Hawaii, New York and Massachusetts are the most expensive states in the nation in which to do business, according to a recently released index that measures such things.
The 2005 Milken Institute Cost-Of-Doing-Business Index reports that Hawaii's costs are 43% higher than the national average, while New York's costs are 30% higher and Massachusetts' are 25% higher. On the flip side, South Dakota has the lowest cost of doing business, with costs that are 28% below the national average. North Dakota has the second lowest costs at some 23% below the national average.
The index, produced by the Milken Institute, a Los Angeles think tank, examines each state's advantages and disadvantages to attracting business. It measures wage costs, taxes, electricity costs and real estate costs for industrial and office space for each state. Those weighted scores are used to compile the index.
The highest wages, according to Milken index, belong to Connecticut, while Hawaii recorded the highest taxes, electricity costs and industrial space costs. New York's office space costs were the highest among the 50 states.
To view the complete ranking, visit the Milken Institutes Web site at www.milkeninstitute.org.