As the home of major corporations such as Amazon, Costco, and Boeing, Washington businesses attracted $1.6 billion in venture capital and had its economy grow 3.7 percent last year.
CNBC named Washington the top state for business, based on criteria such as workforce, infrastructure, job growth, economy, business friendliness, and access to capital.
Nearly 10 percent of workers in Washington are employed in a STEM (science, technology, education and math) profession. Washington was among the states that received the most patents and medical research grants last year.
But, the state is notoriously expensive.
Even though the state has no individual or corporate income tax, it finishes No. 37 for Cost of Living and No. 32 for Cost of Doing Business. With the average worker earning $26.83 an hour, Washington wages are the eighth highest in the country. And with office space going for more than $26 per square foot, rent is the sixth highest.
Minnesota, Georgia, Texas, and North Carolina round out the top five rankings of the best states for business.
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