FOR IMMEDIATE RELEASE

PROVIDENCE, RI (July 9, 2025) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy association, released the following statement today after CNBC’s latest state business climate rankings were announced, showing that Rhode Island had dropped two spots from last year to 46th worst in the nation. 

“The latest rankings of the Ocean State’s business climate paints a grim picture but comes as little surprise to Rhode Island’s small business owners,” said NFIB Rhode Island State Director Christopher Carlozzi. “After a legislative session where lawmakers imposed another minimum wage hike, new labor mandates, and a gas tax increase, Rhode Island was ranked 46th worst business climate in the nation by CNBC. Unfortunately, Rhode Island is trending in the wrong direction again.”

In the ranking, Rhode Island slipped from 44th place in 2024 to 46th. Evident by some of the anti-business, pro-labor legislation passed in Providence this legislative session, CNBC lists Rhode Island as 46th worst in both the cost of doing business and business friendliness categories.

“Main Street entrepreneurs are working hard to keep their doors open, to create new positions and hire new workers, and to invest in their employees, and others are still taking a chance at opening new businesses in communities across Rhode Island,” continued Carlozzi. “But the tax, regulatory, and labor challenges, and the simple cost of doing business in this state, are growing enormous. We fear that if lawmakers in the capitol don’t start prioritizing the small business climate and economic growth, the state is heading down the path of dark store fronts and shuttered Main Street businesses.”

###        

For over 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.