Statement as issued Wednesday by the Indiana Economic Development Corporation:
INDIANAPOLIS (May 22, 2013) - Indiana was ranked as the most competitive state for business in the Midwest and the second best nationwide in Site Selection magazine’s Top 10 Competitive States of 2012.
The magazine’s competitiveness ranking evaluates states on their ability to attract investment based mainly on a 10-factor index using Site Selection publisher Conway Data Inc.’s New Plant database of new and expanded facility announcements.
"With our low-tax, business-friendly climate, the national spotlight continues to shine on Indiana as a state that works for business," said Victor Smith, Indiana Secretary of Commerce. "This recognition is the latest validation of our efforts to make economic development efforts a top priority, building on Indiana’s phenomenal strengths and winning new investment and career opportunities for Hoosiers."
Indiana’s second place ranking is the state’s highest finish in nearly ten years. For 2012 performance, Texas ranked first, Indiana ranked second, Georgia ranked third, Tennessee ranked fourth and North Carolina ranked fifth.
This is the second ranking in less than a month in which the Hoosier State’s economic development efforts have scored a top five finish nationally. Earlier this month, Chief Executive magazine ranked Indiana as the best place to do business in the Midwest and the fifth best nationwide in a survey of more than 500 chief executives.
Site Selection’s Top 10 Competitive States of 2012 story appears in its May 2013 edition and at www.siteselection.com/issues/2013/may/top-comp-states.cfm.
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.