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CNBC
21 hours ago
- Business
- CNBC
These are America's 10 weakest state economies most at risk in a recession
The odds of a recession may be falling, but states appear to be betting that corporate leaders are still nervous. An analysis of all 50 states' economic development marketing efforts — part of CNBC's annual America's Top States for Business study — finds that a strong economy is the most frequently mentioned selling point to attract corporate site selectors these days. That includes factors like job growth, fiscal stability, and a wealth of other corporate headquarters. State web sites mentioned economic factors 222 times in our analysis, well ahead of the next most cited factor, infrastructure, at 203. Site selection consultant Tom Stringer, a principal and leader of the site selection and incentives practice at Grassi Advisors in New York, said that emphasis on economic strength and stability stands to reason. "You want to look for an environment where there is consistency," he said. "That is very important to businesses, because the stability allows you to operate with a degree of certainty, a degree of cost control, and it also talks to the health of the economy." Because the Top States overall methodology prioritizes the factors that states are talking about most, the Economy category carries the most weight in this year's competitiveness study. To score each state's economy, we considered traditional measures such as state gross domestic product growth, job growth, state fiscal health, the number of major corporations headquartered in each state, and the strength of the local housing market. But with the Trump administration seeking to slash federal spending and raise tariffs, we also considered how dependent each state is on the federal government. And we considered each state's exposure to a trade war, using data compiled for us by Trade Partnership Worldwide, a Washington, D.C.-based research firm. Some states enter these uncertain times in a position of strength. But by the numbers, these ten states are the most vulnerable in a downturn. The Beaver State's economy relies heavily on international trade. It makes up nearly one-quarter of the state's GDP. And nearly 14 percent of that international goods trade is with China, leaving Oregon seriously exposed in a trade war. "Exports and manufacturing play outsized roles in the state, so trade tensions will be borne disproportionately," said the state's most recent official revenue forecast, released in May. That forecast stops short of calling for a recession, but it predicts "near stagnation" of the state's economy, which was already not going great guns heading into the turmoil. Economic growth last year was among the slowest in the nation. 2025 Economy Score: 198 out of 445 Points (Top States Grade: D+) GDP (2024): $265.1 billion (+1.2%) Job Growth (2024): 0.6% Debt Rating and Outlook (Moody's): AA1 Stable Share of state spending from federal funds: 32% International goods trade (2024): $61.4 billion (23.2% of GDP) Major Corporate Headquarters: Nike The Mountain State's economy did show some healthy growth last year, but that may be coming to an end for now, according to Sean O'Leary, senior policy analyst at the West Virginia Center on Budget and Policy. In a blog post in May, O'Leary wrote that federal job cuts are starting to show up in the economy of a state with more than 17,000 federal jobs — about 2.5% of the state's workforce. Unemployment has fallen in West Virginia, but that has more to do with people leaving the workforce than workers finding jobs. Employment barely grew last year, and jobs have begun to decline in 2025. Meanwhile, deep tax cuts enacted in 2023 with subsequent cuts each year have had a limited impact on growth, O'Leary said, while reducing state revenue. "As we continue on into the year, the flat job growth, weakening labor force, and proposed federal program changes like cuts to Medicaid should raise concern for policymakers," O'Leary said. 2025 Economy Score: 195 out of 445 Points (Top States Grade: D+) GDP (2024): $83.7 billion (+3.5%) Job Growth (2024): 0.2% Debt Rating and Outlook (Moody's): AA2 Stable Share of state spending from federal funds: 28% International goods trade (2024): $9.6 billion (11.6% of GDP) Major Corporate Headquarters: None The Peace Garden State has one of the strongest balance sheets of any state — it could operate for more than 235 days on its fund balances alone, according to the Pew Charitable Trusts. That's longer than any other state except Wyoming. Those reserves might come in handy based on the rest of North Dakota's economic picture, which is not pretty. North Dakota's economy contracted last year, while the national economy grew by 2.8%. It doesn't help — indeed it hurts — that the price of North Dakota crude oil has been down around than 15% from its high, falling dangerously close to the breakeven price of around $65 per barrel. The state energy regulator said in May that oil producers are likely to take more rigs out of production as the year goes on. 2025 Economy Score: 194 out of 445 Points (Top States Grade: D+) GDP (2024): $59.9 billion (–0.7%) Job Growth (2024): 1.5% Debt Rating and Outlook (Moody's): AA1 Stable Share of state spending from federal funds: 31% International goods trade (2024): $12.4 billion (20.7% of GDP) Major Corporate Headquarters: None