The state of California jumped 15 spots on CNBC’s latest rankings of state business climate. The state was rated 32nd among the 50 states as the best place to do business.
Areas such as California’s top-rated technology sector, access to capital (1) and economy (9) helped boost California’s profile among the 50 states. However, cost of living (47), business friendliness (48) and cost of doing business (48) helped bring down the state’s overall rating.
California’s GDP grew by 2 percent while unemployment dropped to 7.8 percent, which also helped the state’s ranking.
The top 10 states in which to do business, according to CNBC, were Georgia, Texas, Utah, Nebraska, North Carolina, Minnesota, Washington, Colorado, Virginia (tied for 8th place), and North Dakota.
At the bottom of the list was Rhode Island, largely because of struggles with infrastructure, cost of doing business and overall business friendliness.
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