RED BANK, NJ — Today, Business Facilities has revealed top ranked states for a number of key industries in its 19th Annual Rankings Report. Focused on 60+ factors that are pertinent to site selection teams, the full report will be published in the July/August 2023 issue of Business Facilities.
With a look at existing investment and ecosystems, in addition to planned development and investment, industries evaluated in the 2023 State Rankings include Aerospace/Defense, Automotive, Life Sciences, Semiconductors, and Film & Television.
“The influx of capital investment into the U.S. over the past 18 months has strengthened already robust state economies, while changing the game for other states by boosting economic growth.”
— Anne Cosgrove, Business Facilities
“The influx of capital investment into the U.S. over the past 18 months has strengthened already robust state economies, while changing the game for other states by boosting economic growth,” said Business Facilities Editorial Director, Anne Cosgrove. “National legislation like the Inflation Reduction Act and the CHIPS Act are significant to this momentum, while states and local economic development efforts have honed in on supporting relocation and expansion projects. The states ranked here and throughout the Business Facilities Annual Rankings Report reflect successes across the country.”
State Rankings: Aerospace/Defense, Automotive, Life Sciences, Semiconductors
Washington leads the list for states for the Aerospace/Defense category, a position it retains from last year’s rankings. Employment figures and contribution to state GDP showcase the industry’s position in that economy, and its share of the jobs across the U.S. helped solidify its place. Rounding out the top 5 for Aerospace/Defense are California, Texas, Connecticut, and Arizona. Others ranked in this category are Kansas, Alabama, Georgia, Ohio, Florida, and North Carolina.
In the Automotive industry, both traditional and the burgeoning electric vehicle space, the state of Michigan tops the list. This is a repeat performance from the state in this category with new investments bolstering its existing ecosystem. As the industry as a whole undergoes its current transformation, the ones to watch include the other top ranked states — Indiana, Ohio, Tennessee, and Kentucky, respectively. Also included in this ranking: Alabama, California, South Carolina, Missouri, and Georgia.
Topping the Life Sciences ranking is Massachusetts, recognized for its academic and research institutions in the field along with robust industry and employment. For Life Sciences, California has been ranked second, while taking the top spot in this year’s MedTech/Medical Devices rankings. Against the backdrop of its academic and research resources, the size and concentration of jobs in the industry secure this place for California.
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Rounding out the Life Sciences ranking are Maryland, New Jersey, New York, Pennsylvania, North Carolina, Texas, Florida, and Michigan. And, rounding out the top 5 for MedTech/Medical Devices: Minnesota, Massachusetts, Indiana, Connecticut, respectively, and followed by Ohio, Indiana, Florida, and Wisconsin.
The Semiconductor industry in 2022 was a hot spot, and Texas takes the top spot in that ranking once more. This month, Governor Abbott signed the Texas CHIPS Act into law creating the Texas Semiconductor Innovation Consortium and Texas Semiconductor Innovation Fund, to further grow the industry in the state. For Arizona, 2022 was also a banner year for semiconductor industry growth. This pushed the state up to second place in the ranking this year, from third place last year. The top 5 include California, New York, and Oregon, respectively, followed by Minnesota, Massachusetts, North Carolina, Ohio, Washington, and Pennsylvania.
Georgia Gets Its Close Up
With 35 states offering film production tax incentives as of 2022, the Film & Television ranking this year takes a fresh look at the financial offerings across the U.S. Evaluating incentive programs, coupled with an evaluation of contribution to each state’s economy, Georgia took the top spot as an attractive location. In 2022, the state reported that productions spent $4.4 billion in fiscal year 2022 there. The top 5 include Louisiana, New Mexico, California, and New York, rounded out by West Virginia, Oklahoma, Illinois, Utah, and New Jersey.