Honestly, The Land of Lincoln's has a lot going for it, economically. It is home to more S&P 500 companies than all but three states (California, New York and Texas). It is a magnet for foreign direct investment. Gov. JB Pritzker just signed the state's seventh consecutive balanced budget, which will bring the state's rainy day fund to nearly $2.5 billion by the end of this fiscal year. Perhaps best of all, the state is among the least dependent on Washington — federal funds comprise just 19% of state spending, less than any other state. The trouble is that Illinois dug itself into such a deep fiscal hole over the years that it can't just dig itself out overnight. Pritzker touts Illinois' nine consecutive credit rating upgrades on his watch, but Illinois still has the worst credit rating of any state, according to Moody's. Despite progress in recent years, Illinois still faces more than $140 billion in unfunded pension liabilities. Add the fact that the state faces serious exposure in a trade war, and you get an economy that remains deeply troubled even if it is moving in the right direction. 2025 Economy Score: 188 out of 445 Points (Top States Grade: D–) GDP (2024): $895.3 billion (+1.1%) Job Growth (2024): 0.7% Debt Rating and Outlook (Moody's): A3 Positive Share of state spending from federal funds: 19% International goods trade (2024): $282.5 billion (31.6% of GDP) Major Corporate Headquarters: Abbott Laboratories, Deere, McDonald's The Ocean State's economy grew solidly in 2024, but it still not inspiring a ton of confidence among investors and entrepreneurs. Rhode Island ranks 35th in foreign direct investment as a percentage of its GDP, based on data from the U.S. Commerce Department. And it ranks 47th for new business formations, according to U.S. Census Bureau data. Only a small percentage of the state's international trade is with China, which could help blunt the impact of a trade war. But the state is heavily dependent on Washington, leaving it vulnerable to federal budget cuts. 2025 Economy Score: 180 out of 445 Points (Top States Grade: D–) GDP (2024): $65.3 billion (+3.2%) Job Growth (2024): 1.1% Debt Rating and Outlook (Moody's): AA2 Stable Share of state spending from federal funds: 40% International goods trade (2024): $14.3 billion (21.9% of GDP) Major Corporate Headquarters: CVS Health, Hasbro The Land of Enchantment's economy stands to lose big as the Trump administration slashes the size of the federal government. Federal funds account for a whopping 43% of state spending. And, heading into the DOGE era, New Mexico was home to more than 22,000 federal employees in a workforce of less than 900,000. New Mexico is a popular place for new business formations — in the top five, according to the Census Bureau. But they don't seem to last long. An analysis of Bureau of Labor Statistics data by Simply Business, a national insurance marketplace, found that new businesses in New Mexico had the second lowest survival rate — after Minnesota — when considering the fate of businesses one, two and three years after startup. 2025 Economy Score: 177 out of 445 Points (Top States Grade: D–) GDP (2024): $112.8 billion (+2.2%) Job Growth (2024): 1.1% Debt Rating and Outlook (Moody's): AA2 Positive Share of state spending from federal funds: 43% International goods trade (2024): $19.3 billion (17.1% of GDP) Major Corporate Headquarters: None While The Pelican State does not have a large federal workforce, fully half of state spending is funded by the federal government — more than any other state. That puts Louisiana in a bad spot when it comes to the potential effect of federal budget cuts. More than a third of Louisiana residents rely on Medicaid for health coverage, and the majority of that is paid for by Washington. Even before the size of the federal cuts began to take shape, state lawmakers began bracing for impact. State Senate President Cameron Henry said last month that lawmakers postponed consideration of tax cuts until the scope of the federal cuts becomes clear. Louisiana derives a large portion of its economy from international trade, though only a small portion of that economic activity comes from China. 2025 Economy Score: 173 out of 445 Points (Top States Grade: F) GDP (2024): $256.4 billion (+3.1%) Job Growth (2024): 1% Debt Rating and Outlook (Moody's): AA2 Stable Share of state spending from federal funds: 50% International goods trade (2024): $100 billion (39% of GDP) Major Corporate Headquarters: Entergy These are uncertain times in the heartland, as any farmer in The Sunflower State will tell you. Tight credit, declining land values and crop prices, and the prospect of higher tariffs all have the rural economy under stress. The Kansas City Federal Reserve Bank, which covers Kansas along with Nebraska, Wyoming, Colorado, and parts of New Mexico and Missouri, said in May that a one percent drop in farmland prices in Kansas in the first quarter of this year contributed to what it called a "subdued" farm economy. That filters through to the rest of the state, and it is a continuation from last year, when growth in Kansas was sluggish. 