CNBC’s annual Top States for Business ranking provides a comprehensive assessment of the economic climate in each of the 50 states. The ranking is based on 10 broad categories of competitiveness, including workforce, infrastructure, cost of doing business, and access to capital. This year’s ranking reflects the challenges and opportunities facing businesses in the wake of the Covid-19 pandemic and the ongoing economic recovery.
The top states in this year’s ranking are largely those that have been able to maintain strong economies and workforces while also adapting to the changing demands of the business environment. These states have made investments in infrastructure, education, healthcare and other key areas that make them attractive to businesses of all sizes.
The full list of the Top States for Business 2024 is as follows:
Cnbc Top States For Business 2024
The CNBC Top States for Business 2024 ranking is based on 10 broad categories of competitiveness:
- Workforce
- Infrastructure
- Cost of Doing Business
- Access to Capital
- Economy
- Business Friendliness
- Education
- Quality of Life
- Technology & Innovation
These categories are further broken down into 84 individual metrics, which are used to calculate each state’s overall score. The ranking provides a comprehensive assessment of the economic climate in each of the 50 states and is a valuable resource for businesses of all sizes.
Workforce
A skilled and educated workforce is essential for any business. The CNBC Top States for Business 2024 ranking takes into account a number of factors related to the workforce, including the size and growth of the labor force, the educational attainment of the population, and the cost of labor.
The states with the highest-ranked workforces tend to have a large and growing labor force, a well-educated population, and competitive labor costs. These states are attractive to businesses because they can find the skilled workers they need to grow and succeed.
Some of the top states for workforce in 2024 include:
- Texas
- Florida
- North Carolina
- Georgia
- Tennessee
These states have all made investments in education and workforce development, and they are reaping the benefits in terms of a skilled and productive workforce.
The workforce is a key factor in determining a state’s overall business climate. States with strong workforces are more likely to attract and retain businesses, which leads to economic growth and prosperity.
Infrastructure
Infrastructure is another key factor in determining a state’s business climate. Good infrastructure makes it easier for businesses to operate and grow, and it can also attract new businesses to a state.
The CNBC Top States for Business 2024 ranking takes into account a number of factors related to infrastructure, including the quality of the transportation system, the availability of reliable energy, and the condition of the state’s physical infrastructure.
The states with the highest-ranked infrastructure tend to have well-maintained roads, bridges, and airports, as well as a reliable energy grid and access to high-speed internet. These states are attractive to businesses because they can operate more efficiently and effectively.
Some of the top states for infrastructure in 2024 include:
- Texas
- Florida
- North Carolina
- South Carolina
- Georgia
These states have all made significant investments in infrastructure, and they are reaping the benefits in terms of a more attractive business climate.
Infrastructure is essential for economic growth and prosperity. States with good infrastructure are more likely to attract and retain businesses, which leads to job creation and increased tax revenue.
Cost of Doing Business
The cost of doing business is a major consideration for any business. States with high costs of doing business can make it difficult for businesses to operate and grow, while states with low costs of doing business can be more attractive to businesses.
The CNBC Top States for Business 2024 ranking takes into account a number of factors related to the cost of doing business, including taxes, labor costs, energy costs, and regulatory costs.
The states with the lowest costs of doing business tend to have low taxes, competitive labor costs, affordable energy, and reasonable regulatory costs. These states are attractive to businesses because they can operate more profitably.
Some of the top states for cost of doing business in 2024 include:
- Texas
- Florida
- South Dakota
- Wyoming
- Tennessee
These states have all made efforts to keep their costs of doing business low, and they are reaping the benefits in terms of attracting and retaining businesses.
The cost of doing business is a key factor in determining a state’s overall business climate. States with low costs of doing business are more likely to attract and retain businesses, which leads to economic growth and prosperity.
Access to Capital
Access to capital is essential for businesses of all sizes. Businesses need capital to start up, grow, and innovate. States that provide businesses with access to capital are more likely to attract and retain businesses.
The CNBC Top States for Business 2024 ranking takes into account a number of factors related to access to capital, including the availability of venture capital, the availability of bank loans, and the cost of capital.
The states with the best access to capital tend to have a large and active venture capital community, a well-developed banking system, and competitive interest rates. These states are attractive to businesses because they can more easily obtain the financing they need to grow and succeed.
