Cabinet for Economic Development
Kentucky's Business Climate Ranked in Top Ten 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 9th in the nation in its 2005 Annual Business Climate Rankings.
“Kentucky is demonstrating solid improvement in its business climate, and corporate site selectors are rewarding that effort,” says Mark Arend, editor of Site Selection. “In the two previous years, Kentucky placed a respectable 12th in the overall ranking. We commend Kentucky on its move into the top 10 state business climates this year.”
The ranking follows on the heals of Kentucky’s 3rd place ranking for its workforce training programs in Expansion Management magazine last month and Kentucky’s 4th place finish in Site Selection’s Annual Competitiveness Award in its May 2005 issue.
“I am extremely proud of the economic development successes Kentucky has garnered in recent months and years,” said Governor Ernie Fletcher. “Site Selection magazine’s recognition of Kentucky as having one of the best business climates in the country proves we can compete and win in this growing global economy.”
The ranking reflects a combination of performance factors related to recent business expansion activities including Kentucky’s 2004 Ranking; Ranking over a 3-year period; Rank per million population; and Rank per 1,000 square miles.
“Kentucky has always been a very strong competitor in business recruitment and expansion activities, especially considering it small size compared to other high ranking states,” said Economic Development Cabinet Secretary Gene Strong. “We continually strive to improve upon the pro-business atmosphere we have created here in Kentucky, therefore, creating more and better opportunities for the citizens of the commonwealth.”
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.
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