2025 Economy Score: 142 out of 445 Points (Top States Grade: F) GDP (2024): $185.7 billion (+1%) Job Growth (2024): 0.7% Debt Rating and Outlook (Moody's): AA2 Stable Share of state spending from federal funds: 31% International goods trade (2024): $30.6 billion (16.5% of GDP) Major Corporate Headquarters: None The Magnolia State depends heavily on the federal government, with nearly half of its state budget coming from Washington and a large number of federal jobs relative to its overall workforce. Plus the state derives nearly one third of its GDP from international trade, making it vulnerable to higher tariffs. Nonetheless, Republican Gov. Tate Reeves is pushing forward with a plan to phase out the state income tax over time, though the same bill he signed in March raises gasoline taxes. Mississippi saw solid job growth and respectable economic growth last year. But the headwinds it faces now are formidable. 2025 Economy Score: 130 out of 445 Points (Top States Grade: F) GDP (2024): $122.4 billion (+2.4%) Job Growth (2024): 1.3% Debt Rating and Outlook (Moody's): AA2 Stable Share of state spending from federal funds: 46% International goods trade (2024): $35.5 billion (29% of GDP) Major Corporate Headquarters: None The Last Frontier's last place economy is a major reason it also finishes at the bottom overall in CNBC's annual competitiveness ranking. Alaska's fortunes are inexorably linked to the price of oil, and Alaska North Slope crude is down significantly in the past year. Alaska's fortunes are also closely tied to the federal government, with one of the largest federal workforces of any state relative to its overall workforce. Efforts to diversify Alaska's economy go back decades, and they have never had much success. Republican Gov. Mike Dunleavy has been pushing the idea of leasing the state's vast public lands for underground carbon storage, but it has been slow to get off the ground. Another idea is less about diversification than it is about getting more out of the state's petroleum resources. The Trump administration is backing a long sought after natural gas pipeline alongside the Trans Alaska oil pipeline to monetize a natural byproduct of crude production. But the economics of the project are tricky, again because oil prices are so low. 2025 Economy Score: 110 out of 445 Points (Top States Grade: F) GDP (2024): $54.9 billion (+1.5%) Job Growth (2024): 2.7% Debt Rating and Outlook (Moody's): AA3 Positive Share of state spending from federal funds: 40% International goods trade (2024): $9.6 billion (17.5% of GDP) Major Corporate Headquarters: None
CNBC
11-06-2025
- Business
- CNBC
How we are choosing America's Top States for Business in 2025
Since taking office for his second term, President Trump has set out to fundamentally change the relationship between the states and the federal government. That, in turn, has changed the way the states compete for business and jobs. In the long run, Trump's tariffs could provide incentives for foreign companies to set up shop in the U.S. Already, some companies are actively searching for locations, and states are working hard to attract them. "This has been one of the busiest periods that we've had in our 30 year careers," said Tom Stringer, principal and leader of the site selection and incentives practice at Grassi Advisors in New York. He said many companies are deciding they can't afford to wait until the tariff regime is ultimately decided to come up with a tariff-free location in the U.S. "Businesses crave certainty," he said. "It's fair to say, none of us, except for one person, really has any knowledge as to where the tariffs are going to go or finish up. And so the way to deal with that has been to strategically start to place some capacity here in the U.S." But that takes time. In the interim, the tariffs also introduce new risks. Those risks disproportionally hit states that depend more on foreign trade, especially when it comes to a major target of Trump's ire: China. In states where international trade has been an economic engine, it is now a double-edged sword at best. Similarly, federal spending, jobs and research dollars have historically been important economic drivers in some states more than others. Now, those states are dealing with massive federal budget cuts, while states that are less dependent on Uncle Sam have new advantages. Through it all, new industries and technologies like artificial intelligence and quantum computing continue to expand, with a voracious appetite for electrical power, computing power, and space to build. "Who's got the project site ready to go, with infrastructure, with entitlements that we can execute on in fairly short order?" Stringer said. "And maybe the biggest component of that is adequate power." All these changes have led to some important changes in America's Top States for Business — CNBC's exclusive study, now in its 19th year. The fundamentals of the study are the same as they have always been since the project began in 2007. We begin with ten broad categories of competitiveness. These are the factors companies consider year after year when making site selection decisions, and that states pitch in their efforts to woo business. Next, we analyze each state's economic development marketing pitches to determine the appropriate weight for each category. The more that states are talking about a particular aspect of competitiveness, the more weight it carries in the rankings. In 2025, amid recession fears, more states than ever are touting their economic strengths. That makes Economy this year's most important category. Other categories rising in importance this year include Cost of Doing Business and Cost of Living, as inflation fears