Latest report card gave state a middling mark, but prior ones have awarded gold stars
Last month, WalletHub, a personal finance company, ranked Wyoming only 21st in its Most & Least Innovative States (2024) report. But how business friendly is it in other categories?
A look at other media and think-tank producers of similar studies shows Wyoming getting the highest marks possible in two of them, not so in others. So, what does it mean? “These are all fine research vehicles for the beginning of an informed policy discussion, but that is as far as they go,” said Tony Gagliardi, Wyoming state director for the National Federation of Independent Business (NFIB). “You have to bear in mind that different criteria can lead to different outcomes when searching for a rank to compare one state to another.”
Below is a sample of where Wyoming ranks in other reports:
1–Tax Foundation’s 2024 State Business Tax Climate Index
A–Truth in Accounting’s Financial State of the States 2023
6–American Legislative Exchange Council’s Rich States Poor States
18–Fraser Institute’s Economic Freedom Index
21–Wallet Hub Most & Least Innovative States (2024)
22–Forbes Best States to Start a Small Business (2024)
26–US News’ Best States 2023
37–CNBC’s America’s Top States for Business
NFIB does not rank states. Instead, it ranks environments and conditions for small businesses as a whole across the nation. Its most prestigious report, called the gold standard measurement of the Main Street economy, is the monthly Small Business Economic Trends (SBET) report, also known as the Optimism Index.
“The SBET is one of the few archival data sets on small businesses, particularly when research questions address business operations rather than opinions,” according to this one-page history of SBET. “Today, it’s the largest, longest-running data set on small business economic conditions available.”
All of NFIB’s research, such as the SBET, monthly Jobs Report, quadrennial Small Business Problems & Priorities, and other studies can be found at https://www.nfib.com/foundations/research-center/
