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Pennsylvania is 42nd Best State for Business 2014

“Gov. Corbett came into office in 2011 inheriting a $4.2 billion budget deficit and a business climate much maligned for nearly a decade,” Kelli Roberts, Deputy Director of Communications to Gov. Tom Corbett, told Chief Executive magazine in February. In two and a half years, the governor eliminated significant budget deficits without raising taxes on families and implemented significant business tax and climate reforms … [putting] Pennsylvania’s economy back on the path to prosperity.”

Previous State: Maryland Next State: Hawaii

No. 42 Pennsylvania

Taxations & Regulations

Workforce Quality

Living Environment

Key Metrics
State GDP 

  • % Growth ’12-’13: 0.7
  • % Growth ’11-’12 v. Nat’l Avg. (2.5%): -0.8

Unemployment

  • Unemployment Rate Dec. 2013 %: 6.9
  • Comparison with Nat’l Rate (6.70%): 0.2

Domestic Migration

  • Domestic Net Migration 2013: -30,718
  • Rank: 46

State Government

  • State Debt per Capita Fiscal Year ’13 ($): 3,667
  • State & Local Gov’t Employees per 10k Residents: 478.4

State-Local Tax Burden

  • Rate (%): 10.2%
  • Compared to Nat’l Avg. (9.9%): 0.38%
Key Companies
  • AmerisourceBergen
  • Sunoco
  • Rite Aid
  • CIGNA
  • PNC Financial
  • United States Steel
  • H.J. Heinz
Development Trend Indicator: Positive
Natural gas fuels jobs boom while state keeps holding the line on taxes.
CEO Comments
“The cost of doing business on the east coast vs. Midwest is dramatically different. I continue to move jobs out of PA and into other operations in KS, NE and ND as the costs (healthcare, workers comp) are significantly higher and worker productivity levels are significantly lower. East Coast employees have learned how to game the system and the elected officials appear to be OK with this.” 

“I worked in Harrisburg PA. for most of 2013. There was a lot of opportunity, but the competition was challenging. I have worked in MD for the last four months and have had a lot of success.”

“NY does not appreciate small business. NY punishes well-run businesses and rewards only very large, well-connected businesses. Businesses are punished for growing and hiring workers.”


Based on CEO Survey by ChiefExecutive.net

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

About JP Donlon

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