Cabinet for Economic Development
KENTUCKY’S BUSINESS CLIMATE RANKED 8TH BEST IN NATION BY SITE SELECTION MAGAZINE
FRANKFORT, Ky. – Governor Ernie Fletcher’s efforts to make Kentucky a great place for business has again received national acclaim.
In its November issue, Site Selection magazine has ranked Kentucky No. 8 in the nation in its 2007 Annual Business Climate Rankings. It is the third consecutive year in which Site Selection, an international publication devoted to economic development, has placed Kentucky in its top 10.
“Kentucky is honored to be ranked among the nation’s leading states for its pro-business atmosphere,” said Governor Ernie Fletcher. “My administration has worked diligently to cultivate a business climate conducive to creating opportunities for all Kentuckians. The national recognition by Site Selection magazine is a positive indicator of the success we are achieving.”
Another indicator is that 1,123 manufacturing or supportive/service companies have announced expansions in Kentucky during Governor Fletcher’s administration. As a group, they account for 38,616 jobs and over $5.9 billion of investment.
“I cannot think of a better barometer of business climate,” the Governor said. “A company that expands is prospering. A company that expands in Kentucky also is sending a message that Kentucky is a good place to do business.”
The business climate ranking is the latest in a series of economic development awards for Kentucky. Kentucky’s workforce training programs are ranked No. 5 in the nation by Expansion Management magazine, and Kentucky placed sixth in Site Selection’s Annual Competitiveness Award.
“In addition to its strong performance in the overall business climate ranking, Kentucky also placed in the top 10 states according to the survey of corporate executives that makes up half the overall ranking,” said Mark Arend, editor in chief of Site Selection. “This means that Kentucky’s business climate is robust by both objective and subjective measures.”
The business climate ranking reflects a combination of performance factors related to business expansion, including Kentucky’s ranking in 2006, its ranking over a three-year period, rank per million population and rank per 1,000 square miles.
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 ten states according to ease of doing business, overall business costs and related factors. Kentucky placed tenth in the Executive Survey.
To view the full report on Site Selection’s Annual Business Climate Rankings, visit www.siteselection.com.
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The Kentucky Cabinet for Economic Development is the primary state agency in Kentucky responsible for creating new jobs and new investment in the state. New business investment in Kentucky in 2006 totaled more than $3.4 billion with the creation of over 18,500 new jobs. Information on available development sites, workforce training, incentive programs, community profiles, small business development and other resources is available at www.ThinkKentucky.com.