Annual Site Selection Survey Ranks Red Tape, Financial Assistance and Government Cooperation
NASHVILLE — The editors of Site Selection have named the state of Tennessee the nation’s second best state for business climate in the magazine’s November 2010 issue. Tennessee’s standing marks an improvement over the Volunteer State’s fifth place ranking in 2009 and places Tennessee behind only North Carolina in terms of attractiveness for corporate investment and job creation. The highly regarded annual rankings by one of the nation’s leading economic development magazines is based on performance in business expansion and relocation, as well as nationwide survey of corporate real estate executives.
“We’ve made incredible progress in making Tennessee the kind of state where business knows it will be treated fairly,” said Governor Phil Bredesen. “We know companies want to be where government understands their needs and will help craft solutions to achieve them, whether it’s creating a trainable workforce or providing the infrastructure needed to get products to market. We’ve proven Tennessee can get the job done.”
“I couldn’t be more pleased that the hard work we’ve undertaken in Tennessee is being recognized nationally for its impact on the lives of people in Tennessee,” said Matt Kisber, commissioner, Tennessee Department of Economic and Community Development. “In a very challenging environment, we’ve demonstrated that raising educational standards, expanding workforce development and putting in place flexible incentives is the right formula to create jobs.”
The announcement marks the sixth time in the past eight years Tennessee has ranked among the top five states in the country for business climate. Since the start of the Bredesen Administration, more than 190,000 new jobs and more than $33 billion in new capital investment have been recruited by the state. In compiling the rankings, site selectors were asked to rank the most important factors in making decisions about investment. They cited workforce development, state and local tax policy and transportation infrastructure as their top three factors.
“All states face economic and budgetary challenges these days,” said Site Selection Editor-in-Chief Mark Arend. “This ranking reminds us there are significant success stories, too.”
The rankings, along with the magazine’s annual update on state business legislation and incentive changes appears in the November 2010 edition of Site Selection and is available online at www.sitenet.com
In addition to the Site Selection ranking, Tennessee was also named Co-State of the Year for economic development by Southern Business and Development in July 2010, was ranked third best in Chief Executive Officer magazine’s annual rankings of the Best and Worst Places to Do Business in April 2010 and was named the 2nd best state in the country for Economic Growth Potential by Business Facilities magazine in August 2010.