Washington was one of the biggest losers in CNBC's annual study ranking the nation's top states for business. The Evergreen State fell five places dropping to 20th in the rankings released on Tuesday.
One of the biggest reasons the state dropped in the rankings revolves around Washington's low markings in its cost of doing business. This category includes a company's tax burden, utility costs and costs of wages. Washington ranks 43rd in this category.
The state's economy has also been hampering the state's business ranking according to CNBC. From 2010 to 2011, Washington went from 18th best economy in the nation to the 32nd.
Thankfully, the state's technology and innovation as well as its access to capital is very high keeping the state competitive in the business world.
The study, in it's fifth year, was developed with input from business groups and measures all 50 states on ten categories of competitiveness. The CNBC study ranked Virginia as the nation's best business state with Texas and North Carolina rounding out the top 3.
The categories ranked in CNBC's study are:
- Cost of Doing Business
- Technology & Innovation
- Workforce
- Education
- Quality of Life
- Business Friendliness
- Economy
- Access to Capital
- Transportation & Infrastructure
- Cost of Living
Washington's neighbors Oregon and Idaho ranked 27th and 31st, respectively. The study found that the Midwest is the best region for business.
To view Washington's business profile click here.
To see where other state's fall you can view the entire CNBC study here.
To add a comment, please register or login.