2019 Best States for Business
Chief Executive magazine recently published its perennial "Best and Worst States for Business" rankings based on survey results from its CEO readership base. Each May, prominent CEOs grade each state on taxes and regulation, the quality of the work force and living environment, among other categories. Texas remained No. 1 this year, solidifying its long hold on the top spot, and Florida once again was No. 2. North Carolina dipped one spot to No. 4, while Nevada moved up six places to No. 6. A few of the highlights include:
54 Fortune 500 companies are headquartered in Texas
In a state that prides itself on being big, economic development is also happening on a large scale. Liberty Mutual Insurance opened its Plano campus in November 2017, supporting 5,000 jobs. Research and advisory firm Gartner also announced 800 new jobs in Austin, while IT service provider Cognizant’s new technology and service delivery center in Irving will eventually add 1,000 new jobs.
Key Incentives: Sales and Use Tax Exemption, Skills Development Fund, Texas Enterprise Fund, Texas Enterprise Zone Program
4: North Carolina
12 Fortune 500 companies are headquartered in North Carolina
The Tar Heel State ranked No. 4 in the nation with a bright future in manufacturing and tech. GE Aviation, wood-based materials supplier Egger Wood Products, and personal hygiene manufacturer Albaad have announced new plants or expansions in the past year. The new NC Job Ready initiative aims to cultivate the state’s educational attainment and workforce development.
Key Incentives: Job Development Investment Grant, Manufacturing Tax Exemptions, One North Carolina Fund, Transformative Project–Job Development Investment Grant
8: South Carolina
4 Fortune 1000 companies are headquartered in South Carolina
Manufacturing remains strong in the Palmetto State, and new growth in tech and financial services is also driving the economy. Google recently announced a $600 million expansion of its campus in the Charleston area, and RoundPoint Mortgage Servicing will create more than 1,100 new jobs at its headquarters. Beverage conglomerate Keurig Green Mountain, JW Aluminum, and Caterpillar have also announced new projects.
Key Incentives: Corporate Headquarters Tax Credit, Governor’s Closing Fund, Job Tax Credit, readySC, Research and Development Tax Credit
10 Fortune 500 Companies are headquartered in Colorado
The Centennial State is literally propelling its economy to new heights. Colorado is growing as an aerospace hub, with more than 180 aerospace companies and 500 companies and suppliers offering space-related products and services. The aerospace industry now generates a $15.4 billion economic impact in the state. The Denver airport is also growing as a domestic and international hub and recently reached a new milestone as one of four U.S. airports with more than 200 nonstop connections.
Key Incentives: Colorado First Customized Job Training Program, Enterprise Zone Tax Credits, Job Growth Incentive Tax Credit, Strategic Fund
21 Fortune 500 companies are headquartered in Virginia
Amazon selected Arlington, Virginia as its HQ2. Virginia’s large talent pool and accessible location have also attracted investments from other tech companies. Business intelligence company MicroStrategy recently added 300 new jobs and renewed its headquarters lease in Fairfax County, and Micron Technology is investing $3 billion to expand its operations in Manassas. Facebook also announced in September it will expand its data center in Henrico County.
Key Incentives: Commonwealth’s Development Opportunity Fund (COF), Major Eligible Employer Grant Program (MEE), Virginia Jobs Investment Program (VJIP)
For a full list of all 50 states and where they rank, click here: https://chiefexecutive.net/2019-best-worst-for-states-business/
Source: Chief Executive