texas ranks first for current economic climate thanks to the second fastest job and economic growth over the past five years.
Rank #7 Virginia, Gross State Product: $464 billion, 5-yr annual GSP growth: 0.8%, Governor: Terry McAuliffe. Virginia falls three spots thanks to higher business costs and a declining economic climate. The state ranked among the top two every year from 2006 to 2013.
Rank #8 Indiana, Gross State Product: $318 billion, 5-yr annual GSP growth: 1.9%, Governor: Mike Pence. Indiana cracks the top 10 for the first time. The state ranked first in regulatory component of the Mercatus Center's "Freedom in the 50 States" and sports a Aaa rating from Moody's on its general obligation debt.
Rank #9 South Dakota, Gross State Product: $46 billion, 5-yr annual GSP growth: 1.5%, Governor: Dennis Daugaard. South Dakota's business costs are 17% below the national average, third lowest in the U.S. Retail, healthcare and finance make up the primary service industries in the state.
Rank #10 Washington, Gross State Product: $427 billion, 5-yr annual GSP growth: 2.2%, Governor: Jay Inslee. Energy costs are 30% below the national average and second lowest in the U.S. The outlook is bright with household incomes projected to increase at the second fastest rate through 2019.
Source: Forbes
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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