Rhode Island 48th Most Attractive State to Business (Again)
CNBC rated the business climate of the 50 states. Well, at least we didn’t get worse….
Interestingly, while RI was pretty static in most categories, there were gains in Workforce and Education (almost into the upper 1/3 in each). Here is CNBC’s description of each category, respectively:
Many states point with great pride to the quality and availability of their workers, as well as government-sponsored programs to train them. We rated states based on the education level of their workforce, as well as the numbers of available workers. We also considered union membership. While organized labor contends that a union workforce is a quality workforce, that argument, more often than not, doesn’t resonate with business. We also looked at the relative success of each state’s worker training programs in placing their participants in jobs….
Education and business go hand in hand. Not only do companies want to draw from an educated pool of workers, they want to offer their employees a great place to raise a family. Higher education institutions offer companies a source to recruit new talent, as well as a partner in research and development. We looked at traditional measures of K-12 education including test scores, class size and spending. We also considered the number of higher education institutions in each state.
It appears as if the aforementioned gains were offset in the overall rankings by a big dive in the ranking of Access to Capital, which CNBC explains
Companies go where the money is, and venture capital—an increasingly important source of funding—flows to some states more than others.
Plus we’re still way at the bottom in most other categories. So it would appear that the business climate in this state is so poor that even our relatively attractive workforce can’t lure businesses to open up shop. Instead, they stay away. And that young and educated workforce? They leave.