Forbes: Wisconsin 8th Worst State for Business

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)
50 Maine 47 26 48 45 44 16 1,318,000 40
49 Rhd. Island 41 34 50 50 23 17 1,052,500 38
48 Mississippi 20 49 30 49 31 48 2,960,000 72
47 Michigan 38 46 14 42 49 30 9,956,300 313
46 Hawaii 47 21 44 21 41 28 1,298,600 49
45 Vermont 42 16 45 39 45 15 622,100 22
44 Louisiana 25 50 27 41 18 50 4,509,600 141
43 Wisconsin 35 36 36 34 47 10 5,665,600 196
42 Alaska 29 31 42 27 27 42 702,300 29
41 W. Virginia 5 48 46 38 23 40 1,820,300 46

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.