Arizona holds steady in CNBC’s top states for business ranking

Article originally posted on Phoenix Business Journal on July 15, 2025

Arizona didn’t make the highest echelon of CNBC’s annual ranking of the best states to do business, but it remained in the top quarter.

The Grand Canyon State held on to its No. 12 spot on the business television network’s America’s Top States for Business 2025 rankings, released on July 10.

CNBC’s list aims to identify factors companies consider while selecting sites. The rankings for this list were determined based on 135 metrics in 10 categories: economy, infrastructure, workforce, cost of doing business, business friendliness, quality of life, technology and innovation; education; access to capital, and cost of living.

The top category for Arizona was infrastructure, where the state earned an A grade from CNBC by ranking No. 3 in the nation. That was down from No. 2 in 2024. Next highest for Arizona was No. 6 for its workforce — the same ranking in that category as the previous year. That earned the state a B grade.

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