Indiana Among Top Business Climates
Wednesday, September 17, 2014
Article by Inside Indiana Business
INDIANAPOLIS, Ind. -- Indiana's business climate is best in the Midwest and the seventh best nationwide according to Area Development’s Top States for Doing Business Survey. The state was also among the ranking’s top-five picks in the skilled labor availability (first), water availability and cost (second), distribution and supply chain hubs (third), rail and highway accessibility (fourth) and corporate tax environment (fifth) categories.
"Indiana's low-cost business environment has put the Hoosier State at the top of the list for private-sector job growth over the past year and now is garnering even more national attention," said Governor Mike Pence. "Since day one, our administration has worked hard to continue making Indiana more and more business friendly. Whether improving affordability, training our workforce or making the perfect location easier to find, Indiana is standing out as the best place to brings jobs, paving the way for an exceptional time of Hoosier job creation and opportunity here in Indiana."
The Area Development Top States for Doing Business Survey, a ranking that gauges the current business climate among the 50 states by site selection consultants, is the latest in a series of national accolades the Hoosier State’s business climate has garnered. In July, Indiana ranked seventh best nationwide in the Pollina Corporate Top 10 Pro-Business States for 2014 study, co-published with the American Economic Development Institute.
In addition, Indiana was recognized in August as the state with the best business climate in the Midwest and fifth best nationally in Business Facilities’ 2014 State Rankings Report, including having one of the strongest across-the-board performances and top 10 rankings in six categories. This included two flagship categories: best business climate and automotive manufacturing strength. The report also noted the Hoosier State’s strength in the biotechnology and automotive manufacturing industries, ranking it second and third in the nation respectively.
“When companies consider where to locate new jobs and invest, they examine the same factors these rankings consider,” said Victor Smith, Indiana Secretary of Commerce. “From workforce availability to location and infrastructure, to the regulatory environment and business expenses, companies need a place where they can do their best work. Indiana’s rise to the top reflects the same conclusion that companies around the world are reaching with their own research—Indiana is a state that works for business.”
Indiana’s impressive streak in national rankings comes on the heels of Crain’s Chicago Business’ report earlier this week that shows Indiana as having one of the lowest percentages of state and local taxes paid by businesses. At 3.7 percent, Indiana’s gross state product percentage ranks in the top five states in the nation for lowest tax burden, which is lower than the national average of 4.7 percent.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov