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Vermont increases business climate ranking to number 39


 

Fri Jul 13 2012
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Vermont has become a more friendly state to business over the last year, according to a new CNBC report. Friendliness is one of the contributing factors that helped boost the state's overall business ranking. Vermont ranked 44th best in 2011 but is now 39th best in the nation. Among the other areas of improvement, according to the report, are the cost of doing business and access to capital. Factors that seemed to get worse over the year are the state's workforce and the economy. Vermont continues to score high in quality of life (number 3 nationally) and education (4), while infrastructure (48), technology (43) and cost of living (42) continue to be a drag.

Category Score 2012 Rank 2011 Rank
Cost of Doing Business 143 38 42
Workforce 127 41 37
Quality of Life 255 3 3
Infrastructure & Transportation 90 48 49
Economy 149 27 21
Education 169 4 4
Technology & Innovation 67 43 40
Business Friendliness 95 25 34
Access to Capital 55 23 32
Cost of Living 9 42 42
OVERALL 1159 39 44

ECONOMIC PROFILE

 

Governor: Peter Shumlin (D)

Population: 626,431

GDP (per capita): $36, 665

Number of S&P companies: 0

Top corporate tax rate: 8.50 percent

Top individual tax rate: 8.95 percent

Gasoline taxes/fees: 25.5 cents

Bond Rating/Outlook: Aaa/Stable

SAT scores (average): 1538/2400

Degree Granting Institutions (colleges/universities): 24
 

REPORT

In its sixth annual study, Texas racked up 1,604 points out of a possible 2,500, with top-10 finishes in six of 10 categories of competitiveness. Texas has never finished below second place since the study began in 2007. Virginia ranked first last year

Each year, CNBC scores all 50 states on the criteria they use to sell themselves. This year’s analysis is the most comprehensive yet, using 51 metrics developed with the help of the National Association of Manufacturers and the Council on Competitiveness, as well as input from the states themselves.

This year’s categories and possible point totals are:

This year’s study comes amid slowly improving fortunes for the states. A recovering economy coupled with lingering fiscal restraint following the Great Recession are helping states improve their finances for the first time in years.

“Revenue performance remains positive, expenditures in most states are stable and few states have faced mid-year budget shortfalls in fiscal year 2012,” the National Conference of State Legislators reported in May. That means states can resume their focus on the battle for business — and jobs.

 

STATE BY STATE

 

 

Sources:  Census Bureau (2011), Standard & Poor’s (2012), Tax Foundation (2012), American Petroleum Institute (2012), Bureau Labor Statistics (2011), National Center For Education Statistics (2011), Moody’s (2012), CNBC