CNBC Presents Coverage with Special Correspondent Scott Cohn Revealing the 2022 America’s Top States for Business across CNBC Platforms on Wednesday, July 13th
ENGLEWOOD CLIFFS, N.J., June 13, 2022 – Caught between stubborn economic headwinds and raging culture wars, states are ferociously competing to attract cutting edge companies and the jobs they bring. Emerging industries including electric vehicles, cryptocurrency and cannabis are transforming the competitive landscape. Fortunately, America’s Top States for Business is built for years like this one.
Starting Tuesday, July 12th, CNBC, First in Business Worldwide, will broadcast coverage of its America’s Top States for Business study. The network will build a special event around this CNBC exclusive study with the rankings being revealed on Wednesday, July 13th, during the network’s Business Day programming. The complete ranking for all 50 states will be available on CNBC.com and include an in-depth look at each of their respective rankings.
CNBC Special Correspondent Scott Cohn will broadcast live from the top-ranked state beginning on Tuesday and will announce the top five states on this year’s list on “Squawk Box” (6AM-9AM ET) Wednesday.
CNBC Digital will reveal, in conjunction with on-air, the rankings for all 50 states on Wednesday, July 13th. In addition,
Follow us on Twitter @CNBC and take part in the social conversation using hashtag #TopStates.
CNBC’s exclusive study scores all 50 states on 88 metrics across ten categories of competitiveness. The
Here are the 2022 categories and weightings:
Workforce (410 points – 16%)
With skilled workers in such short supply and a new push for domestic manufacturing, the definition of a qualified worker is expanding. In addition to each state’s concentration of science, technology, engineering and math (STEM) workers and the percentage of workers with college degrees, we now 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 on a short- and long-term basis. We look at state worker training programs, right to work laws, and worker productivity based on economic output per job.
Infrastructure (380 points – 15%)
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. We consider access to markets by measuring the population within 500 miles of each state. We look at the availability of vacant land, office and industrial space. With the rise of remote work, we consider the quality, availability, and price of broadband service in each state. We rate each state’s utility infrastructure including the condition of drinking water and wastewater systems, the reliability of the electrical grid, and the availability of renewable energy. And we measure each state’s sustainability in the face of climate change, looking at the risk of flooding, wildfires, and extreme weather.
Cost of Doing Business (345 points – 14%)
As inflation ravages company balance sheets, we measure the strength of each state’s business tax climate. We also measure wage and utility costs, as well as the cost of office and industrial space. And we consider incentives and tax breaks that states offer to reduce business costs, with special emphasis on incentives targeted toward development in disadvantaged communities.
Economy (325 points – 13%)
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 gross domestic product 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. Because a diverse economy is important in any environment, we consider the number of major corporations headquartered in each state.
Life, Health and Inclusion (325 points – 13%)
Combine an era of enhanced social consciousness with a growing worker shortage, and it explains why, now more than ever, companies are demanding that states offer a welcoming and inclusive environment for employees. We rate the states on livability factors like per capita crime rates and environmental quality. We look at inclusiveness in state laws, including protections against discrimination of all kinds, as well as voting rights. While the pandemic may be past the crisis stage, health care quality, outcomes, preparedness and public health spending remain in the spotlight. All are key drivers in this category.
Technology and Innovation (250 points – 10%)
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, as well as health, science and agriculture research grants. We also consider the degree to which states foster emerging technologies such as blockchain and cryptocurrency.
Business Friendliness (200 points – 8%)
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. We also consider how hospitable states are toward emerging industries including cryptocurrency and cannabis.
Education (165 points – 7%)
Higher education institutions offer companies a source to recruit new talent, as well as a partner in research and development. 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. We also look at multiple measures of K-12 education including test scores, class size and spending. And we look at life-long learning opportunities in each state.
Access to Capital (50 points – 2%)
As business costs and interest rates rise, 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 and loan guarantee programs.
Cost of Living (50 points – 2%)
With inflation persisting at historic levels, 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. From housing to food and energy, wages go further when the cost of living is low. We measure the states based on an index of costs for basic items.
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