For those interested in the US as their dream destination, choosing a place to study and eventually live is no easy feat. From the bustling East Coast to the sun-drenched Sunbelt to the northern-most, mountainous states, the US offers a boundless number of places to launch the next step of your career.
CNBC’s America’s Top States for Business 2024 rankings offers valuable insights into which states provide the most fertile ground for future business leaders.
The ranking measured all 50 states based on the metrics: Infrastructure, Workforce, Economy, Quality of Life, Cost of Doing Business, Technology and Innovation, Business Friendliness, Education, Access to Capital, and Cost of Living.
Find out how these rankings can inform your choice of business school, emphasizing the importance of the local business environment on education and career opportunities.
1. Virginia
Taking the top spot is the East Coast state, Virginia.
Virginia is consistently ranked highly for its stable economy and business-friendly environment, and in CNBC’s ranking, it ranked especially well on infrastructure (which carries the most weight in the ranking), business friendliness, and education.
Virginia is known as the headquarters of several major corporations and government agencies, including Capital One and the CIA, providing ample employment prospects post-MBA.
An MBA in Virginia can connect you with robust networks in technology, defense, and consulting sectors. Schools such as Darden School of Business at UVA offer strong industry connections.
2. North Carolina
Coming in second place is another East Coast state with top MBA programs including Duke Fuqua and UNC’s Kenan-Flagler Business School.
North Carolina is known for its low business costs and in this ranking it scored especially highly for its workforce.
This is a strong plus for future MBAs, as the metric looks at which states are most successful in attracting talent at all levels.
The state is also home to the Research Triangle Park, a hub for tech and biotech industries, which gives MBA graduates access to cutting-edge research and a thriving entrepreneurial ecosystem.
3. Texas
In third place, Texas boasts a diverse economy with strengths in energy, technology, and healthcare.
The vast state houses a number of major cities such as Houston, Dallas, and Austin, which are centers of business innovation. These advantages are represented in the ranking, with Texas scoring first in the country for workforce and technology and innovation and second for economy.
Another advantage of Texas is its relatively low cost of living compared to other major business hubs.
Texas’s dynamic economy provides impressive networking and career opportunities. Schools such as McCombs School of Business at UT Austin are well-integrated with the local business community.
4. Georgia
Georgia’s favorable position in this ranking is largely due to it coming first in the infrastructure metric. Georgia continues to rank among the top states in the US for Fortune 500 companies, including Coca Cola, the Home Depot, and UPS.
According to the June 2023 Fortune 500 listing, Georgia is home to 19 of the country’s top 500 companies, most of which are located in the state’s buzzing, diverse capital, Atlanta.
Atlanta has a vibrant cultural and social scene making it attractive for young professionals.
An MBA in Georgia, such as at Emory’s Goizueta Business School, offers access to leadership roles in finance, logistics, and media industries.
5. Florida
Florida comes in fifth for the best states to do business in the USA.
The Sunshine State’s perpetually warm weather and white beaches, not to mention Disney World, makes it strong for the tourism, hospitality, and real estate industries.
Florida scored especially well for the workforce and economy metrics. Florida’s labor force grew by 2.2% over-the-year in January 2024, which is faster than the national over-the-year rate of 0.8%.
The growing presence of tech startups, especially in Miami, its diverse economy, and multicultural environment provide a rich ground for aspiring entrepreneurs and business leaders.
6. Minnesota
A northern state bordering Canada, Minnesota scores well in infrastructure and quality of life.
Minnesota’s healthcare industry is particularly fruitful for career opportunities. It is known as one of the best in the nation and is positioning itself as a leader in healthcare and medical innovation. In 2022 the annual health care services industry employed just over 385,000 people.
An MBA in Minnesota can lead to opportunities in major healthcare companies and you can expect a high standard of living with excellent public services.
7. Ohio
The Midwestern state of Ohio is a manufacturing powerhouse with strong logistics infrastructure. Manufacturers in Ohio account for 16% of the total output in the state, employing 12% of the workforce. Total output from manufacturing was $114.76 billion in 2021.
Ohio offers an ideal environment for those interested in manufacturing, logistics, and operations management. Fisher College of Business at Ohio State University is a prominent MBA program.
Ohio is a particularly desirable destination if you’re interested in affordable living as it ranks particularly well on cost of living and cost of doing business.
8. Tennessee
An MBA in Tennessee provides opportunities in diverse sectors, particularly in Nashville’s booming healthcare industry. Vanderbilt’s Owen Graduate School of Management is a top choice.
In the ranking, Tennessee performs well in the economy metric, which shows the impact of its rapid economic growth with significant investments in automotive and healthcare sectors. It also has a favorable business climate with low taxes and incentives for new businesses.
Also, if you’re interested in a vibrant music scene and cultural heritage, you might want to consider its capital, Nashville.
9. Michigan
Located in the Midwest, Michigan is another leader in the automotive industry with an article dubbing it the next Silicon Valley of automotive technology. This is reflected in its top 10 position in the ranking for technology and innovation.
Michigan is also a hub for research and development. In the past, Michigan businesses spent $22.4 billion on R&D investments.
Michigan’s legacy in manufacturing and innovation makes it a prime location for aspiring leaders in engineering and tech. Ross School of Business and Michigan State University’s Broad College of Business are renowned for their strong programs and alumni network.
10. Washington
Right at the tip of the Northwest is Washington State, which is famous for housing tech giants such as Microsoft and Amazon. Considering this, it is unsurprising that Washington scores highly in for technology and innovation
Washington’s thriving tech scene provides unparalleled opportunities in technology and entrepreneurship, and Foster School of Business at the University of Washington offers strong ties to the tech industry.
Washington also scores highly for quality of life, and those who live in this state can enjoy access to the expansive outdoors with national parks and snow-capped mountains.
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