Indiana’s business climate ranked eighth in the nation in Forbes’ 10th annual Best States for Business ranking, breaking into the top 10 for the first time.
The state ranked second for its regulatory environment and sixth for quality of life. The state ranked 42 in labor supply.
According to Forbes, the ranking evaluates 40 data points across six categories, which include quality of life, business costs, labor supply, regulatory environment, economic climate and growth prospects.
The publication cites Indiana’s reduced regulations, triple-A bond rating and right-to-work status as benefits of doing business in the Hoosier State.
“Today, more Hoosiers are going to work than at any time in our state’s history because Indiana has worked tirelessly to create a business-friendly climate that allows companies to grow and create jobs with confidence,” Gov. Mike Pence said in a news release. “Since Day 1 of this administration, we have made job creation job one.”
This summer, the state surpassed its all-time record for private sector employment while the state’s overall unemployment rate is 4.5 percent.
Earlier Wednesday (Oct. 21), Pence announced that Indiana will temporarily advance funds to eliminate the state’s outstanding federal unemployment loan, saving Hoosier businesses $327 million in taxes or $126 per employee.