Methodology: 25 Best Cities + Towns For Doing Business in RI
Thursday, March 14, 2013
GoLocal's metrics were grouped into three categories: Financial climate, resources, and prospects for growth.
To describe financial climate, GoLocal utilized two municipal tax rates--commercial tax rate and personal property tax rate on business-owned goods--from the RI Department of Revenue/Municipal Finance Division. GoLocal also utilized the Cost of Living index for each city and town from Sperling's Best Places. [Cost of living is the "cost of living categories weighted subjectively as follows: housing (30%), food and groceries (15%), transportation (10%), utilities (6%), health care (7%), and miscellaneous expenses such as clothing, services, and entertainment (32%)]
To describe resources, GoLocal utilized each municipality's total labor workforce--the number of residents of working age, both employed and unemployed, with data from the RI Department of Labor and Training. GoLocal also factored in each municipality's average driving time distance from TF Green Airport--the major airport in the state, and a competitive advantage for business-related travel. The driving time estimates were obtained from Google Maps.
To describe prospects for growth, GoLocal utilized two metrics, both from Sperling's Best Places: recent job growth (increase or decrease in available jobs over the most recent 12 month period) and future job growth (the projected increase or decrease in job availability over the next 10 years).
GoLocal used statistical deviation to standardize and compare each of the 7 metrics, and then applied a proprietary weighting to yield the rankings. Metrics were weighted with the following proportions:
Jobs indicators: 48.9%
Tax indicators: 25.5%
Transportation indicator: 12.8%
Cost of Living indicator: 12.8%
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