Kentucky Gets Great, Poor Results on Business Survey
The Commonwealth of Kentucky scored some high marks from CNBC, ranking first in the "cost of doing business" and fourth in the "cost of living". The state's overall ranking only reached number thirty-six, however, weighed down by positions of forty-fifth in "access to capital" and "quality of life", forty-first in "business friendliness", and thirty-eighth in "economy". Its "workforce" ranking of twenty-ninth also placed Kentucky in the bottom half of the nation:
Many states point with great pride to the quality and availability of their workers, as well as government-sponsored programs to train them. We rated states based on the education level of their workforce, as well as the numbers of available workers. We also considered union membership. While organized labor contends that a union workforce is a quality workforce, that argument, more often than not, doesn’t resonate with business. We also looked at the relative success of each state’s worker training programs in placing their participants in jobs.
Full story: CNBC
Meanwhile, the president of the Kentucky Chamber of Commerce argues that Kentucky's tax structure is an impediment to business growth in the Commonwealth:
Adkisson said Kentucky must compete against states like neighboring Tennessee, which does not have a personal income tax. Kentucky has a top personal income tax rate of 6 percent as well as a 2.25 percent occupational tax. But those numbers are at zero in Tennessee, which Adkisson said is hurtful to the business climate of the state.
“The person making the decision whether or not to move that regional head quarters to Louisville versus Nashville is looking at that and saying that’s an 8.25 percent reason for me to go to Nashville.”
Full story with video interview: cn|2