Texas, Florida, Tennessee, North Carolina and South Carolina round out the top five
FOR IMMEDIATE RELEASE – GREENWICH, CT, May 12, 2014 – CEOs rated Michigan as the 45th best state in which to do business, falling behind its neighbors Indiana (6th), Iowa (19th), Ohio (27th) and Missouri (22nd), according toChief Executive magazine’s annual Best & Worst States for Business survey.
The home state of American auto manufacturing and Motown Records outpaced California, New York, Illinois, New Jersey and Massachusetts, which rounded out the bottom 5.
The Best & 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.
With automotive manufacturers expanding their footprint south and even west, perhaps it’s time for Michigan to rethink its economic game plan. Michigan dropped one position from 2013’s 44th in Chief Executive’s annual ranking of Best & Worst States for Business.
Gov. Rick Snyder defended his state’s economy when he spoke to Chief Executive magazine in February. “Michigan’s economic transformation is well underway and the success of our reinvention, although not captured in Chief Executive’s “Best States / Worst States” rankings, can be summed up as America’s Comeback State … Our economy is at a 10-year high and Michigan has the sixth-fastest growing economy in the country.”
“Our business tax climate,” he continued, “once No. 49 in the nation, jumped to seventh in 2012. Businesses are now benefiting from a reduction in the state business tax of at least 80 percent and now enjoy a flat 6-percent Corporate Income Tax—one of the most competitive in the Midwest and among the lowest in the nation. Michiganers are creating more and better jobs and right-to-work gives our workers the freedom to choose whether they wish to join or financially support a union.”
Business Leaders for Michigan, a statewide group of business executives based in Detroit, project that Michigan’s growth will outpace the U.S. economy over the next year. Other economists in the region say the state is slowly recovering from the recession, with unemployment edging down.
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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