R.I. in bottom 10 in Forbes list of best states for business and careers

RHODE ISLAND RANKED among the worst states for business, according to Forbes Magazine's latest list. / COURTESY STATE OF RHODE ISLAND
RHODE ISLAND RANKED among the worst states for business, according to Forbes Magazine's latest list. / COURTESY STATE OF RHODE ISLAND

PROVIDENCE – Rhode Island is one of the worst states in the country to do business, according to Forbes Magazine’s list of the Best States For Business released this week.

Rhode Island ranked a dismal 46th, though it did improve two spots from last year’s ranking of 48.

Forbes noted that the Ocean State has been stuck in the bottom five for six straight years.

It said that over the past five years, Rhode Island experienced the third worst net migration after Michigan and Illinois as residents left to find job opportunities elsewhere. It also noted Rhode Island’s high unemployment rate at 7.6 percent, lower than only Georgia and Mississippi.
Rhode Island fared well in quality of life, however, ranking 20th out of all states.
Vermont and Maine also made the bottom 10.
Vermont came in at No. 43 for having the smallest economy in the country and business costs that are 13 percent above the national average. Maine was No. 49 for the “state’s high corporate tax burden and lousy job and economic growth forecast,” Forbes wrote on its website.
In comparison, Massachusetts ranked No. 13 for its strong schools and top rank in the country for quality of life.
Who was No. 1? Utah for its pro-business climate and energy costs that are third lowest in the country.
Mississippi ranked last, for factors including highest poverty rate and lowest median household income rate in the country.

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This is the ninth year Forbes has compiled the list, which measures six categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.

To see the full Forbes list, click HERE.

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  1. As of 10/24/2014, Rhode Island’s Unemployment Rate at
    Level U6 is: FOURTEEN POINT FOUR PER CENT (14.4%)
    (further details at http://www.bls.gov/lau/stalt.htm updated quarterly…)
    and as of 11/7/2014, the National Unemployment Rate
    at Level U6 is: ELEVEN POINT FIVE PERCENT (11.5%)
    (further details at http://www.bls.gov/news.release/empsit.t15.htm
    updated monthly…..jkp