Indiana’s business climate ranked eighth in the nation in Forbes’ tenth annual Best States for Business ranking, breaking into the top 10 for the first time. In addition, the state ranked second for its regulatory environment and sixth for quality of life.
According to Forbes, the ranking evaluates 40 data points across six categories, which include quality of life, business costs, labor supply, regulatory environment, economic climate and growth prospects. The publication sites Indiana’s reduced regulations, triple-A bond rating and right-to-work status as benefits of doing business in the Hoosier State.
“Today, more Hoosiers are going to work than at any time in our state’s history because Indiana has worked tirelessly to create a business-friendly climate that allows companies to grow and create jobs with confidence,” said Governor Mike Pence. “Since day one of this administration, we have made job creation job one. By balancing our budgets, cutting costs, reducing burdensome regulations and investing in our workforce and in our communities, we have dedicated our efforts to supporting Hoosiers statewide and have sent a clear message that Indiana is a state that works.”
This ranking comes on the heels of record-breaking economic news in Indiana. This summer, the state surpassed its all-time record for private sector employment while Indiana’s unemployment rate now stands at 4.5 percent – an eight-year low. Earlier today, Governor Pence announced that Indiana will temporarily advance funds to eliminate the state’s outstanding federal unemployment loan, saving Hoosier businesses $327 million in taxes or $126 per employee.
So far this year, nearly 300 companies have committed to creating 23,904 new Hoosier jobs in the coming years with average salaries topping the state’s average wage. Indiana’s continued investments in workforce development and the Indiana Regional Cities Initiative’s focus on talent attraction are working to ensure that quality, skilled Hoosiers will be available to fill those jobs.
Earlier this year, Indiana was ranked as the best state in the nation for small business growth by the non-profit, non-partisan think tank The Pacific Research Institute, based on the state’s streamlined regulatory environment. This year Indiana also ranked as the top state in the Midwest and sixth state nationwide for doing business by Chief Executive magazine. In June, CNBC ranked Indiana No. 1 for cost of doing business and No. 8 for its economy in its annual business scorecard.
The Indiana Economic Development Corporation (IEDC) leads the state of Indiana’s economic development efforts, focusing on helping companies grow in and locate to the state. Governed by a 12-member board chaired by Governor Mike Pence, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit www.iedc.in.gov.