Business Facilities - July 2008 - (Page 22)

QUALITY OF LIFE Pinehurst Way near Dakota Dunes, SD (Inset picture: Dakota Dunes Golf Resort) T o measure the quality of life, we take a look at 20 key factors that influence how happy you and your employees are likely to be based on the state you live in. Quality of life is a key component of our Business Climate ranking as well, since, all other things being equal, we believe that employers and employees who are happy outside of work will contribute to a better bottom line through increased motivation, morale, productivity, and retention. Quality of life also is a critical factor for companies that need to attract top talent to remain competitive, or companies that are relocating and seek to reduce the executive “churn” that accompanies a major move of corporate offices. One of the components of our Quality of Life ranking is our own Education Environment ranking, Top 10 Quality of Life 1. SOUTH DAKOTA 2. WYOMING 3. NORTH DAKOTA 4. NEBRASKA 5. VERMONT 6. IOWA 7. NEW HAMPSHIRE 8. MONTANA 9. CONNECTICUT 10. IDAHO since good schools can dramatically influence the attraction an area holds for families. Other component groups contributing to each state’s final rank in quality of life include the crime rate, material well being (including average income levels, tax rates, and personal bankruptcy rates), job security, arts and recreation assets (as funded by the state), pollution, commute length, health care premiums, occupational accident rates, climate, and the cost of living. It’s interesting to note that a data element can have a different role in different rankings. When it comes to quality of life, a low unemployment rate is good and tends to enhance job security. However, from a company’s point of view, a low unemployment rate can mean higher wages, so it plays an opposite role in our Business Climate ranking. (On the other hand, since this Quality of Life ranking is itself a factor in the Business Climate ranking, there is a tug-ofwar between too much and too little unemployment when it comes to the best place to locate your company.) Much of our data comes from “State Rankings 2008” published by the CQ Press, but we also relied on data from the Kaiser Family Foundation at www.statehealthfacts.org, and from the Missouri Economic Research and Information Center (for its cost of living data). The ranking was conducted using the same factors and weightings as in 2007, but with updated data, so the results from the two years are directly comparable. South Dakota once again shows its dominance in Quality of Life, hanging on to the top spot just as it managed to do in the Cost of Labor ranking. (Indeed, South Dakota is so strong this year that it captured the top spot in the Business Climate ranking as well.) Nebraska made an excellent showing by moving from 9th to 4th place this year, and Montana and Idaho (ranked 8th and 10th this year, respectively) each moved up eight places from 2007. Montana and Idaho are the only states in the top 10 of our 2008 Quality of Life ranking that were not in the top 10 last year. 22 JULY 2008 PHOTO CREDIT: DAKOTA DUNES, INC.; WWW.SIOUXLANDREDCROSS.ORG; ISTOCK PHOTO http://www.statehealthfacts.org http://WWW.SIOUXLANDREDCROSS.ORG

Table of Contents Feed for the Digital Edition of Business Facilities - July 2008

Business Facilities - July 2008 Contents First Word Snapshots Corporate Moves: New York The 2008 Business Facilities Rankings Report 2008 Rankings: Biotech Blasts Off 2008 Rankings: Green with Envy 2008 Rankings: Warm Climate for Business Nanotech Looms Large in Pennsylvania Metro Spotlight: Inland Empire, CA Food Processing Sites: Providing Sustenance as Well as Nutrition Sale-Leasebacks: Easing the Credit Crunch Corporate Moves: Georgia Metro Spotlight: Albuquerque, NM Advertiser Index Inside LiveXchange

Business Facilities - July 2008

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