Last month, WalletHub, a personal finance company, ranked Montana 36th in its Most & Least Innovative States (2024) report. But how business friendly is the state in other categories?

A look at other media and think-tank producers of similar studies shows Montana faring slightly better, and in one, fantastic. So, what does it mean? “These surveys are fine to a point,” said Ronda Wiggers, Montana state director for the National Federation of Independent Business (NFIB). “But you have to factor the criteria used and other considerations before drawing any conclusions. Still, they do provide some considerations for state policymakers to discuss.”

Below is a sample of where Montana ranks in other reports:

• 5–Tax Foundation’s 2024 State Business Tax Climate Index
• 13–Forbes Best States to Start a Small Business (2024)
• B–Truth in Accounting’s Financial State of the States 2023
• 22–Fraser Institute’s Economic Freedom Index
• 25–US News’ Best States 2023
• 33–American Legislative Exchange Council’s Rich States Poor States
• 35–CNBC’s America’s Top States for Business
• 36–Wallet Hub Most & Least Innovative States (2024)

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/