Indiana Best in the Midwest for Business, Magazine Says
By Mary Kuhlman, Indiana News Service
(Indianapolis, Ind.) – When it comes to doing business, a survey of 500 CEOs finds Indiana is the best in the Midwest.
Nationally, Indiana comes in sixth place in Chief Executive Magazine’s annual rankings of the best and worst states for business. Jerry Conover, director of the Indiana Business Research Center at the Kelley School of Business at Indiana University, says efforts to reduce taxes on businesses in Indiana have been beneficial, as well as improvements in the regulatory process.
“The state has streamlined many of the hoops you have to jump through as a business for getting approvals for various kinds of activities, for seeking state support and assistance through incentives to expand or open up a new facility,” says Conover.
Conover adds the Hoosier State’s continued growth in employment is also attractive to businesses, with about 40,000 jobs a year being added to payrolls. Indiana’s unemployment rate of 5.7 percent is lower than the national average and of most surrounding states.
According to Conover, one drawback for Indiana is the state’s environment for cultivating new business in technical and innovation-driven fields.
“We don’t have as strong an environment in terms of the kinds of skilled workers in technical fields that some of the larger and more rapidly-growing areas around the country have,” cautions Conover, “but that’s something the state is trying to work on.”
He adds that Indiana is in an overall strong position to attract new businesses, including a low cost of living and lower prices for real estate and facilities, making it attractive for workers and companies to set up shop.