Tennessee Ranks Among Top States for Best Business Climate
Released on Tue, Jul 29, 2008 - 2:23 pm under
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NASHVILLE – Tennessee is fourth in the nation for best business climate according to a new survey by Development Counsellors, International. The comprehensive assessment polled corporate executives with site selection responsibilities to determine the states they perceived as having the most effective strategies and techniques in economic development marketing.
“This study confirms that our efforts to create a better business climate in Tennessee are being recognized by key decision makers,” said Governor Phil Bredesen. “We know one size does not fit all and each company has distinct business needs, and that’s driving continued investment by new companies in Tennessee.”
The report, “A View From Corporate America: Winning Strategies in Economic Development Marketing,” has been conducted every three years since 1996, and Tennessee’s fourth place ranking is its highest-ever finish.
“This latest ranking is a testament to the strategic vision and business sense of Governor Bredesen. His knowledge of business strategy led to the creation of the Jobs Cabinet and significant changes in our incentive offerings. He knows what businesses need to be successful,” said Tennessee Economic and Community Development Commissioner Matt Kisber.
The survey audience was a random selection of corporate executives and site consultants representing U.S. companies with annual revenues of $25 million or more.
Key findings from the 2008 DCI survey include:
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The three leading sources of information influencing executives’ perceptions of business climate were: dialogue with industry peers, articles in newspapers and magazines, and business travel.
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The Internet/Web site earned the highest rating among all economic development marketing tools.
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The most common site selection factors executives used included the availability, quality and cost of the area labor market; overall operating costs; and efficient transportation systems.
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The most likely candidate for the respondents’ next move or expansion, included a manufacturing production plant; corporate, division or regional headquarters; or regional sales office or service center.
Texas ranked first, followed by North Carolina, Georgia and Florida, which tied for fourth with Tennessee. Survey respondents also chose China, India and Mexico as the three most favorable countries for investment.
To view the complete report, visit www.theleaderinmarketingplaces.com. For more information on the Tennessee Department of Economic and Community Development, visit www.tnecd.gov.
