20. South Dakota (Tie)

The Mount Rushmore State is a friendly place for business, but it is no hub for innovation.

Custer State Park is a state park and wildlife reserve in the Black Hills of southwestern South Dakota.
Getty Images
Custer State Park is a state park and wildlife reserve in the Black Hills of southwestern South Dakota.
Category
Score
2018 Rank
2017 Rank
Grade
Workforce 225 30 39 (Tie) C+
Infrastructure 177 38 37 C-
Cost of Doing Business 239 9 14 A+
Economy 148 27 22 (Tie) C
Quality of Life 194 16 14 (Tie) B-
Technology & Innovation 65 41 41 (Tie) F
Education 123 16 25 (Tie) B
Business Friendliness 144 2 2 A+
Access to Capital 11 45 34 F
Cost of Living 24 27 34 (Tie) C
Overall 1350 20 24 -

Economic Profile

Governor: Dennis Daugaard, Republican

Population: 869,666

GDP growth (Q4 2017): -0.5 percent

Unemployment rate (May 2018): 3.3 percent

Top corporate tax rate: 0 percent

Top individual income tax rate: 0 percent

Gasoline tax: 30 cents/gallon

Bond rating (Moody's/S&P): Aaa, stable/AAA, stable

Major private employers: Avera Health, Black Hills Corporation

Economic profile sources: U.S. Census Bureau, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Federation of Tax Administrators, American Petroleum Institute (excluding 18.40 cent/gallon federal tax), Moody's Investor Service, S&P Global Market Intelligence

Top States Past Year Rankings

  • CNBC unveils its 12th annual America's Top States for Business study. See where your state ranks in 2018.

  • CNBC unveils its 11th annual America's Top States for Business ranking for 2017, scoring all 50 states on 10 key measures of competitiveness.

  • Top States promos Arm Wrestling

    CNBC unveils its 10th annual America's Top States for Business ranking, scoring all 50 states on 10 key measures of competitiveness.

Latest Special Reports

  • The personal and economic pain from the COVID-19 pandemic is being felt all over the world. As a result of this unprecedented disruption, businesses owners and employees are dealing with an immeasurable level of suffering and facing scenarios they never could have imagined. Through expert analysis and advice from proven business leaders, The Path Forward explores the extraordinary challenges businesses are facing and offers ideas to help owners navigate this global crisis and thrive once again.

  • Automation, AI and machine learning will radically influence the relationship between employers and their workforce.

  • A look at 50 private companies set to reshape the business landscape.