persist. Business Friendliness carries more weight this year as foreign and domestic companies seek the quickest path to the U.S. market. And Technology and Innovation rises to reflect the growing battle for dominance in fields like AI. The more weight a category carries, the more metrics it includes. While most metrics remain constant from year to year, we also choose our metrics each year to reflect the current competitive landscape. So, in 2025, we have added new metrics to gauge the states' risks from a trade war and a shrinking federal budget, including sweeping cuts in federal research grants. We have also enhanced some of our Infrastructure metrics to determine how the states are delivering on companies' power and data demands. This year's Top States study employs 135 metrics, the most ever. Each state can earn a maximum of 2,500 points across the ten categories. The states with the most points are America's Top States for Business. Our study is not an opinion survey. We gather empirical data on the states' performance in each metric using the most recent figures available. Where it makes sense, we calculate some metrics on a per capita basis or in relation to a state's gross domestic product (GDP), to allow large and small states to compete on a level playing field. In addition to their point totals, states receive a letter grade in each category to measure their performance relative to the competition. Grading is scaled, with the high score equal to 100 percent and the low score equal to 50 percent. However, each state's overall ranking, as well as its ranking within each category, is based solely on the number of points scored. Here are this year's categories and weightings, and an explanation of each: Economy Particularly in uncertain times, companies are seeking states with stable finances and solid economies. We examine the economic strength of each state by looking at GDP growth and job growth over the past year. We measure each state's fiscal condition by looking at its credit ratings and outlook, its overall budget picture including spending, revenues and reserves, as well as pension obligations. We rate the health of the residential real estate market based on multiple factors including inventory, price appreciation, equity, foreclosure activity and mortgage delinquencies, affordability, home seller gains, and property taxes. Because a diverse economy is important in any environment, we consider the number of major corporations headquartered in each state. We measure each state's entrepreneurial economy based on new business formations. New in 2025, we measure the states' tariff risks by considering the importance of international trade in relation to their overall economy, their dependence on trade with China in particular, and the potential costs of increased tariffs. We also consider the role of federal spending and employment in each state's economy, and their overall dependence on federal dollars. Also new in 2025, we consider the survival rates of new businesses. Infrastructure Revitalizing domestic manufacturing, rebuilding supply chains and redefining the very nature of work takes a reimagined infrastructure. We measure the vitality of each state's transportation system by the value and volume of goods shipped by air, waterways, roads and rail. We look at the condition of highways and bridges, the availability of air travel, and the time it takes to commute to work. With skyrocketing demand for abundant, reliable power, we measure each state's electrical grid. Water demand is soaring too, so we evaluate the condition of each state's water and wastewater utilities. And, in an increasingly data driven world, we look at broadband connectivity. New in 2025, we also measure large-scale computing power in each state. We consider access to markets by measuring the population living within 500 miles of each state. We look at the availability of vacant land and office and industrial space, and we measure state site readiness programs in terms of their overall funding and the number of certified or "shovel ready" sites. We measure each state's sustainability in the face of climate change, looking at the risk of flooding, wildfires, and extreme weather. New this year, we also look at resiliency measures that allow states to withstand disasters. Workforce With skilled workers in such short supply, and with the rising role of advanced manufacturing, the definition of a qualified worker is expanding. In addition to measuring each state's concentration of science, technology, engineering and math (STEM) workers and the percentage of workers with college degrees, we also consider workers with associate degrees and industry-recognized certificates. We look at which states are most successful in attracting talent at all levels, considering the net migration of educated workers to each state, and how states are faring in the competition to attract skilled workers. We look at state worker training programs, right to work laws, and worker productivity based on economic output per job. Cost of Doing Business With costs a growing concern amid recession fears and persistent inflation, we look at each state's ability to ease business expenses. We consider the competitiveness of each state's tax climate. We also measure wage and utility costs, as well as the cost of office and industrial space. With the nationwide insurance crisis spreading, we are looking more