Ease of doing business
theboardiQ Economic Relevance Score, ranks States of USA based on 11 parameters - F500 Cos Representation | Trade Surplus or Deficit | GDP | Agriculture | Innovation | Manufacturing | Employment | Tax | Cost of Living | Disposable Income and Education
Population | % of overall Population | US Overall |
|---|---|---|
31,290,831 | 9.2% | 340,110,988 |
The radar represents multivariate data of the overall rank and 11 quantitative variables (ranking amongst 50 states) mapped onto the "0" axis - closer to "0", implies better performance
Strengths |
|---|
Strong Economy - energy, technology, agriculture, and manufacturing; Abundant Natural Resources - leading producer of oil and natural gas; Strategic Location; Large and Diverse Population |
Weaknesses |
|---|
Infrastructure Challenges - Vulnerability of the power grid to extreme weather events - water scarcity; Educational Disparities; Healthcare Access; Dependence on the Energy Sector |
Opportunities |
|---|
Renewable Energy Growth; Technology and Innovation; Infrastructure Investment; Diversifying the economy |
Threats |
|---|
Climate Change; Economic Fluctuations; Political Polarization; Water Resource Limitations |
Ranking Quantitative Variables
1 Fortune 500 representation
F500 Cos |
|---|
52 |
The map represents number of Fortune 500 companies present in each State
4 Innovation
Source - TCGen - The data includes per capita R&D investment, per capita venture capital investment, small businesses created, patent creation rate, and the SBA amount funded. Total Innovation Rank Index based on the following indexes: Financial Incentives Index (average) Innovation Vitality Index (average)
6 Tax
Source - Tax Foundation - The State Tax Competitiveness Index compares each state on more than 150 variables in the five major areas of taxation (corporate taxes, individual income taxes, sales and excise taxes, property and wealth taxes, and unemployment insurance taxes and then adds the results to yield a final, overall ranking
7 Manufacturing
Source - Site Selection Group utilizes GeoCision® to score and rank states based on their competitiveness for corporate investment (Best States for Manufacturing). The data is based on 3 broad categories: Workforce & Market Alignment Operating Costs Geographic Positioning
8 Employment
Source - US News - It evaluates three metrics: unemployment rate, job growth and labor force participation. While the labor force participation rate measures the percentage of the population that is either employed or actively looking for a job, the unemployment rate measures the percentage of the labor force that is out of work.
Employment Overall Rank |
|---|
9 |
9 Education
Source - World Population Review (Public Schools) and US News (Higher Education) - The School Quality subcategory evaluates states across 12 indicators, including % of teachers who meet all state licensing requirements, annual per-pupil spending, pupil-to-teacher ratio, schools that require health education. The Student Safety subcategory evaluates states across 15 indicators, including bullying rate, instances of crimes such as robbery or sexual assault, and the prevalence of illegal drug sales on school property. The Student Success subcategory evaluates states across 15 indicators, including SAT scores, ACDT scores, expulsion rates, dropout and graduation rates, and rates of students who go on to attend college. Higher Education - It comprises metrics reflecting the share of citizens in each state holding college degrees, as well as college graduation rates, the cost of in-state tuition and fees, and the burden of debt that college graduates carry.
11 Disposable Income
Source - Forbes - While Cost of Living is important - Disposable Income is equally relevant. Hawaii took the spot for cost of living. With an average annual expenditure of $55,491, its residents have just $9,550 to spend per year on average. Consequently, Hawaii ranked as the state with the lowest disposable income.