The Inflation Reduction Act (IRA) is also helping to bring new manufacturing projects to the U.S. In addition, the CHIPS and Science Act supports the semiconductor industry, and several large projects were announced — for example, Intel in Ohio and Samsung in Austin, Texas. All of these top states offer competitive utility rates, a green energy mix, a business-friendly environment, excellent training programs, and fast permitting procedures. Project timelines have become much faster; therefore, an easy regulatory process is very important.
Availability of skilled labor is a problem across all states at the moment. A well thought-out training program is essential, and Georgia leads this category with their Quick Start program followed by Virginia, South Carolina, and Louisiana.
Water availability is becoming an important topic especially for the semiconductor and battery industries. Ohio and Michigan lead this category in the survey, ahead of the Southeast States, as well as New York and Wisconsin. Indiana and Ohio join the Top 10 States with top scores in logistics/infrastructure as well as available real estate. To have real estate available is crucial. The top-ranked states had mega sites developed over the last couple of years. California, New York, and Massachusetts only score high on access to capital and funding, but of these three states, only New York made the top 20.
Florida, Arizona, and Mississippi did make the top 20, as they are getting more and more popular for manufacturing projects in addition to their corporate, aviation, and life science clients.
TOP STATES FOR DOING BUSINESS 2023
- 1. Georgia
- 2. South Carolina
- 3. Tennessee
- 4. North Carolina
- 5. Ohio
- 6. Alabama
- 7. Indiana
- 8. Texas
- 9. Virginia
- 10. Mississippi
- 11. Louisiana
- 12. Arizona
- 13. Michigan
- 14. Kentucky
- 15. Florida
- 16. New York
- 17. Iowa
- 18. Arkansas
- 19. Kansas
- 20. Illinois
Individual Categories
Overall Cost of Doing Business
- 1. Georgia
- 2. Alabama
- 3. Tennessee
- 4. South Carolina
- 5. North Carolina
- 6. Indiana
- 7. Mississippi
- 8. Ohio
- 9. Texas
- 10. Louisiana
Business Incentives Programs
- 1. Georgia
- 2. South Carolina
- 3. Ohio
- 4. Indiana
- 5. Tennessee
- 6. North Carolina
- 7. Alabama
- 8. Virginia
- 9. Arkansas
- 10. Mississippi
Access to Capital & Funding
- 1. California
- 2. New York
- 3. Texas
- 4. Massachusetts
- 5. Georgia
- 6. Virginia
- 7. Illinois
- 8. North Carolina
- 9.Arizona
- 10. Maryland
Competitive Labor Environment
- 1. Georgia
- 2. North Carolina
- 3. Ohio
- 4. South Carolina
- 5. Indiana
- 6. Texas
- 7. Virginia
- 8. Tennessee
- 9. Arizona
- 10. Alabama
Energy Availability & Costs
- 1. Georgia
- 2. Tennessee
- 3. South Carolina
- 4. Alabama
- 5. North Carolina
- 6. Texas
- 7. Washington
- 8. Oregon
- 9. Indiana
- 10. Iowa
Water Availability
- 1. Ohio
- 2. Michigan
- 3. Tennessee
- 4. South Carolina
- 5. North Carolina
- 6. Georgia
- 7. New York
- 8. Wisconsin
- 9. Washington
- 10. Virginia
Logistics & Infrastructure
- 1. Georgia
- 2. Texas
- 3. Indiana
- 4. Ohio
- 5. South Carolina
- 6. Virginia
- 7. Tennessee
- 8. Kentucky
- 9. North Carolina
- 10. Illinois
Available Real Estate
- 1. South Carolina
- 2. Texas
- 3. Ohio
- 4. Georgia
- 5. North Carolina
- 6. Indiana
- 7. Tennessee
- 8. Virginia
- 9. Alabama
- 10. Arizona
Cooperative & Responsive State Government
- 1. Georgia
- 2. Tennessee
- 3. North Carolina
- 4. South Carolina
- 5. Ohio
- 6. Indiana
- 7. Virginia
- 8. Alabama
- 9. Arizona
- 10. Michigan
Corporate Tax Structure
- 1. Florida
- 2. North Carolina
- 3. Texas
- 4. Tennessee
- 5. Indiana
- 6. Georgia
- 7. Nevada
- 8. South Dakota
- 9. Ohio
- 10. Arizona
Site-Readiness Programs
- 1. South Carolina
- 2. Georgia
- 3. Ohio
- 4. Tennessee
- 5. Indiana
- 6. North Carolina
- 7. Virginia
- 8. Alabama
- 9. Kentucky
- 10. Iowa
Favorable Regulatory Environment
- 1. Alabama
- 2. South Carolina
- 3. Georgia
- 4. Tennessee
- 5. North Carolina
- 6. Indiana
- 7. Ohio
- 8. Texas
- 9. Louisiana
- 10. Mississippi
Speed of Project Permitting
- 1. South Carolina
- 2. Alabama
- 3. Georgia
- 4. Mississippi
- 5. Tennessee
- 6. Indiana
- 7. Virginia
- 8. Ohio
- 9. Iowa
- 10. North Carolina
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Categories:
- Overall Cost of Doing Business
- Business Incentive Programs
- Access to Capital & Funding
- Competitive Labor Market
- Energy Availability & Costs
- Water Availability
- Logistics & Infrastructure
- Available Real Estate
- Cooperative & Responsive State Government
- Corporate Tax Structure
- Site-Readiness Programs
- Favorable Regulatory Environment
- Speed of Project Permitting