Tennessee and Georgia among best states for business in new CNBC ranking

From the Chattanooga Times Free Press: States in the Southeast ranked the best in CNBC’s annual ranking of state business climates for all 50 states, with North Carolina once again being judged as the most favorable state for business, followed by neighboring Virginia.

Tennessee ranked third overall among the 50 states, up from its sixth place finish in the previous business climate study in 2022 by the business news network. Tennessee got high marks for its infrastructure and one of the nation’s best community college systems. But with high crime and a crackdown on LGBTQ+ rights, Tennessee finishes near the bottom for life, health and inclusion.

Georgia moved up this year in the CNBC rankings from No. 10 last year to No. 4. The Peach State boasted the best rating among all states for its infrastructure and ranked among the best in its economic growth. But Georgia ranked below average for its business friendliness and its life, health and inclusion.

The ratings are based on 86 metrics judged to matter most to businesses each year. This year’s heaviest weighted category is workforce, followed by infrastructure, economy and the category of life, health and inclusion. The CNBC study also considered technology and innovation, education, access to capital, business friendliness and cost of living.

According to the criteria judged the most important for business, the best states in 2023 are:

1. North Carolina, unchanged from the previous year.

2. Virginia, up from No. 3 in the previous year.

3. Tennessee, up from No. 6 in the previous year.

4. Georgia, up from No. 10 in the previous year.

5. Minnesota, up from No. 9 in the previous year.

6. Texas, down from No. 5 in the previous year.

7. Washington, down from No. 2 in the previous year.

8. Florida, up from No. 11 in the previous year.

9. Utah, down from No. 8 in the previous year.

10. Michigan, up from No. 16 in the previous year.