Indiana was ranked as the best place to do business in the Midwest and the fifth best nationwide in a survey of more than 500 chief executives by Chief Executive magazine.

The magazine’s ninth annual “Best and Worst States” survey asks CEOs to evaluate states based on business tax policies, regulation, workforce quality and livability factors. Indiana’s ranking in the survey has moved up eleven places since 2010.

“On the heels of the largest state tax cut in Indiana history, this ranking is validation of the work we have done since day one to make Indiana the top jobs state in the country,” said Governor Mike Pence. “With our talented workforce, solid fiscal house and robust infrastructure, the Hoosier State’s job creation efforts are receiving national attention. Chief executives know that Indiana is one of the few states that actually works for business.”

Under the governor’s leadership, Indiana recently enacted the largest tax cut -more than $600 million a year- in state history. Chief Executive magazine noted, “The federal government may be a tax reform wasteland but the states are out there competing with gloves off.” Through a combination of income tax relief, inheritance tax repeal and other business tax reductions, Indiana is the only state in the country to achieve more than $1 billion in tax cuts over the next two years.

Indiana’s fifth place ranking makes it the only Midwestern state in the publication’s top five. Among neighboring states, Kentucky ranked 29th, Ohio ranked 22nd, Michigan ranked 44th and Illinois ranked 48th.

The Chief Executive magazine ranking is the latest in a series of national accolades Indiana’s business climate has garnered. Indiana’s business environment recently scored a top five finish nationally in the Pollina Corporate Top 10 Pro-Business States for 2012 study. Also, Area Development magazine rated Indiana as the best state for doing business in the Midwest and eighth nationally, according to an October 2012 survey of national location consultants and a review of Indiana’s economic development record.

Chief Executive magazine is a bi-monthly publication for top management executives published by the Chief Executive Group LLC. Founded in 1977, the Chief Executive Group LLC is headquartered in Greenwich, Conn. The “Best & Worst States,” survey results are available at http://chiefexecutive.net/best-worst-states-for-business-2013.

Source: Indiana Economic Development Corp., Inside INdiana Business