Forbes: R.I. again one of worst states for business

RHODE ISLAND ranked 42nd in Forbes' annual list of the best and worst states for business. / COURTESY FORBES/GETTY IMAGES
RHODE ISLAND ranked 42nd in Forbes' annual list of the best and worst states for business. / COURTESY FORBES/GETTY IMAGES

PROVIDENCE – Rhode Island again ranks near the bottom in Forbes’ 11th annual list of the best and worst states for business.
Rhode Island is 42nd on the list, which ranks states according to factors including business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life.
Utah is the best state for business for the third year in a row, and West Virginia is the worst, for the second consecutive year, Forbes said.
Utah was propelled to the top spot thanks to energy costs that are 19 percent below the national average and job growth that is forecasted to be third best in the U.S. over the next five years. West Virginia is hobbled by the worst population growth in the United States, and the lowest college attainment rate in the country, with only 19.6 percent of those over the age of 25 possessing a degree.
No New England states placed in the top 10. North Carolina was second best for the second year in a row, followed by Nebraska.
While Rhode Island ranked in the bottom 10 at ninth worst, it did improve from last year’s standing when it was 46th, or fifth worst. Until this year, Rhode Island had been stuck in the bottom five for seven consecutive years.
Forbes said the Ocean State has had a net migration out of the state every year from 2005 to 2013. It also said Rhode Island has had the third-worst unemployment rate over the past five years, and residents are leaving the state in search of jobs.
Maine is the second-worst state for business, while Vermont is the sixth worst and Connecticut, eighth worst, according to Forbes.

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