Colorado has slipped in state rankings for entrepreneurship.

The state slipped to 33 in the most recent state entrepreneurship index developed by the Bureau of Business Research at the University of Nebraska at Lincoln. In 2008, the state ranked 18th in the nation.

“The SEI uses a broad group of indicators rather than just raw counts of business starts,” said Eric Thompson, associate professor of economics at the University of Nebraska,  in a press release. “This ensures that the index reflects sales and innovation among a state’s businesses as well as the business formation rate.”

Colorado got a score of  0.91 on this year’s index, which is based on the average of all state data in five areas, which is given a value of 1.

New York was at the top of the list, thanks to its strong performance in gross receipts per capita, number of business establishments, and the number of establishments per capita.  Washington , Massachusetts , New Jersey and Oregon  completed the top five, according to the index.

Oregon climbed highest in the rankings, to No. 5 from No. 45 in 2008, while Delaware moved up 28 spots to No. 14. The drastic changes were largely caused by growth in establishments and establishments per capita. Kentucky, Texas and Rhode Island also saw marked improvement.

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South Carolina ranked last, and Arizona was No. 49, behind Mississippi, Nevada and Alabama.

The State Entrepreneurial Index combines detailed data from the Bureau of Labor Statistics, the IRS Statistics of Income Bulletin, the U.S. Census Bureau and the U.S. Statistical Abstract.