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The Best And Worst States For Business In 2017

The Best And Worst States For Business In 2017

West Virginia is the worst state for businesses in 2017, according to CNBC. The state has historically performed poorly in CNBC's rankings, but in 2017 it ranked last for the first time ever.

Achieving a score of just 942 out of a possible 2,500, the coal-heavy state is one of just seven states that didn't see any economic growth in 2016. The state's GDP fell 0.9 percent, which was the worst in the country as the state produced just half the amount of coal it did in 2008.

In addition to ranking last in CNBC's overall category, the state ranked second to last in workforce, technology and innovation, and business friendliness. On the positive front, the state ranked as the fourth best in the Cost of Doing Business category but this is more a result of stagnation than anything else.

Related Link: A Decade Of GDP Slowdown: Will Trump Turn It Around?

Best For Business: Washington

CNBC' best state for businesses is none other than Washington, partly due to the country's largest concentration of STEM (science, technology, education, and math) experts.

Scoring a total 1,621 out of a possible 2,500 points, Washington finally ranked tops in the country after entering the top 10 list in 2014. Washington boasts the hottest economy in 2016 as its GDP grew 3.7 percent, which stands at nearly two and a half times the national average.

While the state might rank at the top for businesses, it's a somewhat different story for residents. Washington ranks 37th in CNBC's Cost of Living category despite zero individual and corporate income taxes. It also ranks 32nd in the Cost of Doing Business category as the average worker earns $26.83 an hour.


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Posted-In: CNBC coal coal production Washington State West VirginiaEconomics Media Best of Benzinga