A CNBC analysis that examined 88 variables across 10 major categories has found out which US states are the best to do business in, with North Carolina topping the ranking.
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Although the United States is frequently cited as one of the best countries to launch a business, the ease of doing business varies from state to state. Starting a business involves numerous factors, including the workforce that is available, the state of the local infrastructure, access to investors, a business-friendly culture, etc.
Based on a CNBC analysis that examined 88 variables across 10 major categories, this map shows the best states in America for business.
The weights assigned to each of the 10 categories are further broken down as follows:
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The Most Business Friendly States
Notably, there are three ties in the ranking: Hawaii and New Mexico tie for 46th place, Connecticut and Nevada tie for 39th place, and New York and South Carolina tie for 36th place.
Colorado, Washington, and Virginia are among states that are highly ranked on the list. An openness to the cannabis sector was one of the most recent individual metrics that CNBC took into account. This factor probably contributed to Colorado’s rise from eighth to fourth place from the previous year.
Even though both California and New York are frequently regarded as centres of finance and entrepreneurship, they failed to make the top 10. However, their overall score is reduced due to the high costs of living and running a business in those areas.
A Look at the Scoring — North Carolina, California, and Nevada
We’ve broken down three distinct states and their rankings in each of the 10 categories that determined their total position to help you understand how this rating works. Here is a quick summary of where they stand in each category:
Despite having a very strong economy and being the best state for doing business, North Carolina ranks 26th in terms of the cost of doing business.
California is ranked last overall, but it is #1 in terms of access to capital, technology, and innovation.
Although Nevada had high marks for infrastructure and business friendliness, it received poor marks for technology and innovation and came in last place for education.
Doing Business in America
In fact, 4% less new company applications were submitted this year than during the same period in 2021.
As of July 2022, the following table shows new business applications by region:
- Northeast: 63,058
- Midwest: 70,827
- South: 197,663
- West: 94,150
According to the U.S. Census Bureau, the retail trade sector saw the most new company applications in July, totaling over 69,000. Professional service business applications came in second with 53,000, closely followed by construction business applications with 43,000.
Here is a closer look at the breakdown by industry:
The lower rate of business applications compared to last year may be due to a sense of caution among businesspeople brought on by a projected impending recession, rising interest rates, and inflation. Furthermore, the state of the economy has forced existing businesses to reduce their growth projections, which has resulted in significant layoffs.
However, overall, the United States is a country that values entrepreneurship; enormous increases in the number of new businesses were observed even during the pandemic, and some sectors and states will continue to prosper in whatever economic climate.