The United States is unique in that it is quite literally made up of 50 (more than that, actually) individual provinces, each with their own unique laws, taxation rates, and policies. This allows the flexibility for local governments to foster specific environments for economic prosperity, or to implement certain cultural or social rules that may not exist in other states. One big way that states separate themselves is through regulatory policies and taxation, making themselves more attractive for business, and in turn, helping improve employment rates and raise tax revenue.
Big businesses are constantly shifting from state to state, finding ways to maximize revenue by finding climates that blend low taxes with low labor costs. Startups are also popping up all over the country, but major hubs like Silicon Valley, New York City, Seattle, and Austin are some of the core players. These cities, and some states, have been able to make themselves attractive to entrepreneurs and investors, fostering growth and allowing for innovation to bloom where it may not otherwise have been able to.
By looking a at a variety of different factors, we’ve put together a list of the top ten best states for businesses. Some of the things taken into account are things like corporate tax rates supplied by The Tax Foundation, employment rates from the Bureau of Labor Statistics, and rankings from CNBC and Chief Executive that weigh factors like access to capital and CEO opinions.
Here are the results we came up with for choosing the top states, highlighting their strengths and some other large companies that reside in each. Read on to see the top ten states for business in America.