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Utah Tops States Ranked Best for Business

The Beehive State ranks best in the nation for business. Louisiana, since you asked, ranks worst. 

| BY Donald Liebenson


If you want the best pizza, go to Chicago. Autumn leaves; New Hampshire is pretty breathtaking. Most pleasant weather; Los Angeles and San Diego arguably get the nod. But if you’re looking for a place to start and grow a business, you might consider Utah.

A new independent business climate assessment compiled by 24/7 Wall St. ranks the Beehive State to be the best state in the nation for business. The worst state for business, since you asked, is Louisiana, according to the rankings

24/7 Wall St. considered eight major categories: business costs, cost of living, economy, infrastructure, labor and human capital, quality of life, regulation, and technology and innovation

Utah fared among the best in all of the categories, 24/7 Wall St. reports. Over the decade from 2010, the state’s working-age population is projected to grow by 20.5 percent, more than four times the estimated national average growth rate. The number of non-government establishments grew by 2.5 percent in 2012, the second fastest growth rate, and also twice the comparable national growth rate. Added to this, Utah boasts affordable housing and a safe quality of life with the eighth lowest violent crime rate in the nation.

Massachusetts ranks second as the best state for business. The Codfish State might be more aptly nicknamed the STEM State. It led the nation in technology and innovation, due primarily to the high volume of research institutions, highly educated workforce and the abundance of technology and science positions, the study reports. Nearly one-fourth of all jobs in the state were STEM jobs, second only to Washington.

Wyoming placed third on 24/7 Wall St.’s rankings of the best states for business. The Cowboy State is especially affordable for businesses, with the best tax climate and the lowest cost of living in the nation. It also boasts the best high school graduation rate in the country at 93.5 percent.

At No. 4, South Dakota has the lowest cost of doing business, the 24/7 Wall St. report finds. Relatively low wages are counterbalanced by a low cost of living and high quality of life. There were 78.8 art, entertainment and recreation establishments per 100,000 state residents in 2012, the second highest rate and nearly double the comparable national figure.

Delaware, ranked the fifth best state for business,offers the most favorable regulatory climate in the nation and is also considered to be among the best states for innovation. More than 21 percent of all jobs in the state are STEM jobs, the eighth highest proportion in the country. One downside is Delaware’s infrastructure, which rated among the worst in the nation.

Filling out the top 10 are:

6. Texas

7. Colorado

8. Virginia

9. North Dakota

10. Minnesota

 

 



About the Author


Donald Liebenson

dliebenson@millionairecorner.com

Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.  

A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.