A new list created by CNBC shows Indiana’s ranking among the best states to do business has improved five spots over last year. The Hoosier State comes in number 14 with high scores in several categories, including infrastructure, cost of doing business and cost of living.
“Although we know this is only one of many rankings and each has its own methodologies that fluctuate from year to year, it’s certainly not a surprise to see Indiana’s overall ranking increase,” said Erin Sweitzer, vice president of communication for the Indiana Economic Development Corp. “The IEDC remains focused on supporting our businesses and adapting to their developing needs, while looking for opportunities for advancement and improvement.”
To rank America’s Top States for Business in 2022, CNBC scored all 50 states on 88 metrics in 10 categories of competitiveness.
The cable channel says each category was weighted based on how frequently states use them as a selling point in economic development marketing materials. “That way, our study ranks the states based on the attributes they use to sell themselves,” said CNBC.
While Indiana received several high marks, its overall grade was held back by lower marks in the categories of workforce, education, and life, health and inclusion.
“It’s great to see Indiana’s overall ranking improve. A lot of effort by many people and groups have gone into bettering the state’s business climate. That said, it’s impossible to ignore our near bottom ranking of 48 when it comes to workforce,” said Indiana Chamber President and Chief Executive Officer Kevin Brinegar. “This underscores that workforce development is by far Indiana’s biggest challenge going forward as we work to compete in a talent-driven economy. We have a great business climate but need a stronger and deeper talent pool to support it.”
Below is the individual categories and Indiana ranking:
- Workforce: 48
- Infrastructure: 1
- Cost of Doing Business: 2
- Economy: 10
- Life, Health & Inclusion: 43
- Technology & Innovation: 23
- Business Friendliness: 18
- Education: 35
- Access to Capital: 13
- Cost of Living: 9
North Carolina topped CNBC’s list because of its high scores in the state’s economy, investment in technology and innovation, and access to capital.
North Carolina has proven attractive to several Indiana-based companies, including Eli Lilly and Co. (NYSE: LLY), which announced two separate investments in the Tar Heel State.
In January, Lilly announced it would invest over $1 billion to create a new manufacturing site in Concord, North Carolina. The plant in suburban Charlotte will generate 600 jobs and manufacture injectable products and devices to increase manufacturing capacity.
Lilly says it selected Concord because of its proximity to universities with strong STEM programs and an experienced labor force in manufacturing technology
“Lilly’s choice brings more good jobs to North Carolina from one of our most important industries,” said North Carolina Governor Roy Cooper in a news release from January. “North Carolina has become a premier hub for the world, thanks to our exceptional workforce and commitment to education.”
In January 2020, the company announced a $470 million investment in Durham, which is also located in North Carolina’s Research Triangle Park.
Last month, Plainfield-based MD Logistics announced plans to open a cold storage warehouse in the Research Triangle. The third party logistics firm says the expansion, which is expected to create 30 jobs, will allow it to better serve the life sciences and pharmaceutical industry on the East Coast.
Other top finishers are Washington, Virginia, Colorado and Texas. This year’s lowest ranked state is Mississippi.
Click here to view the full list.