Jobs was a businessman, not an economist.
There is a good reason regulation makes it more expensive to open factories in the US: our regulations force companies to internalize the negative externalities their businesses create. China effectively subsidizes industry by forcing its citizens to bear the costs of pollution, injuries, etc, inherent in such activities. US regulation forces companies to bear some of these costs (hardly all of them).
In its retrospective study on the 1970 Clean Air Act, the EPA estimated that the benefit of pollution control over the 20 year period was on the order of $22 trillion. Relative to the "so-called 'no-control' case, an additional 205,000 Americans would have died prematurely and millions more would have suffered illnesses ranging from mild respiratory symptoms to heart disease, chronic bronchitis, asthma attacks, and other severe respiratory problems... the lack of Clean Air Act controls on the use of leaded gasoline would have resulted in major increases in child IQ loss and adult hypertension, heart disease, and stroke." Meanwhile, "the actual costs of achieving the pollution reductions observed over the 20 year period were $523 billion, a small fraction of the estimated monetary benefits."
What's good for business isn't necessarily good for the economy. The things that businessmen push for: deregulation, limitations on tort liability, etc, create more in costs to society then they create in benefits to businesses. Indeed, our measurements of things like GDP are so fundamentally flawed that they encourage politicians to adopt such measures. If a factory's poisonous emissions causes you to have lung problems, that doesn't count against GDP, but when you seek medical attention for those problems GDP goes up!