Maryland and Virginia are middle-of-the-road when it comes to the cost of doing business in each state, according to data released today by the National Association of Manufacturers.
The annual “Competitiveness Redbook” is a compilation of business-related data for all 50 states. The book — which reports on the cost of doing business across the board and not just for manufacturing — ranked Maryland the 17th and Virginia the 24th most-expensive states for the overall cost of doing business.
The rankings were determined by measuring a state’s average wages, taxes, cost of electricity and rents for commercial spaces.
In Virginia, 36.6 percent — or $9 billion — of state and local funds were generated from business-related taxes in 2004, according to the most recent data available. In Maryland, 33.7 percent — or $7.7 billion — came from business-related taxes.
Personal income in both states bumped up their overall rankings. The average income in Maryland was $39,247, the fourth-highest in the nation. Virginia was 10th, at $35,477. But those figures skyrocket for the thousands of high-tech workers concentrated in Northern Virginia and the Maryland counties around Washington.
Salaries for high-tech workers in Virginia average $74,630, while Maryland’s high-tech workers pull in $70,585.
Paying for it
Top 10 most expensive states to do business:
1) Hawaii
2) New York
3) Massachusetts
4) California
5) Connecticut
6) Alaska
7) New Jersey
8) Delaware
9) Minnesota
10) Michigan
Source: Competitiveness Redbook
