CNBC: Colorado ninth 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 more than 60 measures of competitiveness.

Colorado ranked ninth overall in the latest list of America’s Top States for Business complied for the CNBC cable television network.

To determine the ranking, each state was scored on a total of 64 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 1,486 points out of a possible 2,500 overall. The state ranked seventh for both quality of life and technology and innovation and eighth for work force. Colorado ranked 11th for both business friendliness and access to capital, 17th for education and 21st for economy, The state fared less well at 34th for cost of living, 35th for infrastructure and 37th for cost of doing business.

Colorado was praised for its quality of life and one of the best-educated work forces in the country.

The first state to legalize recreational cannabis, Colorado announced in June it surpassed $1 billion in total cannabis-related revenue. Companies also have made more than $6.5 billion in sales over the last five years, with April and May of this year the highest-grossing months since legalization.

Colorado reported 3.5 percent economic growth for 2018 and a statewide seasonally adjusted unemployment rate of 3 percent in June.

Virginia was named America’s top state for business with 1,610 points and No. 1 rankings for work force and education and a No 3 ranking for business friendliness. Virginia also placed first overall in the rankings in 2007, 2009 and 2011.

Virginia was praised for a  work force with the fourth-highest concentration of science, technology, education and math workers.

Texas came in second overall with a No. 3 ranking for access to capital and No. 4 rankings for work force and economy. North Carolina placed third with a top ranking for economy, followed by Utah in fourth. Washington, Georgia, Minnesota, Nebraska and Ohio rounded out the top 10.

Rhode Island ranked as the worst state for business in the 2019 analysis with the lowest ranking for technology. Hawaii placed 49th, followed by Mississippi, Alaska and Louisiana. West Virginia, Maine, Oklahoma, Arkansas and New Mexico rounded out the bottom 10.