Maryland ranks 47th in cost of doing business in CNBC annual business ranking.
CNBC recently published its annual ranking of America's Top States for Business. CNBC scores all 50 states on metrics in 10 categories of competitiveness. This year, Maryland scored 31st overall, a middling position that highlights both strengths and areas for improvement. Maryland scored particularly high in the category of technology and innovation, ranking 9th, which spotlights Maryland's emphasis on innovation.
However, one particular aspect that stands out is the state's 47th ranking in the cost of doing business. Maryland's business climate has implications for counties. Maryland's neighbor Virginia ranked 1st as the best state for business. A poor ranking could be cause for concerns for future economic growth, especially for counties bordering Virginia. Local governments rely on a strong business climate as it boosts local economies and contributes to job creation, increased tax revenue, and a better quality of life.
Being a good state for business is about more than just attracting companies; it's about creating a thriving environment where Marylanders can flourish. For counties, the benefits of being business-friendly are clear. From economic growth to improved infrastructure and community development, the advantages extend to every corner of the state. While there is room for improvement in Maryland's competitiveness, there is opportunity for an even stronger collaboration between state and county governments, leading to coordinated efforts in economic development, infrastructure projects, and policy-making that benefit the entire state.
The weight of each category is based on its prevalence in states' economic development marketing materials. Therefore, ensuring ranking reflects the attributes states emphasize to promote themselves. CNBC established their criteria and metrics with input from a diverse group of business and policy experts, as well as the states themselves. States can earn up to 2,500 points, and those with the highest scores are named America's Top States for Business.
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