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Massachusetts is the 47th Best State for Business 2013

Previous State: New Jersey Next State: Illinois No. 47Massachusetts Taxations & Regulations Workforce Quality Living Environment Based on CEO Survey …

Previous State: New Jersey Next State: Illinois

No. 47Massachusetts

Taxations & Regulations

Workforce Quality

Living Environment

Based on CEO Survey by ChiefExecutive.net

Key Metrics
State GDP 

  • % Growth ’10-’11: 2.2
  • % Growth ’10-’11 v. Nat’l Avg. (1.5%): 0.7

Unemployment

  • Unemployment Rate Dec. 2012 %: 6.7
  • Comparison with Nat’l Rate (7.80%): -1.1

Domestic Migration

  • Domestic Net Migration ’10-’11: -10,886
  • Rank: 40

State Government

  • Debt per Capita Fiscal Year ’10 ($): 11,310
  • State & Local Gov’t Employees per 10k Residents: 517.5

State-Local Tax Burden

  • Rate (%): 9.3
  • Compared to Nat’l Avg. (9.9%): -0.57
Key Companies
  • State Street Corporation
  • Raytheon
  • The TJX Companies
  • BJ’s Wholesale Club
  • Boston Scientific
  • Smurfit-Stone Container
Development Trend Indicator: Negative
Appears ready to boost income taxes and add services to sales tax.
CEO Comments
“If I were designing Hell for a company, I couldn’t do as good a job as Massachusetts has. We will be leaving the state within the next year.”

“We are moving out of CA, MI, MA and NY in 2013 and terminating our employees there. The regulatory and tax environment has become untenable.”

“Massachusetts is returning to the state of Taxachusetts, thanks to Governor Deval Patrick and the overwhelming Democratic party majority in both houses of the Legislature.”

“Taxation and regulation are always the key barometers. Massachusetts and Oregon are the worst.”

“Massachusetts has been strong economically because of small to mid-size technology driven companies. Legislators moving towards increased regulations and taxes on the group that has been successful (ex: medical device) could begin to undermine the positive direction. While there may be excitement here for early stage technology companies, more established companies may consider growth and expansion elsewhere.”

“MA is continuing its trend of raising taxes in every manner possible. Mostly through fees over past 3-4 years but now contemplating significant income tax increases.”

“Our experience in Massachusetts is that the legislature and government has an activist mentality. To the point on having obscure regulations that cover seemingly immaterial transactions. Perfect example of good intent undone by unrealistically over-reaching regulations.”

Sources:
Bureau of Economic Analysis
Bureau of Labor Statistics
NewGeography.com
The Tax Foundation

Previous State: #46 New Jersey Next State: #48 Illinois

About JP Donlon

JP Donlon
JP Donlon is the Editor-in-Chief of Chief Executive magazine.