HONOLULU (HawaiiNewsNow) - Hawaii is no paradise for doing business.
That’s according to a new analysis from Forbes, which ranked Hawaii 46th in the nation in its newly-released “Best States for Business” list.
Not surprisingly given Hawaii’s high cost of living, the state ranks 48th worst in the nation for “business costs.”
Forbes said the cost of doing business in the islands is 21 percent higher than the national average.
Hawaii also didn’t perform well for its regulatory environment.
For growth prospects, Hawaii took the no. 43 spot.
And the state ranked middling for its labor supply and quality of life.
“Tourism and the U.S. military are the significant drivers of Hawaii’s $92 billion economy,” Forbes said, in its list. “Hawaii has one of the most onerous business tax situations. Another drawback: the highest cost of living in the U.S.”
North Carolina was named the top state for doing business, followed by Utah and Texas.
At the bottom of the list: Alaska.
Hawaii’s showing in the Forbes ranking shouldn’t come as too much of a surprise. Earlier this year, WalletHub ranked Hawaii the worst state in the nation to start a business.
For the full list and more information on how Hawaii was ranked, click here.