More Bad News For CT In Forbes’ Best States For Business Report

CONNECTICUT — National ranking after national ranking seemingly puts Connecticut at the bottom when it comes to financial and business news and this is the case with Forbes newest report. The American business magazine published its 14th annual “Best States For Business” in December.

Forbes said in a news release that the rankings were calculated based on 40 metrics spanning six main categories: business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life.

And once again Connecticut found itself near the very bottom of this new list. For the record, Connecticut was ranked No. 43. The only states ranked worse than us include: Maine, Vermont, Louisiana, Hawaii, New Mexico, West Virginia, and Alaska.

There is a silver lining though, our quality-of-life, according to this report is an outstanding sixth-best in the country.

Here’s the not-so-good breakdown for Connecticut:

• Business Costs: 45
• Labor Supply: 31
• Regulatory Environment: 43
• Economic Climate: 42
• Growth Prospects: 48
• Quality of Life: 6

Yikes. Forbes says this about Connecticut in its report:

"Income inequality is huge in Connecticut, with the disparity most pronounced when comparing southern towns like New Canaan and Greenwich with Hartford, the state’s capital. Business costs are 10% higher than the national average, due in part to energy costs that are 62% higher. The Nutmeg State rates fifth overall in quality of life thanks to low crime and poverty rates, a healthy populous and strong schools. But the regulatory climate and fiscal health rank among the worst in the nation."

North Carolina ranked No. 1 on the annual list for a third year in a row, with Texas and Utah completing the top three.

“With one of the highest net migration rates in the U.S., people have been flocking to North Carolina for the past decade,” Forbes said in its profile for the state. “The state has the smallest union workforce in the U.S. in terms of percent of total employment. The resulting benefit is labor costs that are 8 percent below the national average.”

At the other end of the spectrum, Alaska ranked as the worst state for business in the nation. The bottom five were rounded out by West Virginia, New Mexico, Hawaii and Louisiana.

“Alaska’s is one of just two state economies that shrunk over the past five years, and net migration out of the state ranks worst in the nation,” according to the report.

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Here are the top 10 best states for business in the country:

1. North Carolina
2. Texas
3. Utah
4. Virginia
5. Florida
6. Georgia
7. Tennessee
8. Washington
9. Colorado
10. Idaho

Click here to read the full methodology for the report.