Updated:
Original:

Report: Minnesota isn't the top state for business anymore, it's No. 4

Author:

Minnesota is no longer the top state for business, CNBC says. Don't worry, it's still in the top five, though.

Last year, the news source recognized Minnesota as the number one state in the U.S. for doing business.

When that happened, CNBC noted that it was the first time a "high-tax, high-wage, union-friendly state" made it to the top.

And this year, high taxes are a big part of the reason CNBC dropped the state to fourth place.

The list ranks states based on how well they score in more than 60 different "measures of competitiveness." Then those measures are separated into 10 broader categories and ranked.

Minnesota ranked highly in the "Quality of life" and "Education" categories, coming in at second in the nation.

But Minnesota's "Cost of doing business" came in at 35th in the U.S.

CNBC says that's "an unfortunate consequence of taxes that are among the highest in the nation."

Earlier this this year, Forbes put together a list of all the states, ranking them in order of which have the best taxes to which have the worst. Minnesota trailed at the back end, being number 43.

Minnesota has a state and local tax burden of 10.8 percent. That's compared with New York – which came in dead last – at 12.7 percent, and Alaska – which was number one with 6.5 percent.

CNBC also noted that economy and job growth slowed a bit last year, but Minnesota's unemployment was still well below the national average. Minnesota's unemployment rate was 3.7 in March while the national rate was five percent.

"Business friendliness" and "Cost of living" also dropped Minnesota's score.

So what states are the best for business?

Utah is ranked at number one. However, the state still scored worse than Minnesota in some categories including infrastructure, quality of life, technology and innovation, education, and access to capital.

It's followed by Texas, Colorado, Minnesota and North Carolina.

All of Minnesota's bordering states made the top half of the list with Iowa at number nine, North Dakota at 12, South Dakota at 19 and Wisconsin at 23.

Check out the full list here.

Next Up

Kirk Cousins

There's something different about Kirk Cousins, but what is it?

Cousins's "swag" has fueled a hot start to the season.

Cameron Dantzler

Cameron Dantzler tweets out frustration over playing time

The second-year corner has been benched while Bashaud Breeland continues to struggle.

Pizabay pizza

Chaska Papa Murphy's to temporarily close due to worker shortage

The closure is "due to a lack of employees and applicants across the company," the manager wrote.

Hailey Anderson Cumberland WI police

Authorities find body, vehicle in search for missing WI woman

Hailey Anderson was supposed to be travelling to Hibbing, but never showed up.

KAT, Towns

Karl-Anthony Towns sounds off on Wolves' constant 'instability'

Gersson Rosas' firing was the latest in a string of problem situations the Wolves have been involved with.

Flickr - police lights squad siren - Edward Kimmel

Duluth man arrested after police chase in stolen pickup truck

He was driving a vehicle that had been reported stolen in North Dakota.

pixabay tractor farm

1 killed in crash between car and tractor in western MN

First responders arrived and found the vehicle off the roadway, in a cornfield.

Stallings surveillance footage - screengrab - crop

New video, body cam footage shows police beating prone Jaleel Stallings

Stallings, who was acquitted, said he fired on the unmarked van not knowing officers were inside.

Bloomington Wentworth scene  - 2021-09-27 - J Nelson 2

Body in dumpster leads to police chase with young child in car

A 911 call said they saw someone place a body into a dumpster outside a Bloomington apartment complex.

st. paul tap - crop

SUV driver crashes into bar patio, injuring woman; man hurt in related shooting

Two men were arguing on the patio prior to the incident, witnesses said.

bicycle cyclist bike

Cyclist critically injured in hit-and-run in Plymouth

Police are seeking the public's help in locating the driver who fled.

ambulance, crash

Second person dies after head-on crash in Anoka County

The crash injured three others, including a 4-year-old boy.

Related

coronavirus, nurse

MN surrounded by states reporting record COVID-19 hospitalizations

Of 16,656 people tested in Wisconsin in the latest reporting period, more than 3,100 were positive.