Southwestern state enacts huge cut in corporate income-tax rate as attractiveness brightens
FOR IMMEDIATE RELEASE – GREENWICH, CT, May 14, 2014 – CEOs rated New Mexico as the 30th best state in which to do business, according toChief Executive magazine’s annual Best & Worst States for Business survey. The state’s rank increased two spots since 2013.
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.
New Mexico’s GDP growth is significantly lower than other states at just 0.2%, compared to Florida’s 2.4% and Texas’ 4.8%. However, both its unemployment and tax rates are lower than the national average (6.4% and 8.4%, respectively).
New Mexico is suffering from growing pains, including traffic gluts and increased crime in the Carlsbad area. In Albuquerque, the city has received a $100,000 grant, which it plans to use to build a research district, called Innovate Albuquerque, and generate new jobs.
“We’ve improved New Mexico’s tax and regulatory environment, we’re investing in workforce training programs and we’ve directed funds to finance critical infrastructure projects to help grow industries and create jobs in the state,” Gov. Susana Martinez told Chief Executive in February (about last year’s ranking). “Our state is strategically situated to take advantage of growing trade opportunities with Mexico and Latin America. And we are working to reform education and prepare our kids to enter the workforce. New Mexico is open for business.”
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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