Updated July 31 at 3:31pm

R.I. again ranks among worst on CNBC’s ‘Top States for Business’

(Updated, 1:30 p.m.) Rhode Island ranked among the worst states for business in the United States again on CNBC’s America’s Top States for Business 2013 report, earning the No. 49 slot.

To continue reading this article, please do one of the following.



Enter your email to receive Providence Business News' e-newsletters
and breaking news alerts.  

economic indicators

R.I. again ranks among worst on CNBC’s ‘Top States for Business’

Posted:

(Updated, 1:30 p.m.)

NEW YORK – Rhode Island ranked among the worst states for business in the United States again on CNBC’s America’s Top States for Business 2013 report, earning the No. 49 slot.

The second-to-last ranking was a slight improvement from both the 2012 and 2011 CNBC list, in which the Ocean State ranked dead last. This year Rhode Island outranked Hawaii.

The news source scored all 50 states on 51 measures of competitiveness and separated those metrics into 10 broad categories – cost of doing business, economy, infrastructure and transportation, workforce, quality of life, technology and innovation, business friendliness, education, cost of living, and access to capital.

The categories were weighted based on how frequently they were cited in state economic development marketing materials. “That way, our study ranks the states based on the criteria they use to sell themselves,” said the CNBC report.

Out of a possible 2,500 points, Rhode Island earned 983. Comparatively, South Dakota, which landed the top spot in the report, earned 1,639 points.

Calling the Ocean State a “a perennial loser” in the study, the CNBC report ranked Rhode Island near the bottom in economy (No. 40), infrastructure and transportation (No. 47) and business friendliness (No. 46).

In fact, Rhode Island ranked in the bottom 10 in every category except cost of doing business (No. 32), quality of life (No. 20) and access to capital (No. 23).

Rhode Island strong quality of life ranking was its saving grace on this year’s list, according to CNBC, which called the state’s overall performance “dismal.”

Neighboring Massachusetts earned the No. 16 spot.

On Tuesday, Gov. Lincoln D. Chafee submitted an article to CNBC citing the efforts the state legislature, the R.I. Economic Development Corporation and the Governor's Workforce Board, among others, are doing to help better the state's business standing.

rhode island, cnbc, top states for business, rhode island, business climate, business list

Comments

5 comments on this story | Please log in to comment by clicking here
Please log in or register to add your comment
erose@tidispersion.com

Thanks Gov. Gump! I think he has been drinking the same Koolaid as the President.

Wednesday, July 10, 2013 | Report this
Joe_Tatulli

The fact that you would even use the word "improvement" (Paragraph 2) shows just how blind we have all become regarding the state of the state. 49, 50, whatever is not an improvement. It is horrid and unacceptable.

RI is currently at the bottom and will stay there until we all, collectively and with the voice of all out rebellion, remove every executive and legislator on Smith Hill and replace them with new faces and voices. People who actually love RI and not just the sound of their own voices in the "chamber".

Wednesday, July 10, 2013 | Report this
sameold

I wonder what Gordon and Theresa think of this? I don't really blame the Gov. He has little say. Why is this info not brought up during every election?

Wednesday, July 10, 2013 | Report this
Mister_Smithers

Might as well disband the RIEDC. Every large business in the USA will look at this report before relocating to a new state, and any states in the bottom 10 ranking are not even in the game. Get RI into the top half of the list (with tax reform and less red tape) and then re-constitute the RIEDC when they have some prayer to attract major employers. Until then, they are wasting time and money.

Wednesday, July 10, 2013 | Report this
mairhart

Business-lobby rankings such as this one tend to be rigged. High-ranking states such as South Dakota have some of the nation's worst schools, low wages, poor options for the retired elderly population, and growing environmental problems due to lax regulation. They may seem prosperous now, but that kind of success is not sustainable.

But the Chambers of Commerce that rig such studies aren't concerned about the long term; their objective is a quarterly profit now, not in 15 years.

Thursday, July 11, 2013 | Report this
Latest News