America’s Top States for Business
July 14, 2010
Texas takes first place in CNBC’s 2010 edition of “America’s Top States For Business.”
The state scored 1,508 points out of 2,500, the best in the history of the study. Last year, the winner was Virginia.
CNBC scores all 50 state using publicly available data on 40 different measures of competitiveness. States received points based on their rankings in each metric. The study separates those metrics into the ten broad categories, with input from business groups including the National Association of Manufacturers. The study weights the categories based on how frequently each is cited in state economic development marketing materials.
So, for example, a strong showing in the Cost of Doing Business category–worth 450 out of a total of 2021 points–is much more important to a state’s overall score than Access to Capital, which is worth 50 points.
The categories and weightings, for a total of 2,500 points, are:
Cost of Doing Business (450 points)
Workforce (350 points)
Quality of Life (350 points)
Economy (314 points)
Transportation & Infrastructure (300 points)
Technology & Innovation (250 points)
Education (175 points)
Business Friendliness (175 points)
Access to Capital (50 points)
Cost of Living (25 points)
Texas wins based upon the strength of its economy which has been top-ranked in the Economy category four years in a row. The Texas economy is the 15th largest in the world, according to government figures; larger, for example, than all the Scandinavian nations combined.
Texas is home to 64 Fortune 500 companies, more than any other state, in a wide variety of industries.
Texas has also managed to avoid the worst of the real estate crisis.
Florida ranked 28th in this year’s study.
The top 10:
4 North Carolina
7 South Dakota
8 (tie) Minnesota
8 (tie) Utah
Posted by Scott R. Lodde