Rhode Island Ranked 5th Worst in America on CNBC Ranking for Top States for Business - Tied at #45
Tuesday, July 10, 2018
GoLocalProv Business Team
Despite claims to the contrary by some elected officials, Rhode Island is one of the worst places in America to run a business.
According to the widely respected, CNBC annual ranking of the Top States for Business, Rhode Island is the 5th worst in the United States.
Rhode Island is tied with Maine at #45 in the country.
The CNBC ranking is one of the annual milestones for business rankings.
Rhode Island ranks only ahead of Hawaii (#47), West Virginia (#48), Mississippi (#49) and Alaska (#50).
The ranking comes in stark contrast to a ranking by Business Insider that ranks Rhode Island ninth in the country.
Rhode Island was ranked #45 in 2017 and was ranked #50 in 2016.
The methodology by CNBC:
Our exclusive study scores all 50 states on 64 metrics across 10 categories of competitiveness. Our study is not an opinion survey; we measure actual performance by the states.
Our aim is to grade the states based on the qualities they deem most important in attracting business. To do that, we assign a weight to each of our 10 categories by analyzing every state's economic development marketing materials. The more the states cite a particular category as a selling point, the more weight that category carries. For example, if more states are talking about their workforce, the Workforce category carries more possible points.
New for 2018, states receive a letter grade in each category to measure their performance relative to the competition. Grading is scaled, with the high score equal to 100 percent and the low score equal to 50 percent. However, each state's overall ranking, as well as its ranking within each category, is based solely on the number of points scored.