• Aug. 18, 2006 - That Can't Be Good
Forbes magazine, who for the last 8 years has ranked the best metro areas for business has expanded their study. They've now published The Best States for Business. To compile the listing of the best states for business, they ranked all 50 states on 30 metrics in six main categories: business costs, economic climate, growth prospects, labor, quality of life and regulatory environment.
If you live in Virginia, you can proudly shout; "WE'RE NUMBER 1!"
For those of us in Michigan...I'll just let the numbers speak for themselves.
- Business Costs : 41st of 50
- Labor 45th of 50
- Regulatory Environment 2nd of 50
- Economic Climate: 49th of 50
- Growth Prospects: 49th of 50
- Quality of Life 37th of 50
Overall Rank: 45th of 50
Business Costs - Index based on cost of labor, energy and taxes. Labor -Measures educational attainment, net migration and projected population growth. Regulatory Environment - Measures regulatory and tort climate, incentives, transportation and bond ratings. Economic Climate - Reflects job, income, and gross state product growth as well as unemployment and presence of big companies. Growth Prospects - Reflects projected job, income and gross state product growth as well as business openings/closings and venture capital investments.Quality Of Life - Index of schools, health, crime, cost of living, and poverty rates.
Sources: Moody's Economy.com; Pollina Corporate Real Estate; Pacific Research Institute; CFED; Moody's.
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