CEOs Rank Connecticut Near Last

- Posted by Editor in Economic Development in State Spending in Taxes

Chief Executive magazine this week released its annual rankings of the best and worst states for doing business. Connecticut's ranking remained unchanged from last year -- an alarming 44th among the 50 states.

Only Massachusetts, MIchigan, New Jersey, Illinois, New York, and California were ranked behind Connecticut. Rhode Island climbed four places from last year and was ranked 39th.

Top of the list was Texas (also the number one state in 2010), followed by North Carolina, Florida, Tennessee, and Georgia. 

CEOs graded states on a variety of categories, including  taxation, regulation, workforce quality and living environment.

“Do not overtax business,” one CEO told the magazine. “Make sure your tax scheme does not drive business to another state.

"Have a regulatory environment and regulators that encourage good business — not one that punishes businesses for minor infractions. Good employment laws help too. Let companies decide what benefits and terms will attract and keep the quality of employee they need."

There are, however, several proposals still in the legislature that would go against that good advice.

States with punitive tax and regulatory regimes were punished with lower rankings, with the magazine noting "while state incentives are always welcome, what CEOs often seek are areas with consistent policies and regulations that allow them to plan, as well as intangible factors such as a state’s overall attitude toward business."

Given those factors, it is no surprise we're ranked near last. What is disheartening is that ranking will not improve while the General Assembly continues to consider and approve anti-business bills and increased taxes penalize small and midsize businesses.

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