CEO Magazine: Texas, Florida Best States for Business; California, New York, Illinois the Worst

The following is from the Spring 2021 edition of Chief Executive magazine regarding their 2021 “The Best and Worst States for Business” … 

While the top (Texas, Florida) and the bottom (just guess) of our annual rankings remain unchanged, what has changed are the stakes, with a growing number of CEOs we polled open to a post-Covid change of locale. Governors, take note.

DESPITE A GLOBAL PANDEMIC, near-economic collapse, civic unrest, just-plain-insane election cycle and everything in between during this crazy Covid year, when it comes to the places CEOs like to do business, the old saw is true: The more things change, the more they stay the same.

For the 17th year in a row, Texas tops Chief Executive’s Best and Worst States for Business list. Number two? Florida, once again. When it comes to the three criteria CEOs tell us they value most in site selection—tax policy (37 percent rank it first), regulatory climate (35 percent) and talent availability (25 percent)—Texas and Florida outclass all comers.

And once again—yawn—California, New York, Illinois and Massachusetts pile up at the bottom of our rankings (based entirely on polling of the nation’s CEOs) where they have dwelt for most of the list’s existence.

But while the names at the top and the bottom remain unchanged, what has changed— dramatically—are the stakes. Governors take note: Our survey — of 383 CEOs in March 2021 — finds the nation’s business leaders an increasingly restless bunch thanks to Covid. They’re open to all kinds of new ideas about how — and, more to the point — where to do business.

Forty-four percent of those we surveyed report that they’re “more open than before to examining new locations” for their business, while 34 percent said they’re “considering shifting [or] opening significant operations [or] facilities in a new state.” In a world of remote work, reshuffled markets and flat-out rethinking of nearly every aspect of business, the hearts and minds of CEOs are very much up for grabs.

Read why California remains at the bottom of the list at Best & Worst States: California At The Bottom—Again

CEO magazine noted that “Last year, California Gov. Gavin Newsom rapped Chief Executive by name because the state once again finished last in the magazine’s annual survey of CEOs. No word from him so far on how he feels about his state finishing No. 50 in this year’s survey, too.”

See the list of rankings here and read the full report here.

About Spectrum Location Solutions

To explore whether a location-related move, expansion or consolidation makes sense for your company, contact Joe Vranich at 800-508-5138.  The no-fee, no-obligation consultation will be completely confidential.

Spectrum Location Solutions provides site-selection consulting services to help companies of all sizes find optimal places to call their new home. Spectrum’s network includes help for business owners through a private equity firm that will finance relocation costs and a realtor network to assist company employees with housing searches. By working with Economic Development Agencies nationwide to identify appealing sites and economic incentives, Spectrum has found optimum settings for headquarters, back offices and manufacturing facilities. Joe established the firm more than a decade ago as The Business Relocation Coach with the motto: “Helping Businesses Grow in Great Locations!”