Indiana Tops Midwest on Chief Executive Magazine's 2023 List of Best and Worst States for Business

NASHVILLE, Tenn., May 16, 2023 /PRNewswire/ -- Chief Executive magazine's annual list of the Best and Worst States for Business has once again ranked Indiana as the top-ranked Midwestern state and the fifth-best state for business overall, maintaining its position on the list from last year. The rankings, released in the Spring issue of Chief Executive, reflect Indiana's ongoing efforts to create a welcoming environment for businesses of all sizes and industries.

The ranking is based on a survey of more than 500 CEOs across the country who were asked to rate states based on their opinion of how easy it was to do business in that state versus others. Indiana's high ranking is a reflection of the state's commitment to creating a business-friendly environment and cultivating a skilled workforce.

"Indiana's continued success as the top-ranked Midwestern state and its placement in the top five in the nation of our annual list is a testament to the state's commitment to fostering economic growth and creating a welcoming environment for businesses," said Chris Chalk, Publisher, Chief Executive magazine. "The state's pro-business policies and skilled workforce make it an attractive destination for businesses looking to establish a presence in the Midwest."

The Hoosier State continues to capitalize on the growth in renewable energy. It is home to more than 1,200 wind turbines and the fourth-largest wind farm in the country. The electric vehicle industry is thriving in the state, with a $2.5 billion EV battery manufacturing facility being built in Kokomo.

Stellantis recently chose Indiana for the site for a joint EV-battery plant with Samsung SDI of Korea. "Ultimately, we chose Indiana [because it] offered a large site that would allow for further expansion and the ability to colocate suppliers," Mark Stewart, chief operating officer of Stellantis, the French-owned automaker with a long history of production in the Upper Midwest, told Chief Executive. "We also have a significant existing footprint in Kokomo, so the state understands the skills and capabilities of the workforce in the area as well as the regulatory environment."

Here's what some of the CEOs we surveyed had to say about why they ranked Indiana so highly:

• "Ease of regulation" - Patrick Morand, Open Prairie
• "There are excellent highways in Indiana. The weather is not bad. The traffic in Southern Indiana where I work is not bad at all. No rush hour to deal with." – Thomas Silliman, Electronics Research, Inc. 
• "Easy to do business here, low taxes, plenty of state support for growing manufacturing." - $250 to $500 mil, industrial mfg 
• "Low taxation. Healthy, profitable state government. Distribution. Great workforce." - $50 to $99 mil, Pharma 
• "Business-friendly environment concerning taxes, property tax incentives, relocation incentives, good credit ratings, a right-to-work state, well-respected state governance." - $25 to $50 mil, event management 

The Top 5 States for 2023:

1.  Texas
2.  Florida
3.  Tennessee
4.  North Carolina
5.  Arizona

The Bottom 5 States for 2023:

46. Oregon
47. New Jersey
48. Illinois
49. New York
50. California

Biggest Gain, 2022-23:
Kentucky, + 5 to 18^th place

Biggest Loss, 2022-23
New Hampshire, - 7 to 28^th place

See the full list in the Spring Issue of Chief Executive: https://cloud.3dissue.com/124771/124993/223586/Spring2023ChiefExecutiveMagazine/index.html

Enhanced Coverage online: https://chiefexecutive.net/best-worst-states-business/

About Chief Executive/Chief Executive Group

Chief Executive Group, a leading community for business leaders worldwide, exists to improve the performance of U.S. CEOs, CFOs, CIOs, CHROs and corporate directors. We publish Chief Executive magazine, ChiefExecutive.net, Corporate Board Member magazine, BoardMember.com, StrategicCFO360.com, StrategicCIO360.com and StrategicCHRO360.com, and run some of the nation's most essential peer-networking communities, including The CFO Leadership Council, Chief and Senior Executive Networks, Corporate Board Member Network and The American College of Corporate Directors. Learn more at ChiefExecutiveGroup.com. 

For media inquiries, please contact:
Dan Bigman, Editor, Chief Executive
[email protected]
203-889-4980

SOURCE Chief Executive Group