Massachusetts is often renowned for its flourishing business environment, which provides startups with the necessary support to get off the ground. However, if you are based in Massachusetts, it may be time to reconsider if this is the optimal location for your business. The high cost of living and stringent regulatory framework can be a hindrance to corporate growth. But don't write off the Bay State just yet.
Take a look at the numerous case studies of individuals and companies that have decided to cut ties with Massachusetts and move elsewhere. Rhode Island is the only state in New England and the northeastern United States that ranks among the 10 worst states for business. One of the main reasons for this is its high rate of unionization, which restricts employers' ability to set wages and benefits. Rhode Island does not have a right-to-work law, and 17.3 percent of its labor force is unionized, a higher proportion than in all other states except four.
The author then claims that more than 100 technology manufacturers (rough estimate) have left Massachusetts in the past three decades, in search of better employment opportunities. Wisconsin's tax code is less business-friendly than most other states, according to the Tax Foundation. Striking the right balance between being pro-company and working for the welfare of all residents is not easy, and not achieving this goal can have serious repercussions. Access to a skilled workforce can make or break any business, and in Massachusetts, 43.4 percent of adults have a bachelor's degree or higher, the highest proportion of any state.
However, this does not make it one of the best states for business, partly because its proportion of higher-skilled workers is lower than average. The state also has an unfavorable business tax climate compared to most other states, and its average monthly commercial electricity bill is well above the national average. Business owners in Pennsylvania have to deal with some of the highest operating costs of any state, largely due to high payroll costs. In any case, the scenario he described involving the house in Dorchester is just one example of how Massachusetts is not as progressive when it comes to race and discrimination as people would lead outsiders to believe. Despite the pandemic's devastating effects on the global economy, Massachusetts companies managed to stay afloat by maintaining a healthy workforce and continuously innovating professionally.
Companies in Delaware have done a better job attracting venture capital investment than almost every other state. For example, Massachusetts not only has a high cost of living but also one of the highest corporate taxes in the country. You just proved that you don't know what you're talking about because, according to the Bureau of Labor Statistics, Massachusetts' unemployment rate is higher than New Hampshire's.The best states for doing business tend to be those with well-educated populations, a high quality of life, healthy economies, reliable infrastructure, and business-friendly laws and policies - much like the cities Amazon chose. Business owners were asked to rate their state and municipal governments on a wide range of policy factors, including tax and licensing regulations.
The ASE (Annual Survey of Entrepreneurs) is an annual survey of business owners who report on how easy it is to do business in their state based on measures such as fiscal policy, business conditions, access to skilled labor, and other regional factors.