CT News Junkie

A Connecticut news site that understands the usual media offerings just…aren’t…enough.

Connecticut Falls One Spot In CNBC Rankings

by | Jun 25, 2014 4:54pm () Comments | Commenting has expired | Share
Posted to: Business, The Economy

Connecticut is among the five worst states for business, according to CNBC’s latest rankings. The state fell from 45th to 46th place this year.

The cable network found that Connecticut has the fourth-highest cost of doing business, third-highest cost of living, and the nation’s second-worst economy.

“Unfortunately, these rankings reinforce the perception that Connecticut is not a good place to do business,” John Rathgeber, president and chief executive officer of the Connecticut Business & Industry Association, said in a press release.

“It’s critical that we address those areas that are hampering economic growth, particularly the high cost of doing business, taxes, government red tape, and our aging transportation infrastructure.”

The CBIA launched a campaign called CT 20X17 designed to move Connecticut into the top 20 states in the CNBC and other national rankings.

“This is not just a business issue. Changing the state’s business climate will attract much needed investment, kick start our economy, and create more opportunities and a brighter future for everyone,” Rathgeber said.

But not everyone in the state believes the rankings represent what’s happening on the ground.

A week before the rankings were released, Democratic Gov. Dannel P. Malloy, who is running for re-election, penned an editorial for CNBC touting the corporate tax rate and the education of Connecticut’s workforce.

“Our corporate tax rate is among the lowest in the nation, and our GDP per capita is one of the highest,” Malloy wrote. “We are strategically located between Boston and New York City, within reach of one-third of U.S. consumers and, not least of all, offer a high quality of life, safe communities and great schools.”

Malloy went on to brag that Connecticut is the “fourth most innovative state” and is “seventh in the nation for venture capital deals.”

“If Connecticut were a country, we would rank seventh in the world for productivity — even higher than the U.S. itself,” Malloy wrote. “Connecticut has a long and successful history as a manufacturing proving ground. This means that when you work with the most skilled hands in your field, you’re able to bring new ideas to reality with greater ease and produce higher-quality products with exceptional efficiency.”

Tags: , , , , ,

Share this story with others.

Share | |


(6) Archived Comments

posted by: PWS2003 | June 25, 2014  5:51pm

We will have to wait to see how Dannel Malloy puts a happy face on this indicator. It would seem that CT is going in the wrong direction with this administration.

posted by: dano860 | June 26, 2014  7:40am

“It’s critical that we address those areas that are hampering economic growth, particularly the high cost of doing business, taxes, government red tape, and our aging transportation infrastructure.”
Whew! Only 5 items in particular! Then you toss in the little things like towns people not wanting growth, especially in small towns and then there is the little thing called the LEGISLATURE in Hartford.
If Dannel gets another 4 years maybe he can buy a few more companies that will stay at least until the end of their contract with the State. I doubt that he can buy many “new” jobs. Not enough to change the shape of our State or economy.
Radical changes are required, strong positions of cost reductions need to be applied, jobs at the State level need consolidation, positions need to be eliminated and hand out programs reduced or eliminated. We can’t continue to hand out more than we take in!

posted by: justsayin | June 26, 2014  8:58am

Still revolutionary! Economy from 39th last year to 49th this year, terrible. No way to spin this, 4 years and no “real” progress. Time to change the group in Hartford starting at the top.

posted by: Nutmeg87 | June 26, 2014  9:52am

What is Malloy talking about…  CNBC’s work just echos the malaise in CT - His figures are solely barbelled by the extreme wealth of Greenwich, NC, darien, Westport, etc… Without the Wall Street & Hedge/Private Equity Fund concentration here, CT is sub-terranian…  This also provokes the disparity of affluence - Why 50% of residents would move if offered an oppty…  MAlloy - how about CT being the HIGHEST DEBT per Capita…  How about the highest cost of living? When you peel away the extreme wealth, CT is the worst has-been state in New England, maybe the entire USA… CNBCs work is a relative NET-measure that includes the effects of variable cost-of-living differentials when comparing growth or status-quo affluence.

Its NOT about the wealthy - they provide the capital that greases the engines of economic growth…  Its the out of control costs of GOVT, Healthcare, and personal tax (yes- how about Ct among HIGHEST gasoline tax in nation - a regressive tax on your loyal subjects - Malloy)... Wonder if Malloys’ low-income base wakes up one day and figures out that over 60cents a gallon goes to Hartford? Where does all this money go???  Surely not our highways (I’ve replaced 5 wheels & 4 tires from potholes this year alone)...

We need to get out of this corner -  This single party system is in dissarray-  even the Reps in hartford are embarrassed and waived white flag (record number of resignations or no reelection attempts since the CT income tax was established in the 1980s)

I guess Everyone but Malloy -

posted by: GBear423 | June 26, 2014  10:33am


“fourth most innovative state”

That is regarding all the creative ways we can tax our residents!

posted by: GuilfordResident | July 1, 2014  7:38am

This spin is just like something I heard on NPR a few weeks ago ... “if you take away the impacts of increases in energy, food, and gas costs, we’re not really seeing any inflation.”

Whomever is going to vote for incumbents this season, please just stay home.

Social Networks We Use

Connecticut Network


Our Partners

Sponsored Messages