How Does Your State Rank? Chamber Releases Enterprising States Report
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The vitality of state economies, like that of the national economy, is directly tied to the success of thousands of small businesses. And state policymakers know this. Every state has policies and programs to encourage entrepreneurship and support small business development and expansion.
Many states have introduced legislation or established programs to help startup companies, and many states have bolstered policies targeted at helping existing businesses grow and expand their markets. State funding of programs for entrepreneurial development increased by 30% between 2012 and 2013.
But which states are best positioned to grow, create jobs, and prosper in the coming five to 10 years? Today at America's Small Business Summit, the U.S. Chamber of Commerce Foundation released it's fourth annual Enterprising States report. The report measures state performance overall and across five policy areas important for job growth and economic prosperity:
- Exports and international trade
- Entrepreneurship and innovation
- Business climate
- Talent pipeline
The Enterprising States study examines each state for overall economic performance and performance in five policy areas through a total of 33 measures, each adjusted for a common 1-100 scale to allow for comparison. The states were then ranked according to their job growth and economic health, and their performance within each of the five policy areas using a weighted index for each category.
Top performer Utah lands in the top 10 in each of the five policy area rankings and 3rd in overall economic performance, the only state to finish in the top 10 on all six lists. Texas and Colorado appear on four top 10 lists, and Washington ranks no worse than 17th on any list.
Nevada and Georgia land in the bottom half for overall economic performance yet rank well in most policy measures, an indication that the economies of those states may be due for a turnaround. Maryland ranks in the bottom 10 for exports and business climate, but its highly competitive innovation economy and talent pipeline help it place 9th for economic performance.
How does your state compare? See the Enterprising States Dashboard.