Survey Ranks State Seventh In US
According to a recent annual ranking by bank lender Money Rates, Colorado is the seventh-best US state to make a living in 2015. Money Rates examined data from the Bureau of Labor Statistics, the DC-based nonprofit Tax Foundation, and the Council for Community and Economic Research. The annual survey found that Colorado in the past year “made significant improvement in unemployment” in the last year, with an unemployment rate falling from 6% to 4.2%, and wages remained “relatively high.” However, the state fell from its ranking as the fourth-best place to earn a living in 2014. The Denver Post notes that Colorado’s average wages are still high, at $49,930, and workplace safety problems, another factor measured in the report, remain low at 3.7 issues reported per 100 workers. However, this year the top three states to earn a living – Texas, Washington, and Wyoming – earned the ranking because they have no state income tax, which is estimated by Forbes, which publishes Money Rates’ annual data, to mean an additional 3% to 5% increase in take-home pay for workers. Meanwhile, Hawaii was rated the worst state to make a living due to the high costs of living there as well as relatively high state income tax rates.
What This Means For Small Businesses
Colorado’s small business owners are seeking signals that the state’s economy is strong so that they can feel confident growing their businesses there. This latest survey includes data from multiple sources, all of which suggest Colorado is a top state for earning a living. This ranking is an encouraging sign that the state’s economy is strong and the area is welcoming to small businesses.
NFIB previously reported Weld County, CO’s status as the top county for US job growth in 2014.
Note: this article is intended to keep small business owners up on the latest news. It does not necessarily represent the policy stances of NFIB.