Pennsylvania Sees Jump in Best States for Business Ranking, But Still at the Bottom
While Pennsylvania rose in rank on this year’s best-states-to-do-business list, the commonwealth still sits toward the bottom.
CNBC‘s latest annual state ranking places Pennsylvania at 33, up from the 40th spot in 2015.
While this isn’t a leap, the small improvement is one that can multiply in years to come, if the advocates for the proposed amendment on the table to change the state’s taxation uniformity clause are right about its ability to boost the local economy.”
“Innovation is a cornerstone of the Keystone State’s business climate, but the economy isn’t holding up its end of the deal,” CNBC’s report on Pennsylvania said.
CNBC scored each state by more than 60 measures of competitiveness based on input from various business and policy experts, official government sources, the CNBC Global CFO Council and the business standards that the states set for themselves. The 60 measures were then housed under 10 weighted categories: cost of doing business, workforce, infrastructure, economy, quality of life, technology & innovation, education, business friendliness, cost of living, and access to capital. States received points based on their performance in each.
Pennsylvania had the strongest showing in the technology & innovation and access to capital categories, where it ranked 12th in both. Its lowest score was for the economy, where it ranked 42nd of all states. The report cites Pennsylvania’s GDP growth as less than 2 percent for the year. Texas took the top spot for it’s economy that saw 3.8 percent GDP growth.
Pennsylvania ranked 35th for infrastructure, business friendliness, and cost of living.
States in the region fared no better. New Jersey takes the 34th spot, and Delaware comes in at 37th. New Jersey’s “regulations need some pruning,” the report said, and while Delaware has a “well-deserved reputation for business friendliness,” they also carry the reputation of having “the nation’s third-highest cost of living.”
The top five states on the list were Utah, Texas, Colorado, Minnesota and North Carolina.
Let’s see about next year, Pennsylvania.