It’s a well-known fact that NYC is economically the most hostile place for business. New York took the 49th place on the list of tax-friendly states, due to two new personal income tax brackets which were introduced this year. Let us just point out that the list ends at no 50…The new tax added a top rate of 8.97 percent making it a 30 percent increase over the span of one year. New York City charges an extra 3.648 personal income tax, making it the city with the highest state-local combined income tax rate in the nation! If you are an NYC resident it’s no wonder you are looking into lists such as “10 best states for business”. Maybe you should also look into the state to state moving companies NYC? Just saying…
No. 1 on the list of 10 best states for business-Washington
According to CNBC‘s ranking Washington takes the top spot with its economic growth of 3.7% which is more than double the nation’s rate. All the major companies from Amazon to Microsoft, the list goes on and on, made Washington their home. Some of the qualities Washington has to offer are highly trained workforce and the fact they always welcome innovation. This proved to be a magnet for business capital, although living and working hear can be very expensive. The state has no income tax, but they do have something called business and occupations (B&O) tax, which has been a cause for debate over the years. So if you are in the technology business, Washington is the place to be, ranking best for technology and innovation.
If you are considering Washington as a new home for your business and consequently yourself, you will need these tips for moving to Washington D.C. Good luck!
No. 2 Georgia
Georgia follows a much more traditional strategy to attract business. The Peach State entices business owners with low costs and business-friendly policies. The friendly state is currently experiencing an economic boom, climbing 6 spots on the list since 2016. Even though Georgia has problems with education and healthcare, they welcome business letting it thrive due to the great workforce and stable economy.
No. 3 Minnesota
Minnesota lost to Georgia by just one point! The North Star State charges some of the highest taxes in the nation but insists that businesses get plenty of value for their money. This strategy has been working so far and the results are clearly visible. Minnesota ranks strongly in education and quality of life, offering a friendly environment for your business to thrive. The state banked on a growing trend where businesses are looking for a large supply of skilled workers rather than low taxes or highest incentives.
No. 4 Texas
This business-friendly heavyweight has been on the top of the list three times over the years. Therefore this is basically the first time Lone Star State has dropped below the second place. Even though Texas diversified their economy, energy is still its biggest industry. Nonetheless, the state steadily attracts business offering great infrastructure and America’s top workforce. Some of the steady “cones”, that affects its ranking every year, is the state’s high percentage of people lacking health insurance.
No. 5 North Carolina
North Carolina takes the middle on our “10 best states for business” list. Apparently, this is a great place for technology and innovation. The state has a great workforce, low costs, and business-friendly regulations, all of it very enticing for business owners. The issue that keeps NC at no 5, and something that can deter young workers from seeking employment here, is the fact that North Carolina lacks anti-discrimination protections for certain groups. Even though the state repealed its so-called bathroom bill, there’s a lot left to be desired.
No. 6 Colorado
Actually one of Colorado’s best attributes caused this state to drop to sixth place on the list. Colorado has the lowest unemployment rates in the nation leaving too few open spots for new workers seeking employment. This trend also drove up wage costs thus inhibiting hiring. That means workforce in Colorado is on the expensive side but very smart and capable. The state is also a great breeding ground for innovation and technology but the cost of doing business and cost of living are spoiling the pros this state has to offer.
No. 7 Virginia
Virginia can once again brag with some of the smartest workforces in the nation, therefore stepping back into the top 10 best states for business. The Old Dominion was last at the top of the list in 2007 and is now coming back in a strong way. The state is highly ranked due to the fact that it has nation’s third-largest concentration of STEM workers. For those who are not aware, STEM workers are workers in the fields of science, technology, engineering, and math. Virginia still lacks in costs for doing business and cost of living department which leaves its incredibly capable workforce to be less desired.
No. 8 Utah
Utah earned its positioning in the top 10 by scoring high in economy and infrastructure categories. The tech hiring boom from last year is starting to settle down, as well as the “election-year boost” in education spending, which all affected the Beehive State’s current ranking. Today Utah is back to largest class sizes and lowest per-pupil spending. Still, Utah’s strength lays in its robust technology sector, centered in Salt Lake City, today better known as Silicon Slopes.
No. 9 Tennessee
Tennessee’s booming economy has propelled the Volunteer State into the top 10 best states for business list. The main cause of such success apparently comes from the steady growth in the construction sector. Tennessee has some of the best infrastructures in the United States of America, making it be a desirable location for business investors. Your business will be welcomed with their famous Southern-hospitality and business-friendly policies, but the state lacks in health and education, leaving a lot of room for improvement.
No. 10 Massachusetts
If you are looking to relocate your business from expensive New York, consider Massachusetts. The Bay State is very nearby and in the top 10 best states for business list. It got there after a lot of improvement over the last year, getting a large influx of business capital helped as well. No wonder Massachusetts is attractive to business owners, the state ranks high in education, technology, and innovation, but does poorly with costs of living and doing business. Something has to give…
Commercial movers NYC understand your needs and offer only the best service for your business and the efficiency you require to relocate it. We wish you the best of luck in your future endeavors and hope this list helps you make a decision.