NEW: Massachusetts Named Top 20 State For Business–CNBC Study

Wednesday, July 10, 2013

GoLocalWorcester Business Team

The news is good for Massachusetts as it moved up in CNBC's new ranking on business climate.

Massachusetts ranked as the #16 best state for business in the country in America's Top States For Business, a ranking developed by television network CNBC. The state's #16 place finish behind Minnesota is a big jump from its place in the 2012 ranking, where it came in at #28 out of the 50. Mass ranked the highest in Access to Capital and Economy, coming in #1 and #3, respectively. On the other hand, the state ranked the lowest in Cost of Doing Business, coming in at #47.

America's Top States For Business

To determine the rankings for CNBC's exclusive seventh annual study, the network decided to evaluate the states based on the criteria they use to sell themselves. Each state was scored on over 50 different measures of competitiveness, developed with the help of business organizations such as The National Association of Manufacturers and The Council on Competitiveness, as well as the states themselves. States received points based on their rankings, then separated into ten broad categories including Economy, Cost of Doing Business, Workforce, and Quality of Life. These categories were weighted based on how frequently they are cited as selling points in state marketing materials.

Last year's rankings were a mixed bag for the Bay State. While Mass placed in the top 10 in three categories, including the #1 spot for Access to the Capital, it came in next to last in Cost of Business, beating out only Hawaii. It also ranked poorly in Infrastructure and Transportation, coming in at #45.

Rolling out the state results

CNBC started revealing the results of their extensive survey on July 8th, and Senior Correspondent Scott Cohn revealed the top state Tuesday on "Closing Bell with Maria Bartiromo". Top honors for the overall ranking went to South Dakota, while Hawaii came in last place. The complete results of America's Best States for Business will be broadcasted during the network's Business Day programming through this Thursday, July 11th. CNBC also has the complete rankings available on its website, which includes an in-depth look at each state's respective rankings.

Head to topstates.cnbc.com for details about each state including economic snapshots (employment, budget, tax and housing data) and exclusive stories and slideshows drilling down into the various top-ranking categories including Technology, Quality of Life, and Most Improved States.