PROVIDENCE – Rhode Island came in second-to-last as one of the worst states for business in the nation according the Consumer News and Business Channel’s 2010 ranking on America’s Top States for Business.
The annual ranking, which began in 2007, measures all 50 states based on 10 categories including the 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.
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The categories are weighted on how frequently states use them as selling points to attract business, said CNBC, noting: “That way, we hold the states to their own standards, and tell you how they measure up.”
This year’s overall winner was Texas, reclaiming the No. 1 spot from Virginia, with 1,508 points out of a possible 2,500 points – the biggest point total in the ranking’s history. Texas and Virginia have been vying for the top spot ever since the ranking’s inception. Texas previously earned the title of friendliest state for business in 2008 while Virginia came in No. 1 in 2007 and 2009.
Among the bottom five states for businesses stood Alaska in last place and Rhode Island slipped to No. 49 from its 48th place finish in 2009 and tied with Nevada for the worst overall economy.
The Ocean State also did poorly in the “cost of doing business” category, coming in at No. 45, and stood at No. 48 for transportation and infrastructure; the state’ quality of life rating slipped from 24th to 33rd during the year.
Rhode Island did see improvement, however, in its accessibility to capital, moving to 23rd place in 2010 from 36th last year, and ranked 14th in education, up from 26th place a year ago.
Also sitting in the bottom tier of the overall ranking was Hawaii at No. 48, Nevada at No. 47 and West Virginia at No. 46.
Massachusetts, on the other hand, came in 5th place overall, breaking into the Top Five ranking for the first time and also marking the first appearance of northeastern state. The Bay State’s overall ranking was backed by its strong turnout in several categories, including: access to capital, education and technology and innovation.
“Even in business friendliness – not generally considered a hallmark of New England states – Massachusetts finishes a respectable 14th,” said CNBC.
