South Carolina, with an index of 82.9, ranks as the 6th lowest cost state for doing business.
The Cost-of-Doing-Business Index, released annually by the Institute, indicates each state’s comparative advantages or disadvantages in attracting and retaining businesses. Those states with a low cost of doing business have, on average, greater job growth than those with high costs.
The Index measures wage costs, taxes, electricity costs and real estate costs for industrial and office space. Each state is measured on the five individual categories, and those weighted scores are compiled to make the overall index.
An index score of 100 means that the state is equal to the U.S. average in that particular category. If a state's business cost index is 120, it means that the state's cost of doing business is 20% above than the national average. Similarly, if a state's business cost index is 80, it means that the state's cost of doing business is 20% less than the national average.