Leading the pack for most troublesome is the financial services sector. If firms were to meander over and do business in New Hampshire they would find profits that were 80 percent higher while doing business in North Carolina and Texas would more than double
their profits.Costs that are hurting Massachusetts include “high cost of living, high commercial and industrial rents and the high cost of unemployment insurance.” However, on a good note “Health care costs are less expensive in the Bay State than in several of the rival states included in the study.”
Another big area of concern for the Massachusetts business environment is workers compensation:
While Massachusetts has made significant progress on its once run-away workers compensation costs, it is now falling far behind in the burden it puts on employers through unemployment insurance tax rates that are higher than all six competing states in the study. Massachusetts’ high UI expenses are partially the result of system loopholes that, if closed, would cut business costs and aid the state’s competitiveness.
Comment Preview