New England's Most Competitive States for Business—New Ranking Thursday, April 11, 2013 Sabrina Abballe, GoLocalProv Contributor
The likelihood of succeeding in the business world may depend on in which state you live, and the new 2012 Beacon Hill Institute Competitiveness Index measures and ranks each state by its ability to promote economic growth. Rhode Island's index of 5.11 ranked in #23 in overall competitiveness, with competitive advantages in the subcategories technology, security, and openness of its economy.
Compiling the Ranking The BHI Competitiveness Index, published annually since 2001, is a number between 0 and 10 that measures each state's capacity to facilitate economic growth through increasing personal income. The index is based on 43 factors in eight different subcategories: government and fiscal policy, security, infrastructure, human resources, technology, business incubation, openness, and environmental policy. The BHI measures both advantageous and disadvantageous factors in these categories to determine each state's ability to generate higher incomes. Massachusetts ranked the highest at #1 for competitiveness in business, with Mississippi the worst state for competiveness at #50.
"While there are several factors that make states competitive, measures around education technology and infrastructure are the common threads that support a strong showing," said Frank Conte, project manager for the BHI report.
The Best 10 #1 Massachusetts was the only New England state to make the top ten of most competitive states for business, followed by North Dakota (#2), Minnesota (#3), South Dakota (#4), Utah (#5), Colorado (#6), Texas (#7), Washington (#8), Virginia (#9) and Kansas (#10). New Hampshire just missed the top ten with a #12 ranking.
See how Rhode Island fared, below. View the complete BHI 12th Annual State Competitiveness Report.
#4 Rhode Island Overall Rank: 23 Government & Fiscal Policy Rank: 44 Security Rank: 7 Infrastructure Rank: 36 Human Resources Rank: 24 Technology Rank: 5 Business Incubation Rank: 37 Openness Rank: 13 Environmental Policy Rank: 31