LOUISVILLE, KY (WAVE) - Cheers to the state of Indiana, ranked 16th this year in the CNBC annual rankings of America's top states for business.
Indiana was ranked 14th last year and 16th in 2016 so this is an ongoing positive trend, thanks in large part to top five rankings in the categories of infrastructure, cost of doing business, and business friendliness.
The rankings are weighted by ten categories, with workforce being the most important, followed by infrastructure, and cost of doing business. To crack the top 10 overall for best states for business, Indiana needs to improve considerably the bottom 10 ranking in the workforce category.
That is the big problem for Kentucky as well, as an overall ranking of 42nd best state for business is directly a result of being the second worst state in the country for workforce. Kentucky dropped in the overall ranking from 35th the past two years.
Bottom 10 finishes in the economy and business friendliness categories contributed to the fall. The hit in the economy category is directly attributable to the pension problems, and business friendliness to the legal and regulatory frameworks.
For both Indiana and Kentucky to improve on workforce, improvement must be made in net migration of college-educated workers, the number of available employees and their education level, and a higher concentration of science, technology, engineering and math workers.
Both states are well aware of these challenges and are addressing them. Key to getting results is expediting the efforts.