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2014 Best & Worst States

Illinois is the 48th Best State for Business 2014

"Corporate tax rates in Illinois are lower than many competing states in the region and the country," Gov. Pat Quinn told Chief Executive magazine in February. When you take into account the tax incentives we offer for new business investment, Illinois has one of the lowest effective corporate tax rates in the United States… [It’s a] top state for business, as more and more domestic and foreign firms are realizing every day.”

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Indiana is the 6th Best State for Business 2014

The Hoosier State is one of only two with a concentration in four of the biotech industry’s five major sectors, employing 60,000 workers at more than 2,000 bioscience establishments. The government plans to catch up with rival states in areas including capital formation, research commercialization and STEM (Science, Technology, Engineering and Math).

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Missouri is the 22nd Best State for Business 2014

Media reports of flat tax revenues amid higher spending could put the state’s ranking at risk if they change their tax structure. Moreover, two pieces of legislation-one to outlaw direct car sales and another to block unions from collecting and spending worker fees-could help secure Missouri’s economic stability going forward.

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Oregon is the 38th Best State for Business 2014

The Portland Tribune reports that Oregon’s economy is growing faster than the national average. Jobs increased 2.6% over the past year, compared to 1.7% for the nation, according to the Oregon Employment Department. The greatest growth occurred in construction and business services.

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Kentucky is the 25th Best State for Business 2014

Revenue from Kentucky tourism increased in 2013. In addition, corn farming generated over $1 billion in revenue last year, while grain farming contributed 43,000 jobs and $31 million in revenue. Also, the price of horses is on the rise again, after taking a painful dive during the recession.

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Massachusetts is 46th Best State for Business 2014

Massachusetts is considered one of the seven best states for startups. Cambridge, home to Harvard and MIT, ranked as the No. 4 metro on the Kaufmann Index for high-tech startup density, and entrepreneurs brewed by those educational institutions often stay in and around Boston. In addition, Massachusetts ranked No. 25 overall by the Tax Foundation, while the Suffix University Index (based in Boston) ranks the state business climate No. 1 in the country.

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South Dakota is 15th Best State for Business 2014

Topping Bankrate.com’s Best States for Retirement, CNBC says that North Dakota has a lot going for it, including a low cost of living, crime rate and taxes and quality healthcare. Home to Mount Rushmore, the cost of living is more than 18% lower than the national average, according to published reports.

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