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August 20, 2007
10 Costliest States for Business

Hawaii, New York, and Alaska are the most expensive states for businesses, but Connecticut has the highest costs associated with wages, according to a report by the Milken Institute, an economic think tank.

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The same three states took top spots in the insitute's Cost-of-Doing-Business Index last year. The index, which is sponsored by the California Manufacturers and Technology Association, takes into account wage costs, taxes, electricity costs, and real estate costs for industrial and office space.

The states with the highest and lowest costs in those individual categories are:

Highest Lowest
Wages Connecticut South Dakota
Taxes Vermont New Hampshire
Electricity Costs Hawaii Idaho
Industrial Space Costs Hawaii Iowa
Office Space Costs New York Iowa

The ten most expensive and least expensive states for business overall follow. An index score of 100 means that the state is equal to the U.S. average.

Ten Most Expensive States

Rank State Index
1 Hawaii 151.5
2 New York 130.9
3 Alaska 130.8
4 Massachusetts 130.6
5 Connecticut 127.5
6 California 122.9
7 New Jersey 120.9
8 Vermont 110.2
9 Delaware 110.1
10 Rhode Island 108.0

Ten Least Expensive

Rank State Index
50 South Dakota 70.2
49 Iowa 79.7
48 North Dakota 81.3
47 Nebraska 82.3
46 Idaho 82.8
45 South Carolina 82.9
44 Montana 84.1
43 Missouri 84.6
42 Tennessee 85.2
41 Arkansas 85.4
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