November 30, 2017

Forbes ranks CT's business climate among 10 worst in U.S.

PHOTO | HBJ File
PHOTO | HBJ File
The State Capitol in Hartford.

Connecticut's nationwide business climate ranking improved one spot in Forbes' latest Best States for Business list.

But with a 42nd-place ranking, Connecticut still remains a bottom-tier state in terms of its business climate, according to Forbes. In 2016, the business and investment publication ranked Connecticut 43rd in the nation; in 2015, Connecticut ranked 39th overall.

Forbes' annual Best States for Business list derives an overall ranking for states based on several factors including: costs to do business, labor supply, quality of life, regulatory environment, economic climate and growth prospects.

Connecticut received poor rankings in five out of six categories: business costs (41st); labor supply (33rd); regulatory environment (42nd); economic climate (42nd) and growth prospects (43rd).

The one area where Connecticut achieved a high ranking (fifth) was for its quality of life.

Low crime and poverty rates, a healthy population and strong schools contribute to the state's comparatively high ranking for quality of life, the magazine says.

The worst-ranked state was West Virginia, followed by Alaska, Vermont, New Mexico, Maine, Mississippi, Hawaii and Rhode Island.

The state that received the top overall ranking was North Carolina.

"Income inequality is huge in Connecticut, with the disparity most pronounced when comparing southern towns like New Canaan and Greenwich with Hartford, the state's capital," Forbes writes when profiling the state.

In addition, business costs in Connecticut are 9 percent higher than the national average, due partly to the state's high energy costs, which are 60 percent higher than the rest of the country.

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