closely in 2025 at the cost of property-casualty insurance, along with forecasted premium increases. We consider the incentives and tax breaks that states offer to reduce business costs, and we consider available incentives targeted toward development in disadvantaged communities. Business Friendliness Companies follow the path of least resistance. That includes a legal and regulatory framework that does not overburden business. We measure each state's lawsuit and liability climates, regulatory regimes covering areas such as trade and labor, as well as overall bureaucracy. As companies race to build new facilities and expand existing ones, we look at state land use regulations. We also consider how hospitable states are toward emerging industries including artificial intelligence and cryptocurrency, giving them a framework for growth without stifling innovation. Quality of Life With workers in short supply, companies are seeking to locate in states that can attract a broad array of talent. That makes quality of life an economic imperative. We rate the states on livability factors like per capita crime rates, environmental quality, and health care. With studies showing that childcare is one of the main obstacles to employees entering the workforce, we consider the availability and affordability of qualified facilities. We look at worker protections including livable wage policies, paid leave, and rights to organize. We look at inclusiveness in state laws, including protections against discrimination of all kinds, as well as voting rights and secure election systems. And with surveys showing a sizeable percentage of younger workers would not live in a state that bans abortion, we factor reproductive rights in this category as well. Technology & Innovation Truly competitive states prize innovation, nurture new ideas, and have the resources to support them. We measure the states based on results, including the number of patents issued per capita. We also consider federal health, science and agriculture research grants. But with many of those programs now on the chopping block under the Trump administration, we also measure each state's risk from cuts and changes in grant formulas. We also consider which states provide their own support for research and development, independent of the federal government. With domestic semiconductor research, development and manufacturing taking center stage, we look at each state's place in this crucial technological ecosystem. And we measure each state's role in the artificial intelligence revolution in terms of where new AI models are being developed and where the AI jobs are. Education A state's education system is its main source for talent and an engine of innovation. It is also a key consideration for companies and families deciding where to put down roots. We look at multiple measures of K-12 education including test scores, class size and spending. We consider the number of colleges and universities in each state as well as long-term trends in state support for higher education. We also consider historically Black colleges and universities (HBCUs), which companies are increasingly seeking to partner with. With the search for talent expanding to include employees with marketable, industry-recognized skills, we measure each state's community college and career education systems. Access to Capital Companies large and small need ready access to financing. We look at venture capital investments in each state, as well as traditional bank lending by state in relative and absolute terms. We also look at state-backed capital assistance and loan guarantee programs. And we measure foreign direct investment in each state. Cost of Living With inflation persisting, companies and workers are seeking states where prices are stable and daily living is affordable. The cost of living helps drive the cost of doing business. We measure the states based on an index of costs for basic items. With a deepening national housing crisis, we are looking more closely at housing costs in 2025, considering the impact for both homeowners and renters. And as the insurance crisis spreads, we consider the cost to insure a median priced home in each state. Our Sources We base our rankings primarily on publicly available data. In addition, real estate cost and availability data are compiled for CNBC by CoStar Group, and they are factored in the Infrastructure and Cost of Doing Business categories. Labor market data firm Lightcast developed a State Talent Attraction Scorecard exclusively for CNBC. Those results are factored into the Workforce category. In our Infrastructure category, First Street Foundation, a non-profit, nonpartisan climate risk research firm, provided data on sustainability, and Cotality, a property risk data analytics firm, provided state level data on resilience using its Property and Mortgage Resilience tool. The Site Selectors Guild, an international association of site selection professionals, compiled data on state site readiness programs. Most of the rest of our information comes from federal government databases. In the cases where government statistics are not available, we seek neutral and/or ideologically diverse data sources. We use data from every state's primary economic development arm, and from the most recent Annual Comprehensive Financial Report (ACFR) issued by each state, in addition to the sources listed below.
