The U.S. Chamber of Commerce Foundation published its fourth annual “Enterprising States” study which measures and ranks states in terms of policies deployed to support small business.
The study measures policy performance across five areas – exports, business climate, innovation and entrepreneurship, infrastructure, and their talent pipeline. There’s also a sixth list for best economic performance and growth.
Utah was the only state to end up with a top 10 finish across all five of the aforementioned policy areas and in the overall economic performance list.
North Dakota topped the charts for economic performance, followed by Texas and Utah.
Louisiana was ranked as the top state for exports, followed by Texas and Utah. Maryland came in first for innovation and entrepreneurship, followed by Colorado and Virginia.
South Dakota leads the way for a favorable business climate for small businesses, followed by Nevada and Wyoming.
Massachusetts and New York were ranked as the top two states with the best talent pipeline, followed by Maryland in third place. Florida topped the charts for infrastructure, followed by Nevada and Illinois.
The report notes that Nevada is in the bottom half of the state pileup for overall economic performance, but scores well on most individual policy measures, which they say is an indication that Nevada is due for a turnaround.
The report also notes that state funding of entrepreneurial development programs jumped nationwide by 30 percent from 2012 to 2013.
Thomas J. Donohue, president and CEO of the U.S. Chamber, said that small business was already leading the recovery, but the right policies can enable a move past the recovery stage and on to revitalization.
There are 23 million small businesses in the U.S., which together account for 54 percent of all sales. Small businesses have a historical record of accounting for 55 percent of all jobs and 66 percent of all new jobs, with new and young businesses creating a total of 40 million jobs in the last two decades.
The U .S. Chamber of Commerce Foundation commissioned the Praxis Strategy Group to prepare the 2013 Enterprising States study.