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Wisconsin 23rd best state in U.S. for business, CNBC finds

city of milwaukee
Posted at 1:39 PM, Jul 13, 2022
and last updated 2022-07-13 14:41:08-04

MILWAUKEE — Wisconsin is the 23rd best state in the U.S. for business, a new ranking from CNBC found.

CNBC ranked every state on 88 metrics in 10 categories. They explain each category is weighted based on how frequently states use them as a selling point. "That way, our study ranks the states based on the attributes they use to sell themselves."

Wisconsin bested 27 other states, coming in at 23. That's right below Kansas and South Dakota and just ahead of Massachusetts and Missouri.

The top states for business, according to the ranking? North Carolina came in at #1, followed by Washington, Virginia, Colorado and Texas. The lowest ranked states for business: New Mexico, Louisiana, Alaska and Mississippi.

The ranking comes out on the same day the federal government released data showing that the price of goods increased 1.3% in June, causing inflation to reach a new 40-year high of 9.1% for the 12-month period ending in June.

The new figures show the highest 12-month inflation rate since December of 1981.

The growth in inflation was fueled by a massive increase in gas and energy prices. The price of energy increased 7.5% in June alone and went up 41.6% for the 12 months ending in June.

President Joe Biden said a recent decline in gas prices made the data "out of date."

"While today’s headline inflation reading is unacceptably high, it is also out-of-date," he said. "Energy alone comprised nearly half of the monthly increase in inflation. Today’s data does not reflect the full impact of nearly 30 days of decreases in gas prices, that have reduced the price at the pump by about 40 cents since mid-June. Those savings are providing important breathing room for American families. And, other commodities like wheat have fallen sharply since this report."

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