Texas, Florida, Tennessee, North Carolina and South Carolina round out the top five
FOR IMMEDIATE RELEASE – GREENWICH, CT, May 13, 2014 – CEOs placed the Illinois business environment in the bottom five, ranking the state 48th in the nation, or third worst in which to do business, according toChief Executive magazine’s annual Best & Worst States for Business survey. The position is flat against last year.
TheBest & Worst States Survey gauges the sentiment of CEOs on a variety of measures that they themselves have viewed as critical. These include the tax and regulatory regime, the quality of the workforce, and the quality of the living environment. Five hundred CEOs participated in the 2014 survey. The rankings are crucial, as CEO sentiment drives investments in offices, factories and other facilities that bring jobs to a region.
“Corruption and union pensions have made Illinois a poor alternative for business,” one CEO said. “Continually avoiding to address and fix the problems have only exacerbated the situation. More conservative states are easier to work in and with.” Other CEOs called Illinois “horrendous, incompetent and inept at addressing the hard issues associated with putting the state’s financial condition in order.”
Responding to last year’s ranking, Gov. Pat Quinn told Chief Executive magazine: “Illinois is the commercial heart of North America, and our state-sponsored efforts to attract new business and help existing businesses expand have made us the most dynamic economic engine in the nation… Corporate tax rates in Illinois are lower than many competing states in the region and the country. When you take into account the tax incentives we offer for new business investment, Illinois has one of the lowest effective corporate tax rates in the United States… [It’s a] top state for business, as more and more domestic and foreign firms are realizing every day.”
For complete results, including individual state rankings on multiple criteria, CEO comments, methodology and more, visithttp://chiefexecutive.net/2014-best-worst-states-for-business.
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