GREENWICH, Conn. – Rhode Island earned the No. 37 slot on Chief Executive Magazine’s list of the “2013 Best & Worst States for Businesses,” moving two spots up from its 2012 ranking.
The magazine’s ninth annual survey of CEO opinion about the best and worst states in which to do business surveyed 736 CEOs, the highest response on record.
The executives were asked to grade states they were familiar with based on a variety of metrics including taxation and regulation, quality of workforce and living environment. The list also included a tax and regulatory trade as a key indicator.
Rhode Island earned the No. 37 spot, beating the majority of the New England states besides New Hampshire (No. 26) and Maine (No. 35).
Although the Ocean State did fairly well in the rankings, it earned 2.5 out of 5 stars for “living environment,” 2 stars for “workforce quality,” and only 1.5 stars for “taxation & regulations.”
“In the minds of most leaders, a state’s friendliness is closely aligned with its tax and regulatory regime,” said the magazine.
Rhode Island’s “development trend indicator,” was described as neutral. “Sky-high unemployment rate bespeaks continuing terrible business climate,” said the publication.
Of the other New England states, Massachusetts ranked worst at No. 47, followed by Connecticut at No. 45 and Vermont at No. 39.
For the ninth consecutive year, Texas ranked first. California ranked last and Florida, North Carolina, Tennessee and Indiana placed second through fifth, respectively.
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