Forbes: Maine is second-worst state for business
Maine is no longer the worst state for business after holding the title for four years, according to Forbes, but it only moved up by one rank in the magazine’s newly released report.
Forbes' annual Best States for Business feature, released on Wednesday, put Maine in 49th place for 2014, making it the magazine’s second-worst state for business.
Forbes said Maine’s rank is a result of the state’s high corporate tax burden and a lousy economic growth forecast, which it attributed to Maine taking the lowest rank in the last four years. It said Maine is expected to be among the slowest states in job and income growth through 2018.
Maine also received poor marks for its regulatory environment, growth prospects and business costs. The state scored better for labor supply and even more so for quality of life.
Mississippi swapped places with Maine since last year to take 2014’s bottom spot, becoming the new worst state for business, as a result of falling last in four out of six categories: labor supply, economic climate, growth prospects and quality of life.
The other eight worst states for business, in ascending order, are West Virginia (48), New Mexico, Rhode Island, Hawaii, Alabama, Vermont, Michigan and New Jersey (41).
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