Connecticut is among the five worst states for business, according to CNBC’s latest rankings. The state fell from 45th to 46th place this year.
The cable network found that Connecticut has the fourth-highest cost of doing business, third-highest cost of living, and the nation’s second-worst economy.
“Unfortunately, these rankings reinforce the perception that Connecticut is not a good place to do business,” John Rathgeber, president and chief executive officer of the Connecticut Business & Industry Association, said in a press release.
“It’s critical that we address those areas that are hampering economic growth, particularly the high cost of doing business, taxes, government red tape, and our aging transportation infrastructure.”
The CBIA launched a campaign called CT 20X17 designed to move Connecticut into the top 20 states in the CNBC and other national rankings.
“This is not just a business issue. Changing the state’s business climate will attract much needed investment, kick start our economy, and create more opportunities and a brighter future for everyone,” Rathgeber said.
But not everyone in the state believes the rankings represent what’s happening on the ground.
A week before the rankings were released, Democratic Gov. Dannel P. Malloy, who is running for re-election, penned an editorial for CNBC touting the corporate tax rate and the education of Connecticut’s workforce.
“Our corporate tax rate is among the lowest in the nation, and our GDP per capita is one of the highest,” Malloy wrote. “We are strategically located between Boston and New York City, within reach of one-third of U.S. consumers and, not least of all, offer a high quality of life, safe communities and great schools.”
Malloy went on to brag that Connecticut is the “fourth most innovative state” and is “seventh in the nation for venture capital deals.”
“If Connecticut were a country, we would rank seventh in the world for productivity — even higher than the U.S. itself,” Malloy wrote. “Connecticut has a long and successful history as a manufacturing proving ground. This means that when you work with the most skilled hands in your field, you’re able to bring new ideas to reality with greater ease and produce higher-quality products with exceptional efficiency.”