In its annual business rankings, Chief Executive magazine tabbed Connecticut as the sixth-worst state for business, representing a one-position drop from last year.
Unsurprisingly the state rated above-average for its workforce quality and living environment but fared poorly for its taxation and regulatory environment.
The rankings were determined based on a survey of more than 700 CEOs. New Jersey, Massachusetts, Illinois, New York and California were the only states to garner a lower ranking than Connecticut. Texas ranked as the best state for business.
Andrew Markowski, Connecticut State Director for the National Federation of Independent Business, said the state earned it’s ranking.
“The best way to change our reputation is to adopt better policies,” he said in a statement released after the report was published. “We need to get a handle on our budget, which means saying ‘no’ to the special interests. We need to cut taxes so that businesses can invest and hire. And we need to change the political culture in Hartford that sees businesses as cash machines for big government.”
In the magazine’s review of Connecticut’s business environment, it quoted two CEOs who were among those surveyed.
“Connecticut is a tax and spend, Democrat-controlled state with no debate,” said one CEO. “The state agencies do not coordinate their actions and there are several that could be combined as they each have a part in incentives or solutions. Governor Malloy is more visible than prior governors, but likes to pick winners and losers rather than establish an environment for all businesses as other states do.”
Another CEO said: “Connecticut is vastly under-rated as a place to do business. While it has a higher cost of living and an imperfect regulatory environment, it also has a fantastic living environment, great workforce, and exceptional access to major domestic and international businesses.”