Tennessee Ranks Among Top States for Best Business Climate
Released on Wed, Nov 05, 2008 - 12:00 am under Economic and Community Development Jobs NASHVILLE The editors of Site Selection magazine, one of the nations premier economic development publications, have ranked Tennessee as the second best business location in the U.S.
The closely watched annual rankings appear in the November issue and mark Tennessees highest-ever ranking, up from last years number six spot. North Carolina topped the list, followed by Alabama and Texas tying for third, and Indiana rounding out the top five.
Weve worked hard to create a business friendly climate in Tennessee, and this new ranking tells me our investments are yielding tangible results, said Governor Phil Bredesen. We will continue to focus on job creation efforts that help businesses grow and create high skilled, high paying jobs for Tennesseans.
The annual business climate rankings are determined 50 percent by the states economic performance in Conway Datas New Plant Database, which tracks new and expanded business facility activity, and 50 percent by a survey of corporate site selectors across the country. The survey focused on factors including lack of red tape and ease of permitting and regulatory procedures, financial assistance, government officials cooperation, transportation infrastructure and existing work force.
"Tennessee rose from sixth place in 2007 to second place this year in our annual ranking of state business climates," says Mark Arend, editor in chief of Site Selection. "The state had strong finishes in the objective, actual facility announcement component of the ranking and in the subjective, survey of site selectors component. This means to me that recent state-level economic development initiatives are bearing fruit."
Tennessee has had a banner year with announcements such as Volkswagen Group of Americas decision to build a $1 billion auto assembly plant in Chattanooga and create 2,000 jobs for the area.
The state is also exploring new markets and avenues of job creation to further strengthen and diversify Tennessees economy. Last month the first-ever Governors Summit on Clean Energy Technology was held in Knoxville and brought together thought leaders in business, government, energy and the environment to develop strategies for Tennessee to become a leader in this emerging industry.
Under Governor Bredesens leadership, new business expansions or relocations have garnered more than $145,000 jobs and more than $22 billion in capital investments. Weve made immense progress in positioning Tennessee as a great place to do business on the national and international stage, said Department of Economic and Community Development Commissioner Matt Kisber.
The entire Business Climate story, as well as the publications annual state legislative and incentives update, appears in the November 2008 edition of Site Selection and at www.sitenet.com. The magazine, published by Conway Data Inc., delivers expansion planning information to 44,000 executives of fast-growing firms.
About the Tennessee Department of Economic and Community Development
The Tennessee Department of Economic and Community Developments mission is to create higher skilled, better paying jobs for all Tennesseans. The department seeks to attract new corporate investment in Tennessee and works with Tennessee companies to facilitate expansion and economic growth. To find out more, go to www.tnecd.gov.
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