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Where is the best place to start your business? Business regulations, costs, and the labor pool are all factors that need to be considered before a company puts down its roots. Look no further, as Forbes has released its annual list of the best states for businesses and careers.
Are you wondering where your state ranks? Here are the top ten states for business, as ranked by the magazine:
Forbes came up with the list by analyzing certain aspects of each state including its business cost, labor supply, regulatory environment, economic climate, growth prospects, and quality of life.
Utah came in at number one for the second time in a row. Reasons for the state's high performance include its low 5% corporate tax rate and its increasing employment rate. Not only that, but the state features low costs. Energy is 31% below the national average in Utah. Overall business costs are 10% than the national average.
Maybe that's why California companies like Adobe Systems, eBay, Electronic Arts, and Oracle have all flocked to the state, reports Forbes. With the tight economy, it simply might be more practical for businesses to operate in locations where their overhead won't be so high.
The Forbes list isn't the only one circulating the web. CNBC also has a list of its top states for businesses, which includes Virginia at the coveted top spot. Utah comes in at number 8.
It might not be feasible to move your company to one of the Forbes-dubbed "best states for business." But, at the least it's something to consider if you might expand. After all, where you start your business can be a deciding factor if you flourish or if you prevail under increasing costs.