Connecticut ranked fourth worst state for business

Connecticut is the fourth worst state for business, according to CNBC's America's Top States for Business 2014 ranking.

According to CNBC, the methodology behind the ranking process involved scoring each state individually on 56 metrics in 10 categories of competitiveness.

In the following 10 categories, each state received points, which were then weighted "based on how frequently the category is used as a selling point in state economic development marketing materials," according to CNBC:

  • Cost of doing business.
  • Economy.
  • Infrastructure and transportation.
  • Workforce.
  • Quality of life.
  • Technology and innovation.
  • Business friendliness.
  • Education.
  • Cost of living.
  • Access to capital.

While the Nutmeg State ranked 5th in education, 7th in access to capital, 14th in quality of life, 21st in technology and innovation, and 24th in business friendliness, it had the fourth-highest cost of doing business, third-highest cost of living and the nation's second-worst economy.

Coming in 46th overall in CNBC's ranking of top states for business, Connecticut ranked 32nd in workforce and 42nd in infrastructure and transportation.

"The Constitution State offers world-class education, and strong access to capital. It is one of the most expensive states in the U.S., and this has hampered the economy," according CNBC.

Compared to last year, Connecticut dropped down in CNBC's overall rankings by one. While Connecticut's rank in most of the categories have changed since last year, its rank in education, cost of living and technology and innovation have stayed exactly the same.

Out of all 50 states, Georgia was ranked the No. 1 state for business, while Rhode Island came in last place.