Minnesota Overtakes Texas In 'Top States For Business' Rankings

MINNEAPOLIS — Minnesota jumped several states — including Texas — to join the top five in CNBC's "America’s Top States for Business" 2023 rankings.

The study — published Tuesday — ranked all 50 states using 86 metrics across 10 categories related to economic competitiveness.

Each category was weighted based on how often it was used in each state’s economic development marketing pitches:

• Cost of Living (50 points – 2%)
• Access to Capital (50 points – 2%)
• Education (125 points – 5%)
• Business Friendliness (215 points – 8.6%)
• Technology & Innovation (270 points – 10.8%)
• Cost of Doing Business (290 points – 11.6%)
• Life, Health & Inclusion (350 points – 14%)
• Economy (360 points – 14.4%)
• Infrastructure (390 points – 15.6%)
• Workforce (400 points – 16%)

"Our study is not an opinion survey. We use data from a variety of sources to measure the states’ performance," CNBC states. "Under our methodology, states can earn a maximum of 2,500 points. The states with the most are America’s Top States for Business."

Minnesota jumped up to no. 5 after being ranked no. 9 in 2022. Here's how the Land of 10,000 Lakes scored this year across the 10 categories:

• Work Force: 17
• Infrastructure: 3
• Economy: 24
• Life, Health, and Inclusion: 4
• Cost Of Doing Business: 39
• Technology and Innovation: 4
• Business Friendliness: 30
• Education: 13
• Access to Capital: 20
• Cost of Living: 17

North Carolina once again was named the top state for business in the nation. Minnesota supplanted Texas in the top five:

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

Alaska ranked as the worst state for business.

Check out the entire CNBC rankings here.