Energy boom funds $850 million surprise property-tax reduction
FOR IMMEDIATE RELEASE – GREENWICH, CT, May 12, 2014 – CEOs rated North Dakota as the 12th best state in which to do business, according to Chief Executive magazine’s annual Best & Worst States for Business Survey. This is a three-point increase over their rank of 15th in the 2013 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. the Midwest is dramatically different,” one CEO said. “I continue to move jobs out of PA and into other operations in KS, NE and ND as the costs (healthcare, workers comp) are significantly higher [in the east] and worker productivity levels are significantly lower.”
The oil boom in North Dakota is driving increases in job availability there, so much so that Census Director John Thompson told the Associated Press that North Dakota was the fastest growing state in the nation. The unemployment rate there is a full 4.1% less than the national average.
“There are tremendous opportunities for businesses in North Dakota right now, as the oil boom brings with it other needs, including insurance, medical, legal, food services and more,” said Marshall Cooper, CEO of Chief Executive magazine and ChiefExecutive.net. “It will be critical going forward for North Dakota to scale its infrastructure to appropriately handle the growth.”
For complete results, including individual state rankings on multiple criteria, CEO comments, methodology and more, visit http://chiefexecutive.net/2014-best-worst-states-for-business.
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