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economic development

R.I. second-worst state to do business in, says CNBC; Mass. moves up to No. 5

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PROVIDENCE – Rhode Island has been listed as the second-worst state in the nation for business, according to CNBC’s fourth annual America’s Top States for Business.

The Ocean State slipped one spot from its 2009 rank of 48, scoring 775 out of a possible 2,500 points.

The 50 states were ranked using 40 different metrics in 10 categories: cost of doing business, work force, quality of life, economy, transportation & infrastructure, technology & innovation, education, business friendliness, access to capital, and cost of living.

In the economy category, Rhode Island tied with Nevada as having the worst overall economy.

Despite its ranking, the Ocean State still saw improvement in some categories, moving up to No. 14 in education from last year’s 26, and climbing 13 spots to No. 23 in the access to capital category.

In comparison, neighboring Massachusetts is now ranked fifth in America’s Top States for Business 2010, becoming the first Northeastern state to land in the top five. CNBC cited the Bay State’s top placement in the education category, as well as its near-top scores in technology & innovation (3), access to capital (2) and business friendliness (14).

Texas took the top spot this year in a repeat of its 2008 performance and tying with Virginia for two wins each. Alaska was again ranked last due to a high cost of living and doing business, as well as a weak infrastructure.

The 10 categories were selected in 2007 with the assistance of business groups such as the National Association of Manufacturing. Each category was weighted based on how frequently they are used by states as selling points to attract business.

Rhode Island 2010 rankings by category:

  • Cost of business: 45

  • Work force: 25

  • Quality of Life: 33

  • Economy: 49 (tied with Nevada)

  • Transportation: 48

  • Technology & Innovation: 28

  • Education: 14

  • Business friendliness: 48

  • Access to capital: 23

  • Cost of living: 41

For more details about Rhode Island’s ranking visit www.cnbc.com.

cnbc's fourth annual america's top states for business, rhode island ranks No. 49 for climate to do business

Comments

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pag113

Next year Rhode Island will make it, the worst place in the nation to do business. Hats off to our elected officials and others who strive to screw life up for RHode Island citizens and business alike. Just think here comes another batch of rocket sciencists with the fall elections.

Look at Texas #1 their General Assembly meets every other year they pass a hand full of bills and go home. Perhaps Rhode Islands 's should meet every 5 years.The longer we keep them out the better off we will be. Beside corruption will all but disappear 5 years without backroom deals they may have to really work for a living.Subsquently,our business climate will improve.

ADP

Wednesday, July 14, 2010 | Report this
pag113

Next year Rhode Island will make it, the worst place in the nation to do business. Hats off to our elected officials and others who strive to screw life up for RHode Island citizens and business alike. Just think here comes another batch of rocket sciencists with the fall elections.

Look at Texas #1 their General Assembly meets every other year they pass a hand full of bills and go home. Perhaps Rhode Islands 's should meet every 5 years.The longer we keep them out the better off we will be. Beside corruption will all but disappear 5 years without backroom deals they may have to really work for a living.Subsquently,our business climate will improve.

ADP

Wednesday, July 14, 2010 | Report this
Donald

For some reason, Rhode Islanders believe that government is the answer to our economic woes. When will we learn that too much government is the problem. We need to really evaluate the programs that our government provides for us. We need to reduce the cost of government and the tax burden we raise to support it.

We still haven't consolidated our 85 fire districts or made any significant progress on consolidating school districts. It's taken 9 years so far to get a runway expanded at Green. It's ridiculous.

Wednesday, July 14, 2010 | Report this
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