Report: Tennessee economy ranks 5th
Nashville Business Journal
Tennessee has the country's 5th best economy, according to a state economic competitiveness ranking released by the American Legislative Exchange Council.
The report from ALEC, which bills itself as the nation's largest nonpartisan individual membership organization of state legislators, ranks the economic competitiveness of each state.
The state's top marginal personal income tax, a low state minimum wage and its right-to-work status helped place the state high in those rankings.
Tennessee ranked 1st in those three of the 16 categories examined.
According to the authors, Tennessee ranks below 20 other states in seven other categories, including top marginal corporate income tax, low property tax burden, debt service as a percentage of total tax revenue and state tort liability system.
Areas that needed improvement include lowering sales taxes and workers' compensation costs, according to ALEC.
Utah's economy was ranked the best followed by Arizona and South Dakota. Vermont was last.
The report's official title is Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index.