CNBC
11-06-2025
- Business
- CNBC
How Trump agenda, from budget cuts to tariffs, is changing battle between U.S. states for business
What does it take for a state to attract businesses and jobs in 2025? President Trump has turned many states' well-worn economic development playbooks upside down. As the administration seeks to drastically cut the size of the federal government, states that previously could count on Washington for federal jobs, grants and contracting dollars are suddenly out of luck. Meanwhile, the states that are less reliant on the federal government are looking smart. And then there are the tariffs. Some states have built large parts of their economies on international trade, which the Trump trade war is disrupting. "Something affecting one country or one product might really hurt the companies in one state, and the state next door would be unaffected," said Dan Anthony, president of Trade Partnership Worldwide, a Washington, D.C.-based economic research firm. But all those changes are also creating new opportunities, said Tom Stringer, a principal and the leader of the site selection and incentives practice at Grassi Advisors in New York. "For myself and my colleagues, this has been one of the busiest periods that we've had in our 30 year careers, which is exciting," he said. Stringer said that he is already working with foreign companies that are seeking to establish manufacturing operations in the U.S. to avoid the tariffs, even though the ultimate makeup of the tariffs has yet to be determined. "Businesses crave certainty," he said. "I think it's fair to say that none of us, except for one person, really has any knowledge as to where the tariffs are going to go or finish up. And so, the way to deal with that has been to strategically start to place some capacity here in the U.S." Domestic companies are on the move, too, he said, especially in burgeoning industries like artificial intelligence, quantum computing and the rapidly changing and growing defense sector. Which states have the edge in this new environment? America's Top States for Business is back to find out. The exclusive CNBC study, now in its 19th year, rates all 50 states in ten categories of competitiveness. From the start, we designed our tried-and-true methodology to account for the rapidly changing nature of economic development, placing the heaviest weight on the factors that matter most to business from year to year. In 2025, the category that matters most is Economy. State economic development marketers are touting their state's economic strength and stability more than ever, in the face of recession fears. This year, in addition to traditional metrics impacting the Economy category, such as economic growth, job growth, and state finances, we are also factoring in the risks each state faces from the many changes coming via policies from Washington, D.C., including budget cuts and tariffs. That impact is being felt much differently across the states. "You look at a state like Kentucky, its goods trade. Exports and imports are about 50% of its GDP. It's the highest in the country," Anthony said. "Contrast that with a state like Virginia, where it's less than 10%." Trade Partnership Worldwide compiled some of the data on tariffs for the CNBC study. "The big thing that we start out looking at is just really exposure to international trade, and particularly the goods trades," said Anthony. The study also looks specifically at a state's exposure to China, which is at the heart of the trade war. "If you think China is an area where trade barriers are likely to go up, both on the U.S. side and the foreign side, then you know those states with that China exposure are at a much greater risk, regardless of what the actual levels are," Anthony said. Infrastructure remains critical in 2025, as companies seek to capitalize on the drive to revitalize domestic manufacturing, as well as the push for data dominance. The latter requires massive amounts of affordable and reliable electricity, said Rachel Peterson, vice president of data centers for Meta. The parent company of Facebook and Instagram chose Louisiana as the site of a $10 billion data center complex, now under construction in rural Richland Parish. "We need to be able to have fiber connectivity to the site, access to the site — so roads, and water, wastewater, etcetera, are important parts of putting a data center there," Peterson said. "And then we look at really reliable grids, because we use a lot of power." This year's CNBC study looks closely at the reliability of each state's power grid within the Infrastructure category, along with roads, bridges, ports, airports, broadband connectivity and computing power. We are also evaluating state programs to deliver shovel-ready, "certified" sites, using data compiled for CNBC by the Site Selectors Guild, an international organization of site selection consultants. And, we consider states' resiliency in the face of extreme climate events, using data provided by property data firm Cotality and by non-profit First Street Foundation. The climate crisis is exacerbating a nationwide insurance crisis. Rising premiums factor in the Cost of Doing Business and Cost of Living categories, which rise in importance this year as inflation fears persist. Business Friendliness carries more weight this year as foreign and domestic companies seek the quickest path to the U.S. market. And the Technology and Innovation category rose to reflect the growing battle for dominance in fields like AI. Other categories include Workforce (which states are attracting and retaining the best qualified and most productive workers?), Quality of Life (where can those employees be safe, secure, healthy, and enjoy the most freedom?), Education (which states are most effectively turning out the next generation of skilled workers and business leaders?), and Access to Capital (where can companies find funding through venture capital, state grants and loan guarantees, and bank lending?). In the coming weeks, we'll highlight the rapidly changing story of state business competitiveness in 2025. Then, see where your state ranks as we reveal America's Top States for Business on July 10. And join the conversation on your favorite social media platform using the hashtag #TopStates.
