Forbes: Tennessee 24th best state for biz

The cost of doing business in Tennessee is 10.5 percent below the national average, but the Volunteer State is only the 24th best state for business, according to a new Forbes magazine ranking.

That’s down three spots from a year ago.

Among the criteria Forbes used to compile its 2012 Best States for Business list, Tennessee fares best in Regulatory Environment – 13th – and Business Costs – 14th.

But the state is no better than 30th in all other criteria Forbes considered in ranking the states.

Tennessee’s worst ranking is 41st in Growth Prospects, not a good sign for job creation and economic recovery.

The Growth Prospect category measures job, income and gross state product growth forecasts, business opening and closing statistics, venture capital investments.

At least we’re not Maine, which is 50th for the third straight year.

Click here for the full rankings.