Cabinet for Economic Development
Kentucky’s Business Climate Ranks Among Top 10 in Nation
economic development publication highlights Kentucky’s competitiveness, ability
to attract new companies
(Nov. 6, 2014) – Kentucky
is receiving more national recognition for improving its business climate.
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.
economy continues to grow,” said Gov. Steve Beshear. “We’re 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 Selection’s 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.”
is the latest in a series of strong rankings for Kentucky’s economic growth.
Earlier this year, Site Selection placed Kentucky fourth in its annual
Governor’s 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.
ranking is further proof that Kentucky’s economy is growing and that the
nation’s 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.”
Selection magazine, published by Conway Data Inc., delivers expansion planning
information to 48,000 executives of fast-growing firms across the globe.
article and rankings can be viewed in their entirety at www.siteselection.com.