CNBC analysis: Colorado ranks among top states for business

Colorado continues to rank among the top 10 states for business in the latest results of an annual analysis that takes into account 85 measures of competitiveness.

Colorado ranked eighth overall in the latest list of America’s Top States for Business compiled for the CNBC cable television network. That’s up one position from the 2019 ranking.

To determine the rankings, each state was scored on a total of 85 measures of competitiveness in 10 categories. The categories then were weighted based on how frequently they were used as selling points in economic development marketing.

Colorado scored 1,440 points out of a possible 2,500. 

The state ranked second for work force; sixth for technology and innovation; ninth for economy; 14th for life, health and inclusion; 16th for access to capital; and 22nd for infrastructure.

Colorado fared less well in other categories, though, at 29th for business friendliness, 30th for education, 34th for cost of living and 38th for cost of business. 

Colorado reported 7.9 percent growth in gross domestic product for the first quarter of 2021 and an unemployment rate of 6.2 percent in May. 

Colorado imposes top individual and corporate tax rates of 4.55 percent and a gasoline tax of 22 cents a gallon.

Virginia remained America’s top state for business with 1,587 points and a No. 2 ranking for work force and  No. 3 ranking education.

North Carolina came in second overall with the fourth-best economy and sixth-best workforce. Utah ranked third, Texas fourth and Tennessee fifth. Georgia, Minnesota, Washington and Ohio rounded out the top 10.

Alaska ranked as the worst state for business in the 2021 analysis with the 49th ranking for infrastructure 48th ranking for cost of doing business and 47th ranking for both economy and education.

Hawaii placed 49th overall, followed by Maine, West Virginia and Rhode Island. Mississippi, Louisiana, Arkansas, Vermont and Kentucky rounded out the bottom 10.