| Monday, August 20, 2007 5:02 PM CDT |
Hawaii tops list as costliest state for business
By Associated Press
HONOLULU — Hawaii is the most expensive state in the nation, by far, for doing business, according to a report by the Milken Institute. It’s the third straight year Hawaii ranked No. 1 on the independent economic think tank’s annual Cost-Of-Doing Business Index, which measures wages, taxes, electricity costs and real estate costs for industrial and office space.
Hawaii scored 151.5, which meant that the overall cost of doing business in the state was about 52 percent higher than the national average. The score was up from 148.4 in 2006 and 143.1 in 2005, according to the report.
New York (130.9) ranked second, followed by Alaska (130.8) and Massachusetts (130.6), all with costs of doing business about 31 percent above the national average.
Hawaii had the highest electricity and industrial space costs and ranked second in tax burden. Wages in the islands, however, were not the highest. Wages in Hawaii ranked 22, despite the high cost of living.
The Milken Institute said its index indicates each state’s comparative advantages or disadvantages in attracting and retaining businesses. South Dakota maintained its position as the least expensive state to do business, with costs 30 percent below the national average. Other low-cost states were Iowa, North Dakota, Nebraska, Idaho and South Carolina.
The Milken Institute is based in Santa Monica, Calif.
Those states with a low cost of doing business have, on average, greater job growth than those with high costs.
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