Site Selection magazine has recognized Kentucky's business climate among the top 10 in the nation in its 2013 Top State Business Climate ranking. Jumping two spots from 2012, the Commonwealth is ranked ninth overall in this year's annual survey, which includes input from corporate site selectors and a mix of other leading indicators.
"This is further proof that Kentucky's economy is heading in the right direction," said Gov. Steve Beshear. "The ranking reflects our dedication to economic growth by offering companies an array of assets and business advantages, including a strong and educated workforce, robust infrastructure, progressive incentive programs and a pro-business environment."
The ranking is based 50 percent on a survey of corporate site selectors and 50 percent on a set of criteria that include the states' competitiveness rank as published in Site Selection's May issue; qualified projects so far in 2013 and on a per capita basis; and state tax burdens on new and mature firms as compiled by the Tax Foundation and KPMG Location Matters analysis.
Kentucky scored particularly well in project activity categories, including first place for number of qualified projects on a per capita basis in 2012; second place for number of qualified projects on a per capita basis for the first eight months of 2013; and an overall 10th place finish for project activity in 2012, taking population out of consideration.
"We are pleased to include Kentucky on our list of Top 10 state business climates with a ninth-place finish for 2013, up from 11th place the previous year," says Mark Arend, editor in chief of Site Selection. "States that rank this prominently are taking the steps necessary to attract capital investment, and our readers will pay close attention to these efforts in the year ahead. My colleagues and I salute Gov. Beshear and his economic development team for their commitment to improving Kentucky's business climate."
Site Selection magazine, published by Conway Date Inc., delivers expansion planning information to nearly 49,000 subscribers.
The article and rankings can be viewed in their entirety at www.siteselection.com.