Vermont has become a more friendly state to business over the last year, according to a new CNBC report. Friendliness is one of the contributing factors that helped boost the state's overall business ranking. Vermont ranked 44th best in 2011 but is now 39th best in the nation. Among the other areas of improvement, according to the report, are the cost of doing business and access to capital. Factors that seemed to get worse over the year are the state's workforce and the economy. Vermont continues to score high in quality of life (number 3 nationally) and education (4), while infrastructure (48), technology (43) and cost of living (42) continue to be a drag.
Category
Score
2012 Rank
2011 Rank
Cost of Doing Business
143
38
42
Workforce
127
41
37
Quality of Life
255
3
3
Infrastructure & Transportation
90
48
49
Economy
149
27
21
Education
169
4
4
Technology & Innovation
67
43
40
Business Friendliness
95
25
34
Access to Capital
55
23
32
Cost of Living
9
42
42
OVERALL
1159
39
44
ECONOMIC PROFILE
Governor: Peter Shumlin (D)
Population: 626,431
GDP (per capita): $36, 665
Number of S&P companies: 0
Top corporate tax rate: 8.50 percent
Top individual tax rate: 8.95 percent
Gasoline taxes/fees: 25.5 cents
Bond Rating/Outlook: Aaa/Stable
SAT scores (average): 1538/2400
Degree Granting Institutions (colleges/universities): 24
REPORT
In itssixth annual study,Texasracked up 1,604 points out ofa possible 2,500,with top-10 finishes in six of 10 categoriesof competitiveness. Texas has never finished below second place since the study began in2007.Virginia ranked first last year
Each year, CNBCscores all 50 stateson the criteria they use to sell themselves. This year’s analysis is the most comprehensive yet, using 51 metrics developed with the help of theNational Association of Manufacturersand theCouncil on Competitiveness, as well as input from the states themselves.
This year’s categories and possible point totals are:
Cost of Doing Business(350)
Workforce(350)
Quality of Life(350)
Infrastructure & Transportation(325)
Economy(325)
Education(225)
Technology & Innovation(225)
Business Friendliness(200)
Access to Capital(100)
Cost of Living(50)
This year’s study comes amid slowly improving fortunes for the states. A recoveringeconomycoupled with lingering fiscal restraint following the Great Recession are helping states improve their finances for the first time in years.
‘Revenue performance remains positive, expenditures in most states are stable and few states have faced mid-year budget shortfalls in fiscal year 2012,’the National Conference of State Legislators reported in May. That means states can resume their focus on the battle for business ‘and jobs.
STATE BY STATE
Alabama (#38)
Alaska (#47)
Arizona (#22)
Arkansas (#20)
California (#40)
Colorado (#8)
Connecticut (#44)
Delaware (#43)
Florida (#29)
Georgia (#9)
Hawaii (#49)
Idaho (#13)
Illinois (#26)
Indiana (#14)
Iowa (#12)
Kansas (#15)
Kentucky (#36)
Louisiana (#42)
Maine (#35)
Maryland (#31)
Massachusetts (#28)
Michigan (#33)
Minnesota (#11)
Mississippi (#46)
Missouri (#27)
Montana (#24)
Nebraska (#6)
Nevada (#45)
New Hampshire (#19)
New Jersey (#41)
New Mexico (#36)
New York (#34)
North Carolina (#4)
North Dakota (#5)
Ohio (#25)
Oklahoma (#23)
Oregon (#18)
Pennsylvania (#30)
Rhode Island (#50)
South Carolina (#32)
South Dakota (#7)
Tennessee (#16)
Texas (#1)
Utah (#2)
Vermont (#39)
Virginia (#3)
Washington (#21)
West Virginia (#48)
Wisconsin (#17)
Wyoming (#10)
Sources: Census Bureau (2011), Standard & Poor’s (2012), Tax Foundation (2012), American Petroleum Institute (2012), Bureau Labor Statistics (2011), National Center For Education Statistics (2011), Moody’s (2012), CNBC