CNBC released their annual ranking of states for business with Connecticut coming in 39th overall, a backward slide from 24th in the same rankings just one year ago and 35th two years ago.
Although Connecticut scored well for its workforce, education, and business friendliness, it received the lowest scores for cost of living, economy, cost of doing business and infrastructure.
While CNBC’s rating of Connecticut’s cost of living as 43rd in the country, Connecticut’s economy rating slid backward significantly, dropping from 32nd to 47th this year, and while Connecticut is known to be a high cost of living state, the economy ranking may come as a surprise.
The backward slide of 15 positions rested largely on lower rankings for infrastructure, economy and technology and innovation. Infrastructure, in particular, was rated an 18 last year and slid to 39 this year. The rating for Connecticut’s economy dropped from 32 to 47, according to the study.
Gov. Ned Lamont touted last year’s ranking, telling the Hartford Courant that “We’re not always at the top of the lists in terms of people’s recognition of how amazing this is, But we are moving on up and I think that’s been recognized,” adding that the ranking “knocks down the naysayers.”
Connecticut still came in ahead of nearby neighbors like New Jersey, Maine and Rhode Island, while Massachusetts took the 24th spot and New York came in 36th.
North Carolina took the top position in the country this year, after coming in second in 2021.
The rankings were based on 88 metrics “in 10 broad categories of competitiveness,” according to CNBC.
“We developed our criteria and metrics in consultation with a diverse array of business and policy experts, and the states. Our study is not an opinion survey. We use data from a variety of sources to measure the states’ performance,” the news outlet wrote.