MacIver News Service | October 14, 2010
Wisconsin is one of the worst states for business and careers according to a new national ranking.
Forbes’ annually ranks the best states for business and careers; this year Wisconsin placed 43rd.
The bottom ten:
|Overall Ranking||State||Business Costs||Labor Supply||Regulatory Environment||Economic Climate||Growth Prospects||Quality of Life||Population||Gross State Product ($Bil)|
According to the report, Utah ranked as the best state:
Utah’s economy has expanded 3.5% annually over the past five years, faster than any other state except North Dakota. This is three-and-a-half times faster than the U.S. as a whole. Total employment in the U.S. has shrunk over the past five years, but in Utah it increased 1.5% annually, fourth-best in the nation. Household incomes have surged 5% annually, which is tops in the country and twice as fast as the national average.
Utah lowered its corporate tax rate from 7% to 5% in 2008, to the delight of businesses. The rate is now one of the lowest in the country. The regulatory climate is also pro-business, with the Pacific Research Institute rating Utah second-best in the regulatory component of its U.S. Economic Freedom Index.
Forbes’ ranking measures six vital categories for businesses: costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life. We factor in 33 points of data to determine the ranks in the six main areas. Business costs, which include labor, energy and taxes, are weighted the most heavily. They said they relied on 10 data sources, with research firm Moody’s Economy.com as the most-utilized resource.