Some states are more business-friendly than others. Whether you’re president of a large corporation or an insurance agent running a small business, tax rates, regulations, growth stance, and the quality of life found in your state have a big impact on your business’ success.
According to the 2015 results of Chief Executive magazine’s ”Best and Worst States for Business” survey, chief executive officers (CEOs) in the United States favor states that foster growth through progressive business development programs, low taxes and a quality living environment.
In the annual survey, completed by 511 U.S. CEOs, states were measured on three categories to achieve their overall ranking:
Taxes and regulations
Quality of the workforce
Living environment (which includes quality of education, cost of living, affordable housing, social amenities and crime rates)
In 2015, one state remained the best state for business for the 11th year in a row. Can you guess which state has a hold on the No. 1 spot?
Here are the 2015 top 10 states for business according to Chief Executive magazine.
10. South Carolina (No. 5 last year)
South Carolina offers a highly educated workforce, low business regulation, and favorable weather conditions that result in continued growth in its manufacturing sector.
CEO comment: “Greenville, South Carolina is outstanding in its location for workforces access, quality of life and logistical access via Interstate and oversea containers coming through Charleston into the U.S.”
9. Arizona (No. 7 last year)
In addition to low taxes, a quality workforce, reasonable housing costs and favorable weather conditions, Arizona continues to attract and keep big-name businesses such as Wal-Mart, FedEx, Honeywell, JPMorgan Chase and dozens of others.
8. Nevada (No. 8 last year, also)
CEOs are pleased with the business-friendly tax rates, low governmental regulations, highly-educated, quality workforce and reasonable cost of living in Nevada.
7. Louisiana (No. 9 last year)
During 2015, Louisiana showed strong improvement in attracting and retaining technology businesses, while also benefitting from a downstream position in oil and gas. CEOs are pleased with the state’s industrial incentives, cheap energy and non-union workforce.
6. Indiana (No. 6 last year, also)
The only Midwest state to make the top 10, the right-to-work state’s business growth strategy has been paying off. Indiana boasts 68 company headquarters, including Cummins, Eli Lilly, Brightpoint and Delta Faucet Company.
CEO comment: “Since former Governor Mitch Daniels, Indiana has become very business friendly.”