Cabinet for Economic Development
KENTUCKY’S BUSINESS CLIMATE RANKED 7TH IN NATION BY SITE SELECTION MAGAZINE
FRANKFORT, KY– Kentucky is once again receiving national accolades as a great place for business. Site Selection magazine, a leading international economic development publication, has ranked Kentucky 7th in the nation in its 2006 Annual Business Climate Rankings. The ranking represents a jump from the 9th place position in 2005.
“Kentucky’s business climate has been improving steadily in recent years, moving from 12th place in 2004 to 9th place in 2005 to 7th place this year,” says Mark Arend, editor of Site Selection. “This means the state’s economic development strategy is producing its intended results, and we applaud Kentucky’s success.”
The business climate ranking is the latest honor in which Kentucky has been recognized in a series of economic development awards. This past summer, Kentucky took the 8th place spot for its workforce training programs in Expansion Management magazine, the state’s fourth consecutive year for appearing in the Top 10. Additionally, Kentucky had its second consecutive 4th place finish in Site Selection’s Annual Competitiveness Award in May 2006.
“I am extremely proud of the economic development successes Kentucky has garnered in recent months and years,” said Governor Ernie Fletcher. “We continue to work hard to cultivate a business climate in which companies of all sizes can thrive. A central location, the lowest industrial energy costs in the nation, an educated workforce, and a high quality of life are just a few of the reasons Kentucky is a natural choice for new and expanding companies.”
The ranking reflects a combination of performance factors related to recent business expansion activities including Kentucky’s 2005 Ranking; Ranking over a 3-year period; Rank per million population; and Rank per 1,000 square miles.
“We’ve had tremendous success in our business recruitment and expansion activities, especially considering Kentucky’s small size compared to other high ranking states,” said Economic Development Cabinet Secretary Gene Strong. “The Cabinet for Economic Development remains committed to excellence and through partnerships with the General Assembly, our local communities, and the private sector, we continue to build a stronger Kentucky.”
In addition to expansion activity, equal weight is given to a state’s overall rank based on the results of a survey of corporate real estate executives, in which they were asked to rank their top 10 states according to ease of doing business, overall business costs and related factors. Kentucky placed 10th in the Executive Survey.
To view the full report on Site Selection’s Annual Business Climate Rankings, visit www.siteselection.com.