Washington has dropped to 14th place in CNBC’s annual rankings of the top states for business, falling out of the top 10 for the first time in several years. This marks a notable decline from previous standings, including a No. 2 spot in 2022 and a No. 10 ranking in 2023. The state was ranked No. 1 in 2017.
Despite continuing to score well in key areas such as technology, innovation, and workforce quality, Washington’s ranking was negatively affected by high costs of living and the expense of doing business. CNBC’s analysis pointed to factors like elevated worker wages and the cost of office space as contributing elements.
In contrast, states like North Carolina, Texas, Florida, Virginia, and Ohio led this year’s rankings. The findings underscore ongoing challenges for Washington’s business climate, especially in affordability and operational costs. These insights may prompt renewed discussions on how to maintain the state’s competitive edge while addressing cost-related concerns.
