(The Center Square) – Colorado is the eighth best state for business, according to a ranking by CNBC.
The business news channel generated the ranking by comparing all 50 states on 85 metrics across 10 categories. The categories were weighted by how often states use them as a selling point in economic development marketing materials.
This year, the study focused on health care and inclusiveness, according to its methodology. Other top factors include the "cost of doing business" — which accounts for 16% of the overall score — and infrastructure, which accounts for 15% of the score.
“It’s no secret that Colorado is the best place to live, work and do business,” Gov. Jared Polis said in a statement in response to the study. “We’re powering the Colorado Comeback by supporting our small businesses, developing our workforce across our state, creating jobs, and providing tax relief to help businesses and hardworking families get ahead.”
Despite Colorado's favorable overall ranking, CNBC ranked the state 38th for its "cost of doing business." The category measures a state’s tax climate, wage and utility costs as well as tax breaks and other incentives.
Cynthia Meyer, communications director for the Colorado Chamber of Commerce, told The Center Square that the ranking is primarily due to “some costly new policies and regulations on the business community that have yet to take effect and will impact Colorado’s business climate.”
Since 2018, Colorado lawmakers have passed taxes and fees that amount to a $2.1 billion increase on direct costs, according to a recent study by the Common Sense Institute.
During the 2021 session, the Democratic-controlled Legislature passed a $5.4 billion transportation bill funded by $3.4 billion in new fees on things like gasoline to food delivery.
“We hope this prompts our elected officials to rethink their legislative priorities moving forward to improve the business climate and fuel economic recovery,” Meyer added.