Arizona’s seventh-place finish in the latest Chief Executive Magazine ranking of best states for business affirmed the views of business groups that the right public policies are in place to keep the state’s economy humming.
Those perceptions, however, are not universal. A 2016 study published by the Grand Canyon Institute in Phoenix concluded that business indices such as Chief Executive Magazine’s annual review fail to correlate with quality economic performance numbers.
The Chief Executive analysis, which this year saw Arizona move up the ranking two pegs, reflect the preferences and experiences of business leaders around the country.
“CEOs rate the states they currently do business in on taxes, quality of available employees and quality of life,” the study states.
The Arizona Commerce Authority, a public-private economic development group, said Gov. Doug Ducey’s focus on eliminating more than 1,000 regulations, embracing new technologies and prioritizing fiscal stability have all helped to bring businesses into the state.
“Arizona has been consistently recognized as a top state for corporate success as a result of pro-business policies and actions in areas including regulation, fiscal responsibility, tax structure and innovation,” the authority said in an emailed statement to The Center Square.
The ACA stressed that the state’s unique attributes are fueling a booming business climate.
“This includes our top-tier talent, very affordable operating costs, lean regulatory environment, streamlined tax structure, thriving innovation ecosystem and an exceptional quality of life that includes a low cost of living,” the ACA statement said.
Another indication of the state’s business success is that the creation of many well-paying jobs has elevated the median household income to a record level – $61,125 – according to the ACA.