24/7 Wall St: R.I. ninth worst state for business

The website 24/7 Wall St ranked Rhode Island among the worst 10 states for business.
The website 24/7 Wall St ranked Rhode Island among the worst 10 states for business.

PROVIDENCE – The website 24/7 Wall St has ranked the best and worst states for business and the Ocean State landed among the bottom 10.
Rhode Island, according to the website, is the ninth worst state for business in the country, due to factors ranging from construction – “or lack thereof” as 24/7 Wall St puts it – to the highest percentage of structurally deficient and functionally obsolete bridges. The state also had the sixth highest percentage of road miles in poor condition.
“The need for repair has not alleviated the state’s weak labor market, even though Rhode Island invests over $540,000 per mile of road, the fourth highest in the nation,” the website stated.

It also highlighted its high unemployment rate, noting it had the fourth highest average unemployment rate over the 2009-2013 period, and the second worst annual unemployment rate in the country in 2013. It also ranked ninth lowest for percentage of adults with a graduate or professional degree.

Bright spots included technology and innovation, for which Rhode Island ranked 17th, and quality of life, with a ranking of 21. Labor and human capital placed Rhode Island 28th among states.
Rhode Island did not fare as well in economy (39th), infrastructure (42nd), cost of living (43rd) and business costs and regulation (46th for both).
In comparison, Rhode Island’s neighbor Massachusetts ranked among the top 10 states for business, coming in second and behind only Utah, which was lauded as an affordable, safe place to live. Massachusetts was recognized for its technology and innovation.
The rest of the top 10: Wyoming (the website said it had the best tax climate and lowest cost of living in the nation), South Dakota (low cost of doing business was highlighted), Delaware (favorable regulatory climate), Texas (high value of exported goods), Colorado (strong labor market), Virginia (innovation), North Dakota (oil boon), Minnesota (well-educated workforce).
Louisiana was named the worst state for business, with poor scores in innovation, and nearly one in five people living in poverty in 2013. The rest of the bottom 10: West Virginia, Kentucky, Mississippi, Alabama, Hawaii, New Mexico, Oklahoma, Rhode Island and Tennessee.

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