CNBC: R.I. third-worst state for businesses

PROVIDENCE – Rhode Island is the third-worst state for businesses, according to a CNBC study.
While far from a good rating, the Ocean State did move up this year compared with 2014’s last place ranking on the study.

“Rising quality of life helps the Ocean State to its best ranking yet, which isn’t saying much. Infrastructure is dead last,” CNBC said.
Rhode Island’s best score was in quality of life, where it ranked 12th, jumping seven spots from last year. It also ranked high for education at 13th, a five-spot improvement. It came in last for infrastructure, however, and 45th for business friendliness and access to capital. Cost of doing business placed it at 44th.

In its ninth year, the study rates states on more than 60 measures of competitiveness using publicly available information to determine the best ones for businesses. Workforce, cost of doing business, economy, business friendliness, cost of living, technology and innovation, and access to capital are all taken into account.

According to CNBC, Minnesota is the best state for businesses, followed by Texas, Utah, Colorado and Georgia. Hawaii was named the worst state for businesses, with West Virginia in the 49th spot. Rhode Island (48th), Alaska (47th) and Louisiana (46th) rounded out the bottom five.

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Among the New England states, Massachusetts ranked highest at 20th, followed by New Hampshire at 30th, Connecticut at 33rd, Vermont at 42nd and Maine, 44th.

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