Common Sense in Species Protection Act of 2014 - Amends the Endangered Species Act of 1973 to require the Secretary of the Interior or the Secretary of Commerce to exclude an area from designation as a critical habitat to conserve an endangered or threatened species if the benefits of exclusion outweigh the benefits of including the area, unless the failure to designate the area as critical habitat will result in the extinction of the species.

Requires the appropriate Secretary to make available for public comment with any proposed rule to designate a critical habitat a draft analysis that: (1) examines the incremental and cumulative economic effects of all actions to protect the species and its habitat upon each state and locality that is affected by the proposed designation; (2) includes consideration of economic effects on possible uses of land and property values, employment, revenues available for state and local governments, and the provision of water, power, or other public services; and (3) assesses those effects on a quantitative and qualitative basis.