State ranks 5th in country. For now. Colorado’s recent decision to raise the minimum wage to $12 an hour by 2020 could dent that ranking next year.
Forbes Praises Colorado’s Business Climate
Colorado is the fifth best state in the country for business,
according to a new Forbes analysis.
“Credit a young, educated labor supply and a migrating population that is attracted to its robust economy and outdoor recreational opportunities,” the study said. “…Colorado is expected to have the second fastest job growth over the next five years.”
However, Colorado’s recent decision to raise the minimum wage to $12 an hour by 2020 could dent that ranking next year. According to NFIB/Colorado State Director Tony Gagliardi “Colorado’s overly complex sales tax ‘system is seen as a significant burden on businesses, resulting in considerable cost in time, focus and money.” The study also pointed out that that the cost of doing business in Colorado is 5 percent higher than the national average.
The study considered five major factors to reach its overall
state rankings. Here’s how Colorado fared in each:
Business costs: 40th best in country
Labor supply: 1
Regulatory environment: 9
Economic climate: 2
Growth prospects: 3
Quality of life: 18
Utah led the overall list, while West Virginia came in last.
Here’s how other Colorado neighbors ranked:
New Mexico: 46