The middle class will spend less on discretionary items, which will result in decreased income for businesses producing products and services for the domestic market, thereby pressuring these companies to lay off workers.
Chicago, IL (PRWEB) July 31, 2014
“Rapid technological advances will spread a new wave of automation across the U.S., increasing unemployment, depressing American consumer spending and further shrinking the middle class. It is a Catch 22—we need automated manufacturing if we are to compete internationally, but this means fewer jobs,” says economist and corporate relocation expert Dr. Ron Pollina in the just-released Pollina Corporate Top 10 Pro-Business States for 2014, co-published with the American Economic Development Institute (AEDI).
“That means the middle class will spend less on discretionary items, which will result in decreased income for businesses producing products and services for the domestic market, thereby pressuring these companies to lay off workers. This is the cycle the American people and American companies servicing the domestic market are currently caught up in,” Dr. Pollina explains.
“But a handful of states have shown exemplary leadership in growing their economies and employment base while countering these trends by improving their business environment, adding new companies and growing existing companies. These states have broken the bonds that hold others back and positioned themselves for success for the remainder of the decade, which is a remarkable achievement in the aftermath of the Great Recession.”
One state stands above all others. Brent Pollina, Vice President of Park Ridge, Illinois-based Pollina Corporate Real Estate and co-author of the 2014 study, says Utah is a symbol of economic growth that other states should emulate.
“Under Governor Gary Herbert’s leadership, Utah has held the top position for the third year in a row. In 2005, Utah ranked #23 and by 2012 it ranked #1 moving up in rank 22 places in only seven years,” he explains. “Utah is a great example of what enlightened and motivated political leadership can accomplish with a solid plan. Like the early Utah pioneers, the recent political leaders of Utah have relied on their own ‘industry’ to prosper.”
Michigan is the Most Improved State for 2014 because of a spectacular 21-position climb in rank from 2011 to 2013. Their Most Improved State status reflects political leadership that has come to grips with 21st century international competition for jobs.
The Pollina Corporate Top 10 Pro-Business States for 2014 are: 1) Utah 2) Wyoming 3) Nebraska 4) Virginia 5) Kansas 6) North Dakota 7) Indiana 8) Missouri 9) South Carolina and 10) South Dakota.
The study, considered the most comprehensive, unbiased and unvarnished by the economic development industry, is the “Gold Standard” for evaluating and ranking states based on 32 factors controlled by state government, including taxes, education, Right-to-Work legislation, energy costs, workers compensation laws, economic incentive programs and state economic development efforts.
If you would like details about how your state or others did this year, click here to access the 2014 Report Cards.
The American Economic Development Institute (AEDI) is a nonpartisan public policy and economics research institution whose mission is to improve the American economy by fostering economic growth and prosperity through employment creation and international trade. Working with the public and private sectors to improve policy and decision-making through research and analysis, the institute uses the most effective means available to originate, advocate, promote and disseminate applicable policy proposals that improve federal, state and local economies in the United States. For more information, contact Brent Pollina, ITRA Global / Pollina Corporate Real Estate, 847.685.9000, x228 or bap(at)pollina.com.
About ITRA Global
ITRA Global is an organization of real estate professionals specializing in representing tenants and buyers in the leasing, acquisition and disposition of office, industrial and retail facilities. With coverage in major markets around the world, ITRA Global is one of the largest organizations dedicated to commercial real estate tenant and buyer representation. Clients benefit by having an experienced professional as their trusted advisor, providing conflict-free representation with total objectivity. To learn more about ITRA Global and our global locations, visit the ITRA Global web site or contact Beth Wade, ITRA Global Executive Director at 706.654.3201 or bwade(at)itraglobal.com.