Washington, Tennessee, Massachusetts, California,
Arizona Are #1 In Key Industries

Business Facilities' annual state rankings highlight leading states for industry sectors including aerospace/defense, food processing, life sciences, medical devices, and semiconductors.

industry sectors, state rankings

RED BANK, NJ — June 25, 2024 — Business Facilities has revealed the top states for a select number of categories in its 20th Annual Rankings Report. Focused on more than 60 factors pertinent to site selection teams for business relocation and expansion investments, these rankings serve as a valuable resource for corporate site selectors and site selection consultants. Comprised of State, Metro, and Global rankings, the 20th Annual Rankings Report will be published in the July/August 2024 issue of Business Facilities.

With a look at existing investment and ecosystems, in addition to planned development and investment, industries evaluated for the Business Facilities 2024 State Rankings include Aerospace/Defense, Food Processing, Life Sciences, MedTech/Medical Devices, and Semiconductors.

Read more from Business Facilities 20th Annual Rankings Report

“The momentum of business relocation and expansion projects across the United States continues following an influx of capital investment plans in 2022. As funding from the Inflation Reduction Act and the CHIPS Act makes its way into the economy and directly to companies, many states are securing their position as leaders in specific industries. Others are creating industry ecosystems and making inroads,” said Business Facilities Editorial Director, Anne Cosgrove. “The Business Facilities 20th Annual Rankings Report provides a view into how the efforts of state, regional, and local economic development are making an impact.”

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 Florida. Others ranked in this category are Arizona, Kansas, Alabama, Ohio, and Georgia, respectively.

With the Food Processing industry continuing to see growth, the states in this year’s rankings are home to numerous companies in the sector, along with industry-friendly incentives, research, and location. Tennessee leads the list, followed by Texas, New York, Pennsylvania, and Indiana in the Top 5. Rounding out the category are Kentucky, New Jersey, Georgia, Wisconsin, and Ohio.

Topping the Life Sciences ranking is Massachusetts, recognized for its academic and research institutions in the field along with robust industry and employment. Rounding out the Life Sciences ranking are California, Maryland, New Jersey, North Carolina, Michigan, Indiana, New York, Florida, and Louisiana.

The MedTech/Medical Devices category evaluated investments, establishments, and employment numbers, with California leading the pack. At #2 in this ranking, Minnesota has a legacy in this sector and continues to evolve. The other states in the Top 10 are Massachusetts, Florida, Pennsylvania, New York, Indiana, Texas, Utah, and Wisconsin.

While investment activity in Semiconductors shifted in 2023, the industry’s growth in the U.S. remains strong and steady. Innovations, workforce development, and announced investments in this sector landed Arizona the top spot in this year’s ranking. The Top 5 include Texas, New York, California, and Oregon, respectively, followed by Minnesota, Indiana, Michigan, North Carolina, and Ohio.

For more information about the Business Facilities 20th Annual Rankings, please contact Anne Cosgrove, Editorial Director at acosgrove@groupc.com.

Business Facilities, Site Selection, Site SelectorsBusiness Facilities is a leading full-service media brand specializing in the site selection marketplace. Through a bi-monthly magazine, e-mail newsletters, a news portal, and its LiveXchange event, Business Facilities has created a dynamic community for C-level executives and economic development organizations. The Business Facilities brand consistently focuses on innovative, strategic ideas that help C-Level executives make the best location choices.


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