Every year, CNBC’s ranking of America’s Top States for Business draws plenty of attention from executives, policymakers, and anyone curious about the shifting landscape of U.S. competitiveness. The 2025 edition, now in its 19th year, is especially revealing. CNBC scored all 50 states on 135 metrics across 10 categories, including economy, workforce, infrastructure, cost of doing business, and more. This year, the economy category carried the most weight, reflecting the priorities that states highlight in their own marketing to attract companies.
CNBC’s approach is methodical. Each state is measured on factors that companies consider when deciding where to expand or relocate. The categories are weighted based on how often states promote them to lure investment. In 2025, the economy category was the most influential, followed by infrastructure, workforce, and cost of doing business.
Here’s how the leading states performed across the key categories:
North Carolina holds onto the top spot for the third year in a row. Its strength lies in a balanced performance across most categories. The state ranks third in economy, fourth in business friendliness, and sixth in education. While it doesn’t claim the number one spot in any single category, its consistency across the board is what keeps it at the top.
Texas comes in second, bolstered by the best workforce ranking and a strong economy. The state is also second in access to capital and technology and innovation. However, Texas falls short in quality of life, coming in at 49th, and infrastructure, where it ranks 26th. This mix makes Texas a magnet for business but highlights the challenges companies and employees might face outside the workplace.
Florida rounds out the top three, leading the nation in economy and ranking highly for workforce and access to capital. Like Texas, Florida’s cost of living and infrastructure rankings are less impressive, landing at 48th and 16th, respectively. Still, its overall momentum is hard to ignore.
Virginia, which has often been a top contender, lands at fourth. Its drop is partly due to federal job cuts, which have affected the state’s workforce and economy rankings. Ohio surprises with a fifth-place finish, driven by the best infrastructure ranking and low cost of doing business. Michigan and Georgia also make strong showings, thanks to their balance of workforce, business costs, and access to capital.
Tennessee, Indiana, and Minnesota round out the top ten. Indiana’s low cost of living and cost of doing business are especially attractive, while Minnesota’s strengths are more concentrated in quality of life and infrastructure.
For businesses, these rankings are more than just bragging rights. They reflect the factors that matter most when making site selection decisions. These factors inclue economic stability, an available and skilled workforce, infrastructure that supports growth, and a regulatory environment that encourages investment. States that perform well across these categories are likely to see continued interest from companies looking to expand or relocate.
The 2025 CNBC rankings offer a clear snapshot of where the action is and where companies might look next. North Carolina’s steady hand at the top, Texas’s economic muscle, and Florida’s growth story all point to a competitive landscape where the fundamentals still matter most.
