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News & Press: Colorado Technology Industry

Colorado ranked 2nd in U.S. for economic competitiveness

Monday, October 25, 2010   (0 Comments)
Posted by: Su Hawk
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Colorado ranked 2nd in U.S. for economic competitiveness
Denver Business Journal - by Mark Harden
Monday, October 25, 2010, 8:23pm MDT - Last Modified: Tuesday, October 26, 2010, 10:48am MDT . .
..A new report ranks Colorado as second among the 50 states for economic competitiveness.

The 10th annual "State Competitiveness Report,” issued Monday by Boston's Beacon Hill Institute, ranks only North Dakota as more competitive than Colorado.

Massachusetts is third, followed by Wyoming, Minnesota, Nebraska, Utah, South Dakota, Iowa and New Hampshire.

Least competitive, says the BHI report, are Mississippi (50th place), West Virginia (49th) and Alabama (48th).

The ranking is based on 43 indicators grouped in the categories of government and fiscal policy, security, infrastructure, human resources, technology, business incubation, openness, and environmental policy.

"Improving productivity and increasing personal income should be part of any state's economic development strategy,”

the report says. "And the report continues to show that improvement can translate measurably into real capita income growth.”

Colorado is rated third among the states for tech, its highest category ranking, fourth for business incubation, and fifth for infrastructure.

Its only below-average category ranking in the BHI report is for openness (31st), a category measuring the level of foreign engagement, driven down by a low level of exports per capita. (The category also includes percentage of foreign-born population and incoming foreign investment.)

The Beacon Hill Institute is based at Suffolk University.

In May, Colorado was said to have the nation's second-best economic outlook in an annual report by the American Legislative Exchange Council, an advocacy group representing conservative state legislators, which used significantly different criteria than those of the BHI report.

In its report, the ALEC praised Colorado's voter-approved Taxpayers' Bill of Rights (TABOR), which restricts the state's ability to raise revenue, and low labor costs "for keeping Colorado competitive.”
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