Forbes’ Best States For Business: See New York’s Ranking

New York ranks a not-so-stellar 28th in the country for business, according to a new report from Forbes. The American business magazine published its 14th annual “Best States For Business” in December.

Forbes said in a press release that the rankings were calculated based on 40 metrics spanning six main categories: business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life.

Here’s the breakdown for New York:

• Business Costs: 29
• Labor Supply: 34
• Regulatory Environment: 34
• Economic Climate: 18
• Growth Prospects: 21
• Quality of Life: 14

As of December, New York's gross state product was more than $1.7 trillion. Its median household income was $67,144. There was a 1 percent job growth in 2019, while the state lost more than 106,000 residents in 2018. Forbes said the cost of doing business in the state is 2 percent below the national average.

North Carolina ranked No. 1 on the annual list for a third year in a row, with Texas and Utah completing the top three.

“With one of the highest net migration rates in the U.S., people have been flocking to North Carolina for the past decade,” Forbes said in its profile for the state. “The state has the smallest union workforce in the U.S. in terms of percent of total employment. The resulting benefit is labor costs that are 8 percent below the national average.”

At the other end of the spectrum, Alaska ranked as the worst state for business in the nation. The bottom five were rounded out by West Virginia, New Mexico, Hawaii and Louisiana.

“Alaska’s is one of just two state economies that shrunk over the past five years, and net migration out of the state ranks worst in the nation,” according to the report.

Here are the top 10 best states for business in the country:

1. North Carolina
2. Texas
3. Utah
4. Virginia
5. Florida
6. Georgia
7. Tennessee
8. Washington
9. Colorado
10. Idaho

Click here to read the full methodology for the report.