Despite finishing No. 1 in Quality of LIfe, Hawaii finished 50th overall in a CNBC study on the best states for doing business in the U.S.
For a variety of reasons, including tax base, infrastructure, available workforce and environment, some states are better for business than others.
Then there are some states that are just not as good as others for businesses in the current atmosphere for success.
Using 60 measurements broken down in 10 categories, CNBC determined the best and worst states for business in 2015. Minnesota took the top spot, followed by Texas and Utah.
But at the bottom of the list are the two outlying states, plus a few others that are going through transitions that make them less attractive to business owners.
Starting at No. 50, the worst states for business are:
No. 50 Hawaii - Despite being No. 1 in Quality of Life, Hawaii took last place overall and last in two key categories: Cost of Doing Business and Cost of Living. It also finished 46th in Workforce and 49th in Infrastructure. It’s ranking in infrastructure dropped from 43rd to 49th in one year.
No. 49 West Virginia – Concerns over the coal industry plus continued reports about pollution from the coal industry create a poor business atmosphere in West Virginia. While finishing seventh overall in Cost of Doing Business, West Virginia ranked 48th in Business Friendliness and 50th in Technology and Innovation.
No. 48 Rhode Island – While the entire country struggles with updating its infrastructure, Rhode Island finished last in that category, as well as 45th in Business Friendliness and 45th in Access to Capital. Rhode Island did not finish in the top 10 in any category.
No. 47 Alaska – The state within an eye’s view of Russia ranks ninth overall in Workforce and 10th in Business Friendliness, but it was 49th in Economy, 47th in Technology and 47th in Cost of Living. Although it has no income tax and a top corporate tax rate of 9.4 percent, Alaska is dependent on oil and falling oil prices have affected the economy there.
No. 46 Louisiana – Although ranked 10th in Cost of Doing Business, Louisiana ranks in the bottom half of the 50 United States in eight of 10 categories, and was 48th in Economy. Low oil prices also affect Louisiana in a big way.
Ranked 45th through 41st are Nevada, Maine, Mississippi, Vermont and Alabama.
Like the top 10, the bottom 10 states are all over the map, geographically speaking, although the two outliers in Hawaii and Alaska are unique. The southern corridor is represented by Louisiana, Alabama and Mississippi, while the Northeast is represented by Rhode Island, Maine and Vermont.
Kent McDill is a staff writer for Millionaire Corner. McDill spent 30 years as a sports writer, working for United Press International and the Daily Herald of Arlington Heights, Ill. From 1988-1999, he covered the Chicago Bulls for the Daily Herald, traveling with them every day through the nine-month season. He also covered the Bulls for UPI from 1985-88, and currently covers the team for www.nba.com. He has written two books on the Bulls, including the new title “100 Things Bulls Fans Should Know And Do Before They Die’, published by Triumph Books. In August 2013, his new book “100 Things Bears Fans Should Know And Do Before They Die” gets published.
In 2008, he resigned from the Herald and became a freelance writer. The Herald hired him to write business features and speeches for the Daily Herald Business Conferences and Awards presentations.
McDill also writes a monthly parenting column for the Herald’s Suburban Parent magazine.
McDill is the father of four children, and an active fan of soccer, Jimmy Buffett and all things Disney.