The Hoosier state is again standing out for its friendly business climate. According to a survey of 300 CEOs from Chief Executive magazine, Indiana is the best place to do business in the Midwest and has the fifth best environment for businesses in the United States.
Released Wednesday, the “Best States for Doing Business” survey based its methodology off of state taxes and regulation guidelines, quality of the local workforce, and quality of living.
On top of ranking tops in the region, this is the third straight year that Indiana has ranked fifth nationally in this same survey.
“Generally those performing best and worst stay there because the states don’t see significant leadership changes,” Larry Gigerich, managing director of Indiana’s Ginovus told Chief Executive. “They have a philosophy about how to approach the business climate and economic development. There’s more opportunity in the middle states for a change of leadership because those places tend to flip more philosophically, between parties or within parties.”
CEOs and business leaders like Indiana because of its incredibly low corporate income tax rate that is expected to fall below the five-percent mark within the next few years, according to the business magazine.
In addition, the state has laid down a big commitment to being at the forefront of the digital movement in the Midwest as it has promised to give $100 million per year to entrepreneurs and business schools.
“Every unit of state government has an eye on making sure we’re a business-friendly state,” Indiana Secretary of Commerce Jim Schellinger told Chief Executive. “We’re turning over every stone.”
Of the three survey categories tallied, Indiana ranks highest in workforce quality. This is most likely attributable to the number of esteemed universities and business schools in the state like Notre Dame in South Bend and Indiana University’s Kelley School of Business.
Nationally, Texas and Florida came in at first and second in the overall rankings for “Best States for Doing Business.” Texas has held the top spot every year of the 14-year rankings from Chief Executive.