New Mexico Improves In Rankings of Best States for Doing Business
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New Mexico has moved up into a tie at number 36 on CNBC’s annual ranking of the best (and worst) states in which to do business. While its educational level and “business friendliness” remain among the worst in the nation, New Mexico saw big improvements in the ranking of its overall economic vitality and its infrastructure and transportation system, where it scored at numbers 15 and 13 respectively. New Mexico’s quality of life (at no. 24) also help pulled up its ranking. Its workforce ranked smack in the middle at number 25. New Mexico’s individual evaluation is linked here. The survey of all fifty states is linked here.
CNBC provided an economic profile of the state that gave it a “negative” outlook for its bond rating. The network reported the state’s per capita GDP at $33,857 for a population of 2,082,224.
Texas held the top spot for the third year in a row. Texas topped New Mexico’s education system and results by twenty places. It ranked number one for infrastructure and transportation, number two for technology and innovation, and number three for cost of living. “Texas endured a wrenching budget crisis last year. While the state is still not out of the fiscal woods, it managed to emerge with its sterling, triple-A bond rating and stable outlook intact,” wrote CNBC. Contrary to conventional wisdom, CNBC said Texas suffers from a fairly high tax burden.
The troubled state of Rhode Island, plagued with crushing public debt, a culture of public corruption, over-regulation, and a high cost of living came in dead last–”under water,” according to CNBC. Rhode Island also held the distinction of being the worst state for business in 2011.