1. Utah
Gross State Product $141 B
Utah
occupies the top spot for the fifth time in six years (Virginia in
2013 was the lone outlier). The state has a very pro-business climate
and companies benefit from energy costs that are 23% below the
national average and fourth lowest in the U.S.
Utah’s employment
has expanded 2.2% a year over the past five years—third best in the
U.S. Utah is well known for its winter activities and tourism has
soared since the 2002 Winter Olympics.
2. North Carolina
Gross State Product $483 B
With
one of the highest net migration rates in the U.S., people have been
flocking to North Carolina for the past decade. They are chasing
jobs. The unemployment rate was stuck above 10% for most of 2009
through 2011, but has dipped to 5.4% in 2015.
North Carolina has the
smallest union workforce in the U.S. in terms of percent of total
employment. The resulting benefit is labor costs that are 10% below
the national average—fifth lowest in the country.
3. Nebraska
Gross State Product $112 B
Nebraska
reaches an all-time high of No. 3 in the Best States rankings thanks
to its low business costs and business-friendly regulatory climate.
Lincoln is the state capital, but Omaha stands as Nebraska’s
largest city and economic center.
Omaha is home to Berkshire
Hathaway, whose CEO and founder, Warren Buffett, is the third richest
person in the world. The city is also home to ConAgra, Mutual of
Omaha, InfoUSA and TD Ameritrade.
4. North Dakota
Gross State Product $55 B
North
Dakota has boasted the country’s most robust economy over the past
five years. It is tops for job growth (4.7% annually is twice as high
as any other state), income growth (3.6%), gross state product growth
(8.6%) and unemployment (3.2% average).
Texas is the only state
within six percentage points of North Dakota's 8.6% annual gross
state product growth since 2009. Credit the development of the Bakken
oil shale fields in the western part of the state for much of that
growth, as well as thriving technology and service sectors.
5. Colorado
Gross State Product $307 B
Almost
all of the top 10 states are traditional right-to-work states, but
Colorado is an outlier as the only modified right-to-work state in
the nation. The hybrid labor law makes it harder to establish a union
than other union-friendly states.
Colorado’s success is fueled by a
young, educated labor supply and a migrating population that is
attracted to its robust economy and outdoor recreational
opportunities.
6. Texas
Gross State Product $1,648 B
The
$1.65 trillion Texas economy is the second biggest in the U.S.,
behind only California. Texas ranks first for current economic
climate thanks to the second fastest job and economic growth over the
past five years.
In addition, there are 121 of the 1,000 largest
public and private companies in the U.S. based in Texas, including
giants like AT&T, ExxonMobil and Dell. One of the only things
holding Texas back is the education rate among its labor supply.
7. Virginia
Gross State Product $464 B
Virginia's
rank falls three spots thanks to higher business costs and a
declining economic climate. The state ranked among the top two states
every year from 2006 through 2013.
Virginia still ranks at the head
of the regulatory category because of its strong incentive offerings
and business-friendly government policies. Virginia has a widely
diverse economy that includes local and federal government, military,
farming and manufacturing.
8. Indiana
Gross State Product $318 B
Indiana
cracks the top 10 for the first time ever in Forbes annual Best
States for Business. The state’s economy has fared better than most
Rust Belt neighbors because Indiana’s significant manufacturing
base is dependent upon a highly skilled labor force.
In 2012, the
state made news after becoming the 23rd right-to-work state in the
U.S. Indianapolis-based pharmaceutical giant, Eli Lilly, is the
state’s largest private employer.
9. South Dakota
Gross State Product $46 B
South
Dakota’s business costs are 17% below the national average, the
third lowest in the country. Retail, finance, and healthcare make up
the primary service industries in the state.
In 1981, Citibank
established significant operations in South Dakota in order to take
advantage of its favorable banking regulations; the company employs
more than 3,000 people today in the state.
The government comprises
another important segment of the state's economy with Ellsworth Air
Force Base the second-largest employer in the state.
10. Washington
Gross State Product $427 B
A
cradle for innovation, Washington is the birthplace for a spectrum of
iconic companies, including Microsoft, Amazon.com, Nordstrom,
Starbucks, Boeing and Costco.
Venture capitalists are always
searching for the next great Washington company, pouring $2.9 billion
of VC money—fifth most in the U.S.—into the state between 2012
and 2014.
Though Washington does not collect personal or corporate
income taxes, the business and occupation tax (B & O) affects
most businesses.
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