Ranking in the top 10 states for business according to CEOs just last year, Louisiana tumbled to No. 37 in Chief Executive magazine’s 2016 Best & Worst States for Business.
The magazine attributes the state’s dramatic fall to its multimillion-dollar budget disaster.
“Last January, John Bel Edwards, Louisiana’s new Democratic governor, said he learned of various ‘devastating facts’ and decried sales of state assets to plug a $2 billion budget gap,” the magazine reports.
Louisiana was ranked No. 7 overall in the 2015 rankings. Along with its No. 37 overall ranking this year, Louisiana is ranked No. 31 for taxation and regulation, No. 46 in workforce quality and No. 46 in living environment.
The magazine quotes an anonymous CEO as saying: “The Louisiana litigation environment is awful; tort and legacy liability litigation appears to be a major industry.”