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Tennessee is among the top states for business in 2024 according to new study.
CNBC recently released a list of “America’s Top States for Business 2024.” In this study, CNBC uses data from states’ primary economic development arm, the Annual Comprehensive Financial Report from each state and numerous other sources to determine the rankings.
States are scored on 128 metrics across 10 broad categories of competitiveness. Each category is weighed based on how frequently states use them as a selling point in economic development marketing materials. The highest score states can reach is 2,500.
Here is what the study found.
Is Tennessee a good state for business?
According to CNBC’s study, Tennessee is the eighth best state for business in 2024.
Tennessee ranked the highest in the following categories:
- No. 3 for economy
- No. 7 for infrastructure
- No. 7 for cost of doing business
- No. 8 for workforce.
Tennessee’s other category rankings are about average:
- No. 19 in business friendly
- No. 20 in education
- No. 20 in access to capital
- No. 24 in cost of living
- No. 28 in technology and innovation
Tennessee’s worst ranking is in quality of life where the state ranked at No. 45.
Based on the study, Tennessee’s growth domestic product grew 1.7% in the first quarter of 2024. The unemployment rate was also at 3% in May 2024.
Best states for business 2024
Virginia ranks as the best state for business in 2024. Of the ten categories its highest rankings are in education, infrastructure and being business friendly.
- Virginia: 1,595
- North Carolina: 1,592
- Texas: 1,577
- Georgia: 1,527
- Florida: 1,479
- Minnesota: 1,474
- Ohio: 1,464
- Tennessee: 1,447
- Michigan: 1,443
- Washington: 1,436
Worst states for business 2024
Hawaii is scored the lowest of all 50 states in 2024. The state ranked best for quality of life.
- Hawaii: 942
- Mississippi: 1,016
- Alaska: 1,041
- Louisiana: 1,078
- Montana: 1,099
- Arkansas: 1,102
- Rhode Island: 1,127
- New Mexico: 1,143
- Maine: 1,168
- New Hampshire: 1,178