A close look at “The Best Places for Business in the U.S.”
Why should you be interested in the best places for business in the United States? On January 3, 2017, Mark Fields, CEO of Ford Motor Company, talked about how Ford was scrapping plans to build a $1.6 billion manufacturing plant in Mexico and instead was going to be investing $700 million into a facility in Detroit. The move would not only save existing jobs in Michigan, but add 700 new ones. Fields stated, “This is a vote of confidence for President-Elect Trump and some of the policies he may be pursuing.” This could also be interpreted as, “We better keep our operations in the U.S. or we will be heavily fined by the new administration.”
Deciding which state may make the most sense, many companies logically look for less expensive, more business-friendly locations to relocate all or parts of their operations. However, if crossing the border is no longer an option due to penalties and political backlash, to which states should companies look when setting up satellite facilities? What are the best places for business in the United States?
In the article “America’s Top States for Business in 2016,” Scott Cohn, Special Correspondent for CNBC, identified ten metrics and weighted them to determine state rankings. These are:
· Workforce (400 points)
· Cost of Doing Business (350 points)
· Infrastructure (350 points)
· Economy (340 points)
· Quality of Life (325 points)
· Technology & Innovation (250 points)
· Education (200 points)
· Business Friendliness (160 points)
· Cost of Living (75 points)
· Access to Capital (50 points)
By using these metrics, Mr. Cohn was able to compile an ordered list of the top states in which to do business. The top 10 overall rankings for 2016 are:
1. Utah
2. Texas
3. Colorado
4. Minnesota
5. North Carolina
6. Washington
7. Michigan
8. Georgia
9. Iowa
10. Florida
To view the full list of all 50 states, as well as the scores for each individual metric, visit the CNBC article page.
Should your company be planning a move to a more business-friendly state, be sure to utilize an experienced relocation management company to make the most informed decision and to facilitate your mobile workforce. Global Mobility Solutions (GMS) has been a leader in relocation management since 1987, continuously delivering innovative programs and relocation technology along with award-winning customer service.
Before you move – or even develop your relocation policies – contact GMS for your complimentary benchmark study.
