Good news first… we didn’t make the bottom 5 on this list. I know, crazy, right? Unfortunately, we still made the bottom 10 in worst states for businesses.
NBC Connecticut reports that ranked 8th worst overall in the latest survey from Wallethub. In order to create their new roundup, they used data from the U.S. Bureau of Labor Statistics.
So, they looked at data about ease of starting a new business in certain states along with overall cost. Wallethub also looked at business growth and affordability.
For example, we ranked low for environment in costs. However, we scored 4th overall when it came to access to resources. We also have the fourth-highest most educated population in the nation.
But that’s pretty much where the good news ends. When it came to data regarding how well new businesses thrived in the state, everything appears stacked against us.
CT ranked 45th in growth in the number of small businesses while we boast the 42nd worst office-space affordability.
In addition, we have the 4th highest labor costs in the nation and 43rd most affordable cost of living. When it came to industry variety, we landed somewhere in the middle of the pack at 33rd.
We also have the 43rd worst work-week hours. So, you can technically say this proves we are overworked and underpaid in this state.
So, which state landed at the bottom of the list this year, and therefore makes us look good by default? Hawaii scored the worst in this roundup, followed by New Jersey and Rhode Island.
As for the best states for businesses? The first place honor goes to Texas, followed by Utah, and then Georgia.
What made Texas the big winner this year? They scored the best business environment and 2nd highest average growth in small businesses.
So, are you surprised by this roundup or do you think it’s right on the money? What can our state do to improve its standing next year?