From Dayton Business Journal
Forbes: Ohio No. 38 for business
Ohio remains low on the totem pole when it comes to the top states for business and careers, but ranks high for regulatory environment and quality of life, according to Forbes magazine.
The Buckeye State ranked 38th on Forbes 2010 “Best States for Business and Careers” list, down a place from 37th in 2009. Ohio’s gross state product was $377 billion, Forbes said.
To come up with its annual list, Forbes measured costs, labor supply, regulatory environment, current economic climate, growth prospects and quality of life.
Ohio’s rankings for each category:
• Business Costs — 32
• Labor Supply — 47
• Regulatory Environment — 12
• Economic Climate — 46
• Growth Prospects — 37
• Quality of Life — 12
The annual list's four-year leader, Virginia, was knocked from the top by Utah, which ranked No. 1 for the first time. Forbes touted Utah's growing economy and lowered corporate tax rate.
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Quote from the Forbes story…
"We have a fiscally conservative government where we are trying to keep government off your backs and out of your wallet. We want the free market do what it does best," says Utah Gov. Gary Herbert, a Republican running for a full term this year after taking over the job in August 2009, when then Gov. Jon Huntsman was appointed U.S. ambassador to China.
Utah lowered its corporate tax rate from 7% to 5% in 2008, to the delight of businesses. The rate is now one of the lowest in the country. The regulatory climate is also pro-business, with the Pacific Research Institute rating Utah second-best in the regulatory component of its U.S. Economic Freedom Index. "We want to make sure we don't have any nonsensical regulations that inhibit the private sector from expanding and having a profitable bottom line," says Hebert.
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