Washington Is Number One
Tri-Cities Area Journal of Business reported on Washington State taking the number one spot for Top State for Businesses. This is great news for businesses! This is according to CNBC’s annual report. Last year Washington was in sixth place. Way to go Washington!
This can be seen with the growth in the economy. Our growth was 3.7% in 2016. This is almost two and a half times the national norm. Also, Scott Cohn reported that Washington State has the highest concentration of STEM workers. STEM stands for Science, Technology, Engineering and Math. This doesn’t come as a huge surprise. Washington is home to some huge hitters in that arena. This includes Amazon, Costco, Boeing, and of course Microsoft.
Another bonus for businesses is that our state has no income or corporate income tax. Also, Washington was only behind California for the state with the most patents filed last year.
CNBC’s ranking is based on 66 different metrics across 10 different categories. Those qualities were given points/weight. The total points possible were 2,500. Washington topped the list of all other states with 1,621 points.
This was not an opinion based report. They used actual performance data based mainly on publicly available sources. Their goal was to be neutral when doing their research.
Their categories that they based this were focused on businesses. They included: Workforce (425 points), Infrastructure (400 points), Doing Cost of Business (350 points), Economy (300 points), Quality of Life (300 points), Technology & Innovation (225 points), Education (200 points), Business Friendliness (150 points), Access to Capital (100 points), Cost of Living (50 points).
If you would like to read their report or watch a video explaining their system you can click here. They include the list of sources they used. If you would like to read more about where Washington rated in each of the categories you can do so here.
Not All Sunshine
Washington didn’t rank first place in each of the categories. In some of them we were a little lower than we would like to see. In Education we ranked 19th and in in Cost of Living we ranked 37th. This can be due to many things including the value of the dollar in our state. Also, this can be seen with the high cost of housing in many areas as well as low housing inventory. This is something we are dealing with here in the Tri-Cities region as well as elsewhere across the state. Kennewick recently made No. 3 on the list for the hottest market. So while not everything was sunshine and roses, they are working on those items that need attention.
So congratulations Washington State! Gov. Jay Inslee stated it well when he said, “Why did we top the list? Because we’re the most talented state, the most connected state and the most innovated state in the union.”
1920 N. Pittsburgh St., Suite A
Kennewick, WA 99336
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