Ocean State worst for business, again

RHODE ISLAND WAS ranked the worst state for business in the U.S. for the second year in a row on CNBC’s America’s Top State for Business 2012 report.
Posted 7/11/12

NEW YORK – Rhode Island was ranked the worst state for business in the United States for the second year in a row on CNBC’s America’s Top State for Business 2012 report.

The news source scored all 50 states on 43 measures of competitiveness and separated those metrics into 10 broad categories – cost of doing business, workforce, quality of life, economy, transportation and infrastructure, technology and innovation, education, business friendliness, access to capital, and cost of living.

The categories were weighted based on how frequently they were cited in state economic development marketing materials.

Out of a possible 2,500 points, Rhode Island earned 844. Comparatively, Texas, which landed the top spot in the report, earned 1,604 points.

“Rhode Island didn’t just finish last in our rankings. With just 844 out of 2,500 possible points, the Ocean State was pretty much under water,” said CNBC correspondent Scott Cohn.

The Ocean State ranked dead last in the transportation category, 49th in both business friendliness and economy, 46th for workforce, 45th for cost of doing business and 44th for cost of living. In the technology and innovation category, Rhode Island ranked 37th across the U.S.

On the plus side, Rhode Island ranked 10th in the access to capital category and 23rd in both education and quality of life.

“Economic growth in the state resumed last year, but just barely. Gross domestic product rose 0.8 percent, according to the Commerce Department. That compares with growth rates of 2 percent in neighboring Connecticut and 2.2 percent in Massachusetts,” added Cohn.

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