Connecticut Ranks Surprisingly Low in ‘Top Business States in the Country’ List
If it wasn't so expensive to function in the part of the world that we live in, Connecticut might actually be able to attract more businesses. But, the cost of conducting business in Connecticut is among the worst in the nation. Number 47 actually, out of 50 states, according to CNBC's annual America's Top States for Business 2022.
In all of New England, only Rhode Island and Maine were ranked as being worse for business, and New Jersey, but it's New Jersey. In the annual report, CNBC scored all 50 states in 88 different ways of 10 broad categories of business competitiveness. The overall winner? North Carolina. The worst US state for doing business? Mississippi. Why is it so bleak in Connecticut? If you look at the breakdown on CNBC's list, Connecticut actually scored very well in a few key business categories.
Connecticut has a powerful workforce, ranked 14 among the 50. Our population ranks 17 in Life, Health, and Inclusion, and we're surprisingly 11 in overall Business Friendliness. Where we lose out to other states is in Infrastructure - Connecticut ranks 39. Cost of doing business - CT is 45, and our Economy is near the very bottom of all 50 states, coming in at 47.
Overall, Connecticut dropped 15 spots from CNBC's 2021 Top States for Business report. In 2021, we were 24. Our elected leadership is losing out to Southern states where the cost of doing business reflects less on their bottom lines.
The end result? More local business closings. I saw the horrible news on social media that Weigold Floor Covering in my new hometown of Torrington has announced that they are permanently closing their retail store at 148 East Albert Street, and converting their focus on serving a select group of commercial clients. Why? They can't find skilled labor.