2020 Top States for Business: Chris Lloyd Comments on Importance of Long-Term Economic Development Policies

September 2, 2020

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Area Development recently announced its 2020 list of “Top States for Doing Business,” with top ranking states from previous years appearing again, even as the U.S. transforms to deal with a global pandemic. McGuireWoods Consulting senior vice president, Chris Lloyd, provided commentary on the rankings, noting that the consistency of the list is an attribute to economic development policies – companies making expansion and relocation decisions seek predictability.

“Companies want to be in communities that will be their long-term partners. And that partnership is best demonstrated through a long-term commitment to policies that help businesses grow — fair taxes, balanced regulatory approaches, stable politics,” Lloyd said.

Changes in tax and regulatory policy impact specific projects and deals, but companies looking to expand or relocate rely on consistency – they go where they are wanted and where talent is concentrated.

“Those policies don’t happen overnight but are the result of years, if not decades, of commitment to these principles by both political parties, at the state and local level, and result from important investments in education, research, and infrastructure,” Lloyd said.