WASHINGTON, Feb. 8, 2017 /PRNewswire-USNewswire/ -- Today, the Small Business & Entrepreneurship Council (SBE Council) released its 21st annual look at how public policies in the 50 states affect entrepreneurship, small businesses and the economy.
The "Small Business Policy Index 2017: Ranking the States on Policy Measures and Costs Impacting Entrepreneurship and Small Business Growth" ranks the 50 states according to 55 different policy measures, including a wide array of tax, regulatory and government spending measurements.
The most entrepreneur-friendly states under the "Small Business Policy Index 2017" are: 1) Nevada, 2) Texas, 3) South Dakota, 4) Wyoming, 5) Florida, 6) Washington, 7) Indiana, 8) Arizona, 9) Alabama, 10) Ohio
In contrast, the policy environments that rank at the bottom include: 40) Rhode Island, 41) Oregon, 42) Iowa, 43) Connecticut, 44) Maine, 45) Hawaii, 46) Vermont, 47) Minnesota, 48) New York, 49) New Jersey, 50) California.
The "Small Business Policy Index 2017" can be read or downloaded here, with an interactive map that includes highlights and individual state summaries here.
Raymond J. Keating, SBE Council's chief economist and author of the study, noted, "In the end, greater governmental burdens – via taxes, regulations, spending, debt, and failures to adequately execute the essential duties of government – are greater negatives for economic risk taking, small businesses, and a state's competitiveness and attractiveness."
In the report, Keating explains why each measure is included, such as the economics regarding the effects on small business and the economy, along with an extensive section reviewing various studies relevant to the items included in the Index. Five new measurements were added within the 2017 Index including: annual fees on LLCs, health care open access, paid leave mandates and civil asset forfeiture.
Keating also observed, "Economic growth and population growth are faster in the top half of the states ranked on the Index compared to the bottom half. In terms of people moving among the states, those ranking in the bottom half on the Index lose significant population to the states ranked in the top half."
SBE Council President and CEO Karen Kerrigan added: "As we have been saying over the course of our organization's nearly 25 year history, policy matters when it comes to starting up, operating and investing in a small business. That is the case at all levels of government – federal, state and local. Getting policy right makes a big difference in terms of boosting a state's economy, job creation, and competitiveness. Many governors and state legislatures have taken this reality very seriously, and have implemented policies that reduce the burden of taxes and regulations on small business. These policy doers have reaped the rewards. The best states understand that doing nothing can lead to an erosion in their competitiveness, and have also acted accordingly."
SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years, SBE Council has worked to advance initiatives and policies that strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council's website: www.sbecouncil.org. Follow on Twitter: @SBECouncil or Facebook: www.facebook.com/sbecouncil.
Contact: Raymond J. Keating
631-909-1122 or 703-242-5840
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SOURCE Small Business & Entrepreneurship Council