Sep 27, 2013
12:04 PM
Connecticut Today

Connecticut Improves to No. 33 in Forbes' List of Best States for Business

Connecticut Improves to No. 33 in Forbes' List of Best States for Business

Forbes recently released its list of The Best States for Business, and Connecticut now ranks No. 33 out of 50, up six spaces from No. 39 last year. This despite the state ranking as the worst state in terms of economic growth earlier this year, according to the Department of Commerce’s Bureau of Economic Analysis.

The list ranked states according to business supply, labor supply, regulatory environment, economic climate, growth prospects and quality of life. Virginia finished first overall; Maine was last.

In the individual categories, Connecticut rankings for this year are:

In its ranked profile of the state, Forbes says, "Income inequality is huge in Connecticut, with the disparity most pronounced when comparing southern towns like New Canaan and Greenwich with Hartford, the state’s capital. Business costs are 14% higher than the national average, due in part to energy costs that are 79% higher. The Nutmeg State rates second overall in quality of life thanks to low crime and poverty rates, a healthy populace and strong schools."

Earlier this year, Forbes questioned how the state—with its tremendous wealth and other key advantages—could have devolved into one of the worst-performing economies in the nation. It concluded that a number of factors, among them a decline in small business, out-of-control government spending, high taxes and significant per capita debt, had contributed to creating such "a mess."

However, as the rise in the Forbes rankings suggest, between the state's good standing in terms of quality of life, labor supply and growth prospects, there is cause for some optimism. Those factors may not be enough to bring about real growth on their own, but they are important to the state's effort to cultivate a better business climate.

Of course, with any subjective list like this, it's not always clear if Connecticut improved or other states slipped.

Still, if you want to put a positive spin on it—and some will want to—Connecticut is now in the top 10 of the bottom half of the list. Hopefully, the state will now continue moving in the right direction.

 

Connecticut Improves to No. 33 in Forbes' List of Best States for Business

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