Entrepreneur magazine (print version only) had an interesting article in their February 2009 edition, which outlined the states with the highest cost of doing business (figures were the most recent - 2007).
This matters because job creation in every state in the U.S. is critical. If costs are too high in one place, job seekers in those locations may suffer.
Taken into account were average worker's wages, tax burden, electricity costs, industrial and office space rents.
Here is the list of the states with the highest cost of doing business.
2. New York
7. New Jersey
10. Rhode Island
Some of the figures which are represented in the article would have been affected positively today would include the probable increase in office and warehouse space since late 2008 to the present. An increase in supply of either would logically dictate a drop in price. Well some places.
Also, wages have dropped as well as layoffs have increased in the past six months which can drive wages down.
Finally, some of these states have raised tax rates for individuals and businesses as tax revenues have dried up. They may be even higher than listed above.
Regardless, if you live in one of the above states, be aware what you are facing. The out of work in Texas for instance, have a better playing field to work with than those in New Jersey.
Author's note: I was surprised Michigan was not on this list.
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