Chief Executive Magazine Again Finds California, New York & Illinois ‘Worst States’ for Business
In an annual survey of CEOs, California came in last in the ranking of best-states, worst states for businesses — a position Chief Executive magazine has identified for an unenviable 11 years straight. New York and Illinois ranked as the second and third worst states, respectively.
The top three were Texas, Florida and North Carolina, and ranking high were Tennessee, Georgia, Indiana, Nevada and Arizona.
Taxes play a role in the rankings. The article , entitled, “CEOs Favor Pro-Growth, Low-Tax States,” quotes economist Arthur Laffer as saying:
“[H]igh taxes don’t redistribute income; they redistribute people. Americans are more mobile than ever, and as demonstrated throughout the past two decades, not at all averse to moving away from states with oppressive income tax climates and into pro-growth states that offer more attractive economic environments that are beneficial to both businesses and individuals alike.”
The article also addresses how Louisiana, Wisconsin, Ohio and Indiana have transformed themselves over the last six years and improved their standings, and rankings for Idaho and Pennsylvania also climbed.
I find a remarkable correlation between the rankings and my clients’ preferences for states to consider and states to avoid. To my knowledge, none of my clients participated in the survey.
Joe Vranich of Spectrum Location Solutions helps companies find great locations in which to grow. Joe also is a keynote speaker on the challenges and benefits of businesses relocating out of high-cost, high-tax, over-regulated states. More information is available at Biography and Speaking Availability.
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