The number of farms in Minnesota, the land of 10,000 lakes, was down 8%, but the acreage per farm and the income per farm were up in 2012, according to the Census of Agriculture. Conversely, for the first four months of 2014, 31 business expansions resulted in 1,800 new jobs, according to the Department of Employment and Economic Development. Also, Minnesota is bidding for the 2018 Super Bowl, and local and regional businesses are footing the cost of the bid. Should the state claim the event, the regional economy stands to win tenfold.
Gov. Rick Snyder defended his state’s economy when he spoke to Chief Executive magazine in February. “Michigan’s economic transformation is well underway and the success of our reinvention, although not captured in Chief Executive’s “Best States / Worst States” rankings, can be summed up as America’s Comeback State … Our economy is at a 10-year high and Michigan has the sixth-fastest growing economy in the country.”
CEOs responded that Tennessee, a right-to-work state, was good for both manufacturing and high tech, “especially in the Nashville area.” Another respondent called Tennessee “outstanding.”
The state maintains one of the most varied biotech sectors in the U.S. and employs more than 62,000 people at more than 2,500 locations. Creatively, North Carolina used $60 million from tobacco-settlement trust funds to form a statewide training program for biomanufacturing workers, which provided North Carolina State University with the money to create a training center.
"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.”
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.
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).
A Gallup poll shows that 76% of Connecticut residents feel the taxes they pay are too high. In addition, the New Britain Herald reports that there are 5,000 fewer businesses today than there were five years ago, as a result of the Great Recession.
Here's a look at the 10 Best States in which to do business in 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.