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In its America’s Top States for Business report published last week, Connecticut was ranked 39 on the list. Nearby states that ranked lower than Connecticut include New Jersey (No. 42), Maine (No. 43) and Rhode Island (No. 45). At the other end of the spectrum, North Carolina came in first while Massachusetts charted the highest for New England states in 24th place.
States were ranked using a methodology that was based on data from 88 metrics across 10 different categories, which include business friendliness, education and cost of living. Data was collected from sources such as the U.S. Census Bureau, U.S. Patent and Trademark Office and The College Board. Each category was given a different weight to the overall final score.
Rankings for Connecticut
Workforce: 14
Infrastructure: 39
Cost of doing business: 45
Economy: 47
Life, health and inclusion: 17
Technology and innovation: 25
Business friendliness: 11
Education: 8
Access to capital: 26
Cost of living: 43
Overall: 39
Though the state ranked high in terms of education, business friendliness and workforce, Connecticut ranked low for the cost of doing business, economy and cost of living.
Last year, Connecticut ranked 24th in the report while in 2019, the Nutmeg State came in at 35th.
A recent business report from commercial real estate firm JLL says that while the Connecticut office market is beginning to recover from effects related to the pandemic, the state, specifically Fairfield County, “continues to grapple with a clear bifurcation of demand seen in the primary submarkets of Greenwich and Stamford, compared with the tertiary areas located further north and east in the county.”
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