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Pennsylvania Ranks in the Bottom 10 in Chief Executive’s “Best & Worst States for Business 2014” Survey


Natural gas fuels jobs boom while state keeps holding the line on taxes

FOR IMMEDIATE RELEASEGREENWICH, CT, May 14, 2014 – CEOs rated Pennsylvania 42nd in Chief Executive magazine’s annual Best & Worst States for Business survey.

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.

“The cost of doing business on the east coast vs. Midwest is dramatically different,” one CEO said, noting that he continues to move jobs out of Pennsylvania and into other operations in the midwest. Another who worked in Harrisburg in 2013 said, “There was a lot of opportunity, but the competition was challenging.”

In response to last year’s ranking (also 42nd), Kelli Roberts, Deputy Director of Communications to Governor Tom Corbett told Chief Executive magazine: “Gov. Corbett came into office in 2011 inheriting a $4.2 billion budget deficit and a business climate much maligned for nearly a decade. In two and a half years, the governor eliminated significant budget deficits without raising taxes on families and implemented significant business tax and climate reforms ... [putting] Pennsylvania’s economy back on the path to prosperity.”

Moody’s Investor’s Service recently gave the Pennsylvania government an Aa2 bond rating—“a below-average position amid growing pension liabilities and moderate economic growth,” WFMZ-TV reported.

Pennsylvania’s legislature could be looking at online gambling next year as a way to increase the state’s revenue. In addition, The Patriot-News reports that steps are being taken to eliminate the Capital Stock and Franchise Tax, which would make the Commonwealth more competitive among businesses.

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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