Some of the top states for access to capital in 2024 include:
- California
- Massachusetts
- New York
- Texas
- Florida
These states have all made efforts to create a favorable environment for businesses, and they are reaping the benefits in terms of attracting and retaining businesses.
Access to capital is a key factor in determining a state’s overall business climate. States with good access to capital are more likely to attract and retain businesses, which leads to economic growth and prosperity.
Economy
The economy is a key factor in determining a state’s overall business climate. A strong economy provides businesses with the opportunity to grow and succeed. States with strong economies tend to have low unemployment rates, high levels of business investment, and rising incomes.
The CNBC Top States for Business 2024 ranking takes into account a number of factors related to the economy, including GDP growth, job growth, unemployment rate, and personal income growth.
The states with the strongest economies tend to have high rates of GDP growth, job growth, and personal income growth. These states are attractive to businesses because they provide a favorable environment for growth and profitability.
Some of the top states for economy in 2024 include:
- Texas
- Florida
- North Carolina
- Georgia
- Tennessee
These states have all experienced strong economic growth in recent years, and they are expected to continue to perform well in the future.
The economy is a key factor in determining a state’s overall business climate. States with strong economies are more likely to attract and retain businesses, which leads to economic growth and prosperity.
Business Friendliness
Business friendliness is a key factor in determining a state’s overall business climate. States that are friendly to businesses tend to have fewer regulations, lower taxes, and a more supportive government. These states are attractive to businesses because they can operate more freely and profitably.
The CNBC Top States for Business 2024 ranking takes into account a number of factors related to business friendliness, including the regulatory environment, the tax climate, and the government’s attitude towards business.
The states with the most business-friendly environments tend to have fewer regulations, lower taxes, and a government that is supportive of business. These states are attractive to businesses because they can operate more freely and profitably.
Some of the top states for business friendliness in 2024 include:
- Texas
- Florida
- South Dakota
- Wyoming
- Tennessee
These states have all made efforts to create a favorable environment for businesses, and they are reaping the benefits in terms of attracting and retaining businesses.
Business friendliness is a key factor in determining a state’s overall business climate. States that are friendly to businesses are more likely to attract and retain businesses, which leads to economic growth and prosperity.
Education
Education is a key factor in determining a state’s overall business climate. A well-educated population provides businesses with a pool of skilled workers to draw from. States with strong education systems tend to have higher levels of business investment and economic growth.
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Educational attainment
The CNBC Top States for Business 2024 ranking takes into account the percentage of the population with a high school diploma, a bachelor’s degree, and a graduate degree. States with high levels of educational attainment are more attractive to businesses because they have a more skilled workforce.
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Quality of public schools
The ranking also takes into account the quality of the public schools in each state. States with high-quality public schools are more attractive to businesses because they provide a better education for their employees’ children.
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Availability of higher education
The ranking also takes into account the availability of higher education in each state. States with a strong network of colleges and universities are more attractive to businesses because they can provide their employees with access to higher education.
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Cost of higher education
The ranking also takes into account the cost of higher education in each state. States with affordable higher education are more attractive to businesses because they can reduce the cost of training their employees.
Education is a key factor in determining a state’s overall business climate. States with strong education systems are more likely to attract and retain businesses, which leads to economic growth and prosperity.
Quality of Life
Quality of life is a key factor in determining a state’s overall business climate. States with a high quality of life are more attractive to businesses and workers alike. These states tend to have a strong economy, a clean environment, and a variety of cultural and recreational amenities.
The CNBC Top States for Business 2024 ranking takes into account a number of factors related to quality of life, including crime rate, air quality, cost of living, and access to healthcare.
The states with the highest quality of life tend to have low crime rates, clean air, affordable housing, and good access to healthcare. These states are attractive to businesses because they can provide their employees with a high quality of life.
Some of the top states for quality of life in 2024 include:
- Minnesota
- Utah
- Colorado
- Washington
- New Hampshire
These states have all made efforts to create a high quality of life for their residents, and they are reaping the benefits in terms of attracting and retaining businesses and workers.
Quality of life is a key factor in determining a state’s overall business climate. States with a high quality of life are more likely to attract and retain businesses, which leads to economic growth and prosperity.
Technology & Innovation
Technology and innovation are key factors in determining a state’s overall business climate. States that are leaders in technology and innovation are more attractive to businesses because they provide a more favorable environment for research and development, and they have a more skilled workforce.
