Tennessee is Named the Fourth Best State for Businesses
No state income tax and an educated workforce attract new manufacturing businesses to the state
Greenwich, Conn., May 7, 2015/PRNewswire/ -- Chief executives showed that they favor pro-growth, low-tax states, when they ranked Tennessee the fourth best state for business, according to Chief Executive magazine’s 2015“Best and Worst States for Business” survey. This position is one lower than last year for the state.
In the annual survey, completed by 511 U.S. CEOs, states are measured across three categories to achieve their overall ranking: Taxes and regulations, quality of the workforce, and living environment, which includes such considerations as quality of education, cost of living, affordable housing, social amenities and crime rates.
One CEO reported, “I see Tennessee as a great place to have a $35 million-$40 million electrical contracting firm. Right-to-work is very important.”
Another was pleased with Tennessee’s quality workforce and tax policy, telling Chief Executive, “Low taxes, and no state income tax [are] key; you can have an educated workforce and low state taxes; that is why I put Tennessee first.”
Nissan and McLean Power Systems opened up new manufacturing facilities in Tennessee in 2014.
State governments use the survey results to help determine how to improve their regulatory environment to attract more businesses, while corporations use the data to decide where to build facilities and attract vibrant workforces.
With their ocean ports and other strong transportation options, six Southeast states dominated the top 10 ranking this year:
3 North Carolina
10 South Carolina
CEO ratings, in addition to information on taxation and regulation, workforce quality, and living environment, also provide data on state GDP, unemployment rate, domestic migration, and state/local tax burden.
For complete results, including individual state rankings on multiple criteria, CEO comments, methodology and more, please visit http://chiefexecutive.net/best-worst-states-business/2015/.
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