Forbes magazine recently completed an analysis of the 50 states to determine the best locations for business and careers. The top 10 ranged from smaller states such as Nebraska and North Dakota to larger ones, such as Texas and North Carolina. The rankings provide insight into why some states fare well, while others struggle.

The analysis looked at several key factors to determine the rankings.  Please find below a summary of the key criteria evaluated to develop the list of best states for business and careers.

1. Business costs
2. Labor supply
3. Regulatory environment
4. Economic climate
5. Growth prospects
6. Quality of Life

Based upon these factors, analysts dissected detailed data for the United States to rank the states in each category and, also, determine an aggregate score for each country.  As an example, a state could score highly in some categories, but not do as well in others.  Of the 50 states, only one – Utah, scored in the Top 15 for all six categories used for the rankings.  This explains why Utah is ranked as the top state in the country.  Please find below a list of the Top 10 states in the rankings and the three categories that they ranked the highest in as a location.

1. Utah:  #5 in labor supply, #8 in regulatory environment and #10 in business costs.

2. Virginia:  #2 in labor supply, #2 in regulatory environment and #4 in quality of life.

3. North Carolina:  #1 in regulatory environment, #2 in business costs and #3 in labor supply.

4. North Dakota:  #2 in economic climate, #4 in business costs and #11 for growth prospects.

5. Colorado:  #1 in labor supply, #8 in growth prospects and #10 in quality of life.

6. Texas:  #1 in economic climate, #1 in growth prospects and #4 in regulatory environment.

7. Washington:  #5 in growth prospects, #6 in labor supply and #7 in economic climate.

8. Nebraska:  #3 in business costs, #6 in economic climate and #12 in quality of life.

9. Oregon:  #8 in growth prospects, #10 in labor supply and #15 in business costs.

10. Iowa:  #8 in business costs, #11 in regulatory environment and #11 in quality of life.

Please find below a list of the 10 states that ranked the lowest in the survey and the three categories that they ranked the lowest in as a location.

41.  Illinois:  #42 in growth prospects, #38 in business costs and #31 in labor supply.

42.  Alaska:  #46 in quality of life, #41 in regulatory environment and #36 in labor supply.

43.  West Virginia:  #49 in labor supply, #49 in regulatory environment and #38 in quality of life.

44.  New Jersey:  #48 in business costs, #39 in regulatory environment and #36 in economic climate.

45.  Vermont:  #47 in regulatory environment, #44 in growth prospects and #43 in business costs.

46.  Mississippi:  #47 in quality of life, #46 in growth prospects and #46 in labor supply.

47.  Michigan:  #48 in labor supply, #48 in economic climate and #43 in growth prospects.

48.  Rhode Island:  #50 in regulatory environment, #49 in economic climate and #40 in business costs.

49.  Hawaii:  #49 in business costs, #47 in growth prospects and #46 in regulatory environment.

50.  Maine:  #50 in growth prospects, #45 in regulatory environment and #44 in business costs.

As with all rankings, it is very important to remember that different locations have strengths and weaknesses for different types of companies.  The best states for business and careers will not be the best location for all industry sectors and people.  Any company considering the location of a new facility or expansion of an existing operation, must consider the key factors that impact their company and project.    While rankings are helpful in providing information and identifying trends, they do not spell huge success or failure on their own.  The old expression of “peeling back the onion” is very true when it comes to site selection for companies.