Government reports about unemployment and the business environment of Massachusetts are important, but sometimes independent reports can carry more sway. In a CNBC study of the best states to conduct business in, Massachusetts ranked fifth in the nation. Since the creation of the study four years ago, this is the first time Massachusetts, or any Northeast state, has made the top five. (Image courtesy: http://bit.ly/bUXi8D)“CNBC’s rankings today further confirm what we have already been seeing all across this commonwealth--that Massachusetts is indeed on the mend and on the move, and that we are coming out of this recession faster and stronger than other states,” Governor Deval Patrick expressed.
Massachusetts only made the top ten once, in 2009, and before that had only ranked as high as 15th in 2008. While the study rates states based on 10 independent
factors, ranging from access to capital to quality of life, Massachusetts made the top five primarily because of its strong education system, according to CNBC. Massachusetts was one of only two states to rank among the top ten on five different factors. The study found Texas as the overall best state to conduct business in. (Image courtesy: http://bit.ly/8YRPdo)Of course, CNBC went on to say that Massachusetts is also an expensive state to run a business in relation to many other states. Wages, rent, and utilities are all relatively high in Massachusetts. Moreover, there is a 5.3% long-term capital gains tax and a 12% short-term capital gains tax that companies must account for.
The findings from this study are inspiring in that they not only show that Massachusetts is a great state to conduct business in, but that the state’s business environment is improving rapidly. If Massachusetts can jump from 15th to 10th, in one year, and then 10th to 5th in the next, it may have a solid chance of closing in on first place within a few years.
[Sources: http://bit.ly/byZmvl, http://bit.ly/dm8Bid, http://bit.ly/bUXi8D]
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