Carol Johnson, Southern Indiana Business Report
For the second straight year, Indiana ranks in the top 10 of best states for doing business, according to a survey of CEOs.
Chief Executive magazine released its annual list of the Best and Worst States for Business Wednesday. Indiana came in as the top-ranked Midwestern state with a No. 6 ranking.
The ranking is based on a survey of more than 500 CEOs who were asked to rate states based on their opinion of how easy it was to do business in that state versus others. Indiana’s high ranking is thanks to favorable tax conditions, solid infrastructure and favorable quality of life, according to a press release.
“Indiana has been focused on making collaboration across all levels of government more business-friendly since the days when Becky Skillman was Lieutenant Governor. When we work on business development projects here in Southern Indiana, we know that our local governments will be able to have productive conversations with state agencies to meet the needs of the private sector,” said Jeff Quyle, president and CEO of Radius Indiana.
The rankings reflect Indiana’s ongoing efforts to foster a welcoming environment for businesses and industries of all types and sizes.
“This ranking is a testament to Indiana’s commitment to fostering a business-friendly environment that encourages growth and innovation,” said Chris Chalk, publisher of Chief Executive magazine. “From its skilled workforce to its strategic location and pro-business policies, Indiana offers everything businesses need to succeed.”
The Hoosier state continues to accelerate growth, recently marking its sixth consecutive record-breaking year for economic development. In March, it was announced that the e Indiana Economic Development Corporation had secured $20.68 billion in committed capital investment so far in 2024, marking the highest quarter on record for capital investment in the agency’s nearly 20-year history.
The growth is due in part to several notable groundbreakings and expansions in the past year. Eli Lilly announced in April 2023 a $1.6 billion investment in two manufacturing sites and 200 new jobs in Boone County, while GM and Samsung SDI announced in June 2023 a $3 billion EV battery factory and 1,700 new jobs in New Carlisle.
More recently, NHanced Semiconductors held a ribbon cutting in January at the WestGate Tech Park on a multimillion-dollar advanced package assembly center. Heidelberg Materials in Mitchell was awarded up to $500 million in federal funds to construct a carbon capture and storage system. It’s estimated that the project will create 1,000 construction jobs and 20-25 full-time jobs.
Conco announced in August 2023 a $50 million investment in operations in southern Indiana, which will create up to 175 high-wage jobs by the end of 2026. “When looking at locations, the former Tokusen USA space was a perfect fit for what we needed to expand,” Karen Paschal, CEO of Conco told Chief Executive. “We look forward to working with the State of Indiana, the City of Scottsburg, and its residents to create additional growth for the region.”
Here’s what some of the CEOs we surveyed had to say about why they ranked Indiana so highly:
“In all four states the lower tax rates and friendly business environment from the state governments are the key factors. Specifically, to Indiana I would add the strong workforce that has a good work ethic.”
“Indiana has the greatest Economic Development group in the Nation and is very pro-business. Aggressive in recruitment. Indiana is sound financially and has a surplus of funds, a rarity!”
“Indiana has been a dream to work with during our relocation from MA. The local and state incentives and support have been second to none.”
“Indiana has opened up the opportunities for companies of all sizes to grow. The business climate is helpful with complicated issues. The IEDC is very proactive in attracting business.”
Top 5 states for 2024:
- Texas
- Florida
- Tennessee
- Arizona
- North Carolina
Bottom 5 states for 2024:
46. Washington
47. New Jersey
48. Illinois
49. New York
50. California