Where Does RI Rank Among America’s Top States For Businesses?

RHODE ISLAND — A new analysis from CNBC ranks Rhode Island near the bottom among U.S. states in business competitiveness.

For its America’s Top States for Business rankings released Tuesday, CNBC scored states in 86 areas across 10 broad categories of competitiveness, with a maximum possible score of 2,500 points. The categories were weighted based on how frequently the states use them to sell business opportunities in economic development marketing materials.

“That way, our study ranks the states based on the attributes they use to sell themselves,” CNBC explained of its methodology, developed in consultation with a diverse group of business and policy experts, and the states themselves.

Rhode Island was ranked No. 45 with 1,093 points out of a maximum possible score of 2,500, the same spot it was at for CNBC’s 2022 rankings.

The state's economic profile is as follows:

• Governor: Daniel McKee, Democrat
• Population: 1,093,734
• GDP growth (Q1 2023): 0.10%
• Unemployment rate (May 2023): 3.0%
• Top corporate tax rate: 7.0%
• Top individual income tax rate: 5.99%
• Gasoline tax: 53.40 cents/gallon
• Bond rating (Moody’s/S&P): Aa2, Stable/AA, Stable

Data sources used in the economic profile are the U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (including 18.40 cent/gallon federal tax), Moody’s Investor Service, and the S&P Global Market Intelligence

According to CNBC, the top 10 states for business are:

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

See the full rankings via CNBC.