November 19, 2015

Connecticut ranks low on Forbes business list

Add Forbes to the list of places that ranks Connecticut low as a place to do business. The publication placed the state 39th in the nation for a variety of factors.

According to a profile in its "Best States for Business" Connecticut's business costs are 11 percent higher than the national average, due in part to energy costs that are 64 percent higher.

The article pointed out these facts about doing business in Connecticut:

  • No. 45 in Business Costs
  • No. 25 in Labor Supply
  • No. 41 in Regulatory Environment
  • No. 44 in Economic Climate
  • No. 29 in Growth Prospects

Not all was negative, though. The profile said, "The Nutmeg State rates fourth overall for quality of life thanks to low crime, a healthy populous and strong schools."

Forbes said its business costs incorporate Moody's Analytics Cost of doing business index, which includes labor, energy and taxes. Moody's weighs labor costs the most heavily in its index. Business costs are the most heavily weighted component in the Forbes Best States for Business, slightly more than labor supply and regulatory environment.

Recently, Connecticut was ranked 44th for its business tax climate. That ranking came from the conservative-leaning Tax Foundation.

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