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The Milken Institute, a publicly supported, independent think tank released its annual Cost-of-Doing Business Index this fall. This index evaluates each state in terms of their ability to attract and retain business. It measures a state’s costs associated with wages, taxes, electricity, and real estate (both industrial and office space). States with a low cost of doing business have, on average, greater job growth than states with high costs.
States with the highest business costs:
Hawaii – 43% higher than national average
New York – 30% higher than national average
Massachusetts – 25% higher than national average
California – 24% higher than national average
Connecticut – 22% higher than national average
States with the lowest business costs:
South Dakota – 28% below the national average
North Dakota – 23% below the national average
Iowa – 19% below the national average
Montana – 19% below the national average
Idaho – 16% below the national average
States that have become more expensive: Wyoming and Louisiana
States that have become less expensive: West Virginia, Maine, Virginia, Arizona, and North Carolina
For more information on doing business in one of these states, visit us at IncPardise.com or call at 888-284-3821
