Tuesday, June 7, 2016
OKLAHOMA CITY – Governor Mary Fallin today said Oklahoma’s improved rankings in an economic competitiveness index are proof that its business-friendly policies are working.
Oklahoma ranked as the 10th best overall state economic outlook (up from 16th in 2015) and 5th best state economic performance in Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index. The 9th edition of the report recently was released by the American Legislative Exchange Council (ALEC).
“Since 2014, Oklahoma has significantly improved in these rankings, moving from No. 21 in economic outlook to No. 10,” said Fallin. “This progress shows that we are continuing to establish and promote business-friendly policies that will help us to expand and diversify our state’s economy.”
Among the 15 state policy variables, Oklahoma ranked No. 1 in four categories: property tax burden (per $1,000 of personal income), estate/inheritance tax levied, state minimum wage and right-to-work state.
“Generally speaking, states that spend less – especially on income transfer programs – and states that tax less – particularly on productive activities such as working or investing – experience higher growth rates than states that tax and spend more,” the report states.
Rich States, Poor States examines the latest movements in state economic growth. The data ranks the 2016 economic outlook of states using 15 equally weighted policy variables, including various tax rates, regulatory burdens and labor policies. The latest edition examines trends over the last few decades that have helped or hurt states’ economies.
For more information, contact Leslie Blair, public information officer for the Oklahoma Department of Commerce, at firstname.lastname@example.org or (405) 815-5241.