35th Annual Survey of Corporate Executives Commentary: Skilled Labor, Taxes & Incentives Still Paramount in the Location Decision
Companies recognize the importance of a location’s quality of life in in attracting the skilled labor that they need, and taxes and incentives continue to be a top criteria as well.
Q1 2021
For these decision-makers, the local availability of skilled labor continues to be at the top of the list of decision criteria, as it has been historically. Quality-of-life trends continue to be an important factor in site location decisions, and it’s no surprise given the importance of quality of life considerations in attracting skilled labor. In fact, quality of life this year ranks higher in the survey when compared to universally important factors as labor, occupancy and construction cost. This trend is likely to continue as many employers attempt to reimagine their workplaces and cater to a more mobile workforce.
Finally, state and local taxes and incentives continue to be top 10 criteria for decision-makers. While recent declines in state and local tax revenue collections resulting from the global pandemic have impacted many public-sector budgets, economic development authorities continue to seek meaningful engagement with the business community and offer financial support. I expect these collaborations to take precedence going forward.
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Steven Tozier, Managing Director, Ernst & Young LLP
Steve Tozier leads EY’s Credits & Incentives Practice in the East Region of the United States. He has over 20 years of experience in federal and state business incentives, with a concentration in the Northeast and Mid-Atlantic. Steve maintains strong economic development relationships with state and local officials in Virginia; Maryland; Washington, D.C.; North Carolina; South Carolina; Pennsylvania; Delaware; New York; New Jersey; Rhode Island; and Ohio, among other states. Steve has served clients in the government/public sector, aerospace/defense, manufacturing, hospitality, life sciences, high tech, financial services, professional services, retail/consumer products, healthcare, and renewable energy/utilities industries. Over the last decade, he has worked on some of the largest economic development projects in the country assisting with the identification and implementation of over $1 billion in financial incentives. He frequently serves as a guest speaker at conferences and industry events regarding the site selection process and ways to identify, evaluate, and optimize tax and non-tax incentives. Steve received a BA in Economics from Randolph Macon College and an MBA from Seton Hall University.
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