Utah is the third-best state for business, new report says


SALT LAKE CITY — Utah is one of the top three states for business, according to a new CNBC report.

The Beehive State ranked third in the nation. Only Texas and Washington state ranked higher than Utah in the top five. Utah ranked ahead of Virginia and Colorado in the report.

Meanwhile, Alaska bottomed out as the worst state for business. Mississippi, West Virginia, Hawaii and Rhode Island ranked among the bottom five.

CNBC ranked each state on more than 60 metrics related to competitiveness. Business and policy experts, government sources and the CNBC Global CFO Council, among other groups, helped develop the rankings.

The report then broke down each metric “into 10 broad categories, weighted based on how frequently each is used as a selling point in state economic development marketing materials. That way, our study ranks the states based on the criteria they use to sell themselves,” according to CNBC.

Utah didn’t have any No. 1 rankings among the metrics. However, it did rank No. 2 for its economy. It also ranked No. 10 for infrastructure.

Utah previously was the best state for business in Forbes’ list in 2016. It then dropped down to the third-best state for business on that list in 2017, according to the Deseret News.

Utah dropped two spots “due to rising business costs and a softer economic outlook,” according to Forbes.

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Source:: Deseret News – Utah News

      

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