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Investment in research and development
The CNBC Top States for Business 2024 ranking takes into account the amount of money that each state invests in research and development. States that invest heavily in research and development are more likely to be leaders in technology and innovation.
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Number of patents issued
The ranking also takes into account the number of patents that are issued in each state. States with a high number of patents issued are more likely to be leaders in technology and innovation.
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Availability of venture capital
The ranking also takes into account the availability of venture capital in each state. States with a strong venture capital community are more likely to be leaders in technology and innovation.
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Quality of the universities
The ranking also takes into account the quality of the universities in each state. States with strong universities are more likely to be leaders in technology and innovation.
Technology and innovation are key factors in determining a state’s overall business climate. States that are leaders in technology and innovation are more likely to attract and retain businesses, which leads to economic growth and prosperity.
FAQ
Here are some frequently asked questions about the CNBC Top States for Business 2024 ranking:
Question 1: What is the CNBC Top States for Business ranking?
Answer 1: The CNBC Top States for Business ranking is an annual ranking of the 50 states in the United States based on their overall business climate. The ranking is based on 10 broad categories of competitiveness, including workforce, infrastructure, cost of doing business, and access to capital.
Question 2: What are the top 10 states in the 2024 ranking?
Answer 2: The top 10 states in the 2024 ranking are:
- Texas
- Florida
- North Carolina
- Georgia
- Tennessee
- South Carolina
- Arizona
- Colorado
- Utah
- Virginia
Question 3: What are the most important factors in the ranking?
Answer 3: The most important factors in the ranking are workforce, cost of doing business, and access to capital.
Question 4: How can businesses use the ranking to make decisions?
Answer 4: Businesses can use the ranking to identify states that have a favorable business climate and that may be a good place to locate or expand their operations.
Question 5: What are the biggest changes in the 2024 ranking?
Answer 5: The biggest changes in the 2024 ranking are the rise of Texas and Florida to the top of the ranking, and the decline of California and New York.
Question 6: What are the trends that are shaping the business climate in the United States?
Answer 6: The trends that are shaping the business climate in the United States include the increasing importance of technology and innovation, the growing demand for a skilled workforce, and the rising cost of healthcare.
Question 7: What can states do to improve their business climate?
Answer 7: States can improve their business climate by investing in education and workforce development, reducing taxes and regulations, and creating a more favorable environment for business.
The CNBC Top States for Business ranking is a valuable resource for businesses of all sizes. The ranking provides a comprehensive assessment of the business climate in each of the 50 states and can help businesses make informed decisions about where to locate or expand their operations.
The following are some additional tips for businesses looking to improve their business climate:
Tips
Here are four tips for businesses looking to improve their business climate:
Tip 1: Invest in education and workforce development. A well-educated workforce is essential for any business. States that invest in education and workforce development are more likely to attract and retain businesses.
Tip 2: Reduce taxes and regulations. High taxes and regulations can make it difficult for businesses to operate and grow. States that reduce taxes and regulations are more likely to be attractive to businesses.
Tip 3: Create a more favorable environment for business. States can create a more favorable environment for business by providing financial incentives, such as tax breaks and grants, and by streamlining the regulatory process.
Tip 4: Market your state to businesses. States can market themselves to businesses by highlighting their strengths, such as their workforce, infrastructure, and cost of doing business. States that market themselves effectively are more likely to attract new businesses.
By following these tips, states can improve their business climate and make themselves more attractive to businesses of all sizes.
The CNBC Top States for Business 2024 ranking is a valuable resource for businesses of all sizes. The ranking provides a comprehensive assessment of the business climate in each of the 50 states and can help businesses make informed decisions about where to locate or expand their operations.
Conclusion
The CNBC Top States for Business 2024 ranking provides a comprehensive assessment of the business climate in each of the 50 states. The ranking is based on 10 broad categories of competitiveness, including workforce, infrastructure, cost of doing business, and access to capital.
The top states in the 2024 ranking are Texas, Florida, North Carolina, Georgia, and Tennessee. These states have all made significant investments in education and workforce development, infrastructure, and other key areas that make them attractive to businesses of all sizes.
The CNBC Top States for Business ranking is a valuable resource for businesses of all sizes. The ranking can help businesses identify states that have a favorable business climate and that may be a good place to locate or expand their operations.
By investing in education and workforce development, reducing taxes and regulations, and creating a more favorable environment for business, states can improve their business climate and make themselves more attractive to businesses of all sizes.