In 2022, Texas was named the “best state to do business" for the 18th consecutive year in an annual survey conducted by Chief Executive Magazine.
The rankings are determined by evaluations of the CEOs of some companies and are based on "the business climate, workforce and quality of life in each state."
Texas is the “beacon of freedom and opportunity"
Governor Greg Abbott issued in a statement where he stated that the Lone Star State "is the beacon of freedom and opportunity" because of its "competitive business environment."
Texas has been named the best state for business every year I have been governor because we have remained steadfast in our efforts to provide a world-class business climate and develop the skilled and diverse workforce in our state (...) Texas is the beacon of freedom and opportunity thanks to our competitive business environment, with no corporate or personal income taxes, limited regulations and endless opportunities that allow all Texans to thrive.
Texans thrive when our economy is booming, and I expect the Lone Star State to remain the best place in the country to do business.
In 2022, Texas was named the BEST state for business... for a record-smashing 18th year in a row!
Lower taxes and less regulation make the Lone Star State the #1 choice for businesses large and small. pic.twitter.com/E5jhJlrBgS
- Gov. Greg Abbott (@GovAbbott) December 26, 2022
According to the survey, "Texas is in a steady era of growth based on the expansion of its economy into automobile production, digital technology development and shared services, as well as the traditional oil, gas and refining base."
Florida ranks second
Florida solidified its second-place ranking with a "business-friendly approach" under Governor Ron DeSantis.
Cullum Clark, director of the Bush-SMU Institute said the Sunbelt region presents a "distinctive model" for economic growth initiatives:
From Raleigh to Charlotte to Tampa to Jacksonville, the large metropolitan areas of Texas and Phoenix are growing rapidly in several respects (...) It is a distinctive model.
Indiana ranks No. 6, the highest ranked state in the Midwest, followed by Ohio.
Utah ranked 10th and was ranked the best state in the Mountain West. Delaware ranked 15th, and was the top state in the Mid-Atlantic region; and New Hampshire, ranked 21st, was the top-ranked state in the Northeast.
Worst ranked
New Jersey, Illinois, New York, California and Washington were the states ranked at the bottom of the list. The executives in charge of the ranking expressed that these states’ taxes, regulations and high costs of living will need "a real revolution in its tax and regulatory structures to gain ground" against the other states.
