National economic development publication highlights Kentuckys competitiveness, ability to attract new companies
Kentucky is receiving more national recognition for improving its business climate.
Site Selection magazine has placed Kentucky eighth in the country in its 2014 Top State Business Climate ranking. The annual survey ranked Kentucky ninth last year and 11th in 2012.
Kentuckys economy continues to grow, said Gov. Steve Beshear. Were proud to offer companies a pro-business environment, including an educated workforce, strong infrastructure and progressive incentives. This ranking reflects our dedication toward creating more jobs and supporting our Kentucky families.
Half of the overall Business Climate Ranking is based on a survey of corporate site selectors who are asked to rank states based on their recent experience of locating facilities. The other 50 percent is based on an index of seven criteria: performance in Site Selections annual Competitiveness ranking; total New Plant Database compliant facilities in 2013; total new facilities in 2013 per capita; total 2014 new projects year to date; total 2014 projects year to date per capita; state tax burdens on mature firms and on new firms according to the Tax Foundation and KPMG Location Matters analysis.
Kentucky scored particularly strong in project activity categories, including a top five finish in new facilities per capita and top 10 in competitiveness and taxes for new firms.
Kentucky moves up a spot this year in our annual ranking of state business climates, meaning it is increasingly attractive to capital investors seeking a new location for their operations, says Mark Arend, Editor-In-Chief of Site Selection. States that are trending up in this ranking, like Kentucky, are the states that will attract new and more focused scrutiny that will likely result in new plants and expansions.
This is the latest in a series of strong rankings for Kentuckys economic growth. Earlier this year, Site Selection placed Kentucky fourth in its annual Governors Cup rankings for new and expanded industry per capita. The State Entrepreneurship Index, another annual survey, ranked the Commonwealth fourth for its ability to create businesses a 45 place jump from a year ago.
This ranking is further proof that Kentuckys economy is growing and that the nations top site selectors are taking notice, said Larry Hayes, secretary of the Kentucky Cabinet for Economic Development. We take pride in partnering with business of all shapes and sizes to help them succeed.
Site Selection magazine, published by Conway Data Inc., delivers expansion planning information to 48,000 executives of fast-growing firms across the globe.
The article and rankings can be viewed in their entirety at www.siteselection.com.