Rhode Island Is 2019's Worst State For Business: CNBC

A new report by CNBC names Rhode Island as 2019's worst state in the country for business. Referencing "a sea of problems," the ranking cited poor infrastructure, cost of doing business and more.

Rhode Island earned just 938 out of 2,500 possible points in the ranking, putting it squarely in last place. This is the fifth time in 13 years that the state has been ranked number 50. In 2018, economic growth was just 0.6 percent, while unemployment as of last month was 3.6 percent.

However, there is hope, as CNBC analysts believe the state is headed towards improvements.

"The Ocean State has a sea of problems, but there are some signs Rhode Island has hit bottom and is poised for a comeback," the report reads. "The state is implementing a major program to fix its last place infrastructure once and for all, funded by new truck tolls. Officials note that they have paved 100 miles of roads and repaired or replaced 180 bridges in the past three years alone."

Matt Sheaff, a spokesperson for Rhode Island Commerce, said the report doesn't account enough for these investments in improving the state.

"Just two months ago, Wallet Hub ranked Rhode Island in the top 10 states for jobs. It’s clear the CNBC ranking failed to account for significant investments we have made in recent years in infrastructure, workforce development and business growth: investments that have helped produce the largest drop in unemployment in the nation, the first positive labor force growth in over a decade, wage growth that is outpacing the nation, and a record-high number of jobs," Sheaff said in a statement. "While this ranking paints an inaccurate picture of Rhode Island's economy, the fact remains that we still have more work to do. It’s critical that we keep our foot on the gas and redouble our efforts around education and workforce development, infrastructure, and economic growth — to ensure every Rhode Islander is included in our recovery."

Here's how Rhode Island ranks compared to the rest of the country in each of the categories considered in the ranking:

• Infrastructure: 50
• Economy: 48
• Cost of Doing Business: 44
• Education: 25
• Technology and Innovation: 27
• Quality of Life: 28

The state fared well in several categories, including education, technology and innovation and quality of life, ranking in the middle on each.

Filling out the rest of the worst states ranking are New Mexico, Arkansas, Oklahoma, Maine, West Virginia, Louisiana, Alaska, Mississippi and Hawaii, in order from number 41 through 49.