Virginia is Victorious — Again — In CNBC's Top States For Business
By: Scott Cohn | CNBC Senior Correspondent
Ohio is this year’s most improved state, jumping eleven places to 23rd overall thanks to a huge improvement in Cost of Doing Business. Ohio improved to 5th place in our most important category, from 29th place last year. A multi-year effort to reform the tax code in the Buckeye State is paying off with a tax structure that welcomes new investment. At the same time, wages have fallen in Ohio relative to other states. That helps businesses on the cost side, but workers suffer.
The biggest overall decline came in New Jersey, which fell eight spots this year to 30th place overall largely because of the state’s budget situation—one of the worst in the nation, according to the Center on Budget and Policy Priorities. New Jersey is no garden spot when it comes to the Economy, which ranked 42nd in our study this year.
Our decision to consider each state’s fiscal situation in our rankings this year also led to a change at the bottom for 2011.
For the first time, Alaska— which ends fiscal 2011 with nearly $12 billion to spare in the state’s coffers — does not come in last. Instead, Alaska finishes 49th this year, and Rhode Island drops to number 50.
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