Massachusetts Ranked The Best State For Business In America

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BOSTON (CBS) – Massachusetts means business, according to a new ranking. Financial news website 24/7 Wall St. is out with its list of the "best and worst states for business," and the Bay State comes out on top.

"With a well-educated workforce and a high concentration of innovative startups, Massachusetts ranks as the best state for business," the ranking states.

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Among adults 25 or older, 44.5% have a bachelor's degree or higher. The average earnings per job is $75,637.

And while Massachusetts is across the country from Silicon Valley, the ranking says the state has the highest rate of venture capital deals per capita, with 660 made in 2018.

Innovation is also big in Massachusetts, with 7,600 patents granted in 2018. That's the highest rate in the country at 111.4 patents per 100,000 people.

24/7 Wall St. looked at economic conditions, business costs, infrastructure, workforce skill, quality of life, regulations, technology and cost of living in coming up with the ranking.

Rounding out the Top 5 are Utah, Colorado, Washington and North Dakota. The next New England state on the list is Vermont at No. 11. The worst state for business is West Virginia, according to the ranking.