New York comes in at number 35 on CNBC’s latest annual ranking of “Top States for Business.” This is down a tick from New York’s ranking on the same scale a year ago.
CNBC says it bases its ranking of states — one of several produced annually by media, business and research organizations — “based on the criteria they use to sell themselves” in economic development marketing materials.
This approach tends to play to New York’s strengths; for example, as measured by CNBC, we’re at the top of heap in Technology and Innovation, tied for 2nd in Education, and tied for 3rd in Access to Capital. However, the Empire State’s overall ranking in CNBC’s estimate is pulled down by low rankings for Cost of Doing Business (49), Infrastructure (42), Workforce (45) and Cost of Living (47)*.
* While the cost of living is very high downstate, it can be quite low — taxes and other government-imposed business expenses aside — in most of upstate New York. The CNBC index, like most, is based on statewide averages that can blur these regional differences.
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