Report: Colorado One of Best States for Business

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A new report released by CNBC says Colorado is one of the best states when it comes to doing business.

The business savvy channel ranked Colorado 5th in the nation on its second annual Top States for Business list. It scores states based on ten different categories which include the state's economy, workforce, cost of doing business, and quality of life.

Last year Colorado was ranked 7th. Local experts say there good reasons why we have now cracked the top five.

The Grand Junction Economic Partnership says a booming energy sector has helped spark a very strong and diverse economy in Colorado. It says over the past year, we've seen tremendous growth in the professional services industry, manufacturing, and especially the health care industry.

Colorado had the 11th strongest economy in the CNBC report. It also cites the state's investment in new energy technologies like solar and wind power, an unemployment rate that's well below the national average, and a growing aerospace industry led by Colorado's largest employer, Lockheed Martin.

Colorado received it's best score in business friendliness, or how friendly businesses perceive the state to be when it comes to regulations, legal processes, and other red tape. It ranked 5th in that category.

Colorado also received a strong score in quality of life, where it finished 7th. The quality of life score is based on factors like local attractions, health care, and crime rates.

"We will continue to perform well and have a strong economy going forward," said Ann Driggers, President and CEO of the Grand Junction Economic Partnership. "That means more jobs for people, better paying jobs for people, and just a good, all around strong economy."

Experts do say there are still areas where Colorado can improve. The CNBC report gave Colorado its lowest marks in education and transportation. Both of those are areas that state leaders say will likely dominate the legislative session next year.

To check out the full report for yourself, click on the link below.

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