New Jersey maintained its place on CNBC’s Top States for Business, ranking 36th, the same spot it occupied last year.
Virginia topped the business news network’s list for the fourth time. Last year, Virginia beat out New Jersey and several other states to land Amazon.com Inc.’s second headquarters – one of the biggest economic development prizes in recent years.
Rhode Island ranked as the worst state in the rankings, which CNBC has been compiling since 2007.
The list is compiled using publicly available data sources and measures 10 characteristics: Access to capital, business friendliness, cost of doing business, cost of living, economy, education, infrastructure, quality of life, technology and innovation and workforce.
According to the CNBC scorecard, New Jersey earned an A grade for education, ranking fourth in the country. The Garden State also did well on access to capital, ranking 9th and earning an A- score.
But the state received an F on cost of living – ranking 41st – and another failing grade on business friendliness – placing at number 44. A grade of D+ on the economy – good for just 40th place – also hurt the overall ranking.
On technology and innovation, one of Gov. Phil Murphy’s primary policy priorities, the state ranked 15th, earning a B grade.
Virginia topped the list in both workforce and education and placed third in business friendliness. The commonwealth’s lowest ranking was on cost of living, for which it received a D+ and ranked 32nd.