Minnesota Dethroned As CNBC’s Top State For Business
Business news organization CNBC surprised many of its viewers last year when it selected Minnesota as the best state for business in the country. The state didn’t fare quite as well this year: Minnesota fell from first to fourth.
“In the ten years we’ve been doing this we’ve never had a state win back-to-back and that record continues now,” CNBC senior correspondent Scott Cohn said Tuesday morning.
Each July, states are scored based on a ten categories: workforce, cost of doing business, infrastructure, economy, quality of life, technology and innovation, education, business friendliness, cost of living, and access to capital.
Much like last year, Minnesota ranked high in quality of life and education (placing 2nd in both this year), but lost points for its cost of doing business (35th in the nation).
“Gov. Mark Dayton says his state is a high tax, high value state,” Cohn said, “but job growth and the overall economy have slowed a bit in the last year.”
CNBC also noted Minnesota’s comparatively low unemployment rate of 3.7 percent and presence of large employers like the Mayo Clinic as factors to it fourth place finish.
The media outlet crowned Utah as the Top State For Business after placing it in third last year. Texas (which placed second in 2015) took the runner-up spot yet again. Colorado (previously fourth) placed above Minnesota and North Carolina (previously ninth) rounded out the top five. The full list can be found here.
Last month, TCB’s editor-in-chief, Dale Kurschner, talked about how other states, including North Carolina, have made their business and tax climates more friendly in the past year.
All in all, this year’s rankings mark the second time Minnesota has been highlighted by CNBC as one of the Top States For Business.