Texas was chosen as the state with the "best business climate" in the United States. It came out first in the ranking prepared annually by the magazine Business Facilities, whose selection teams analyze more than 60 factors when awarding this distinction. They clarified that "major companies are choosing the Lone Star State for their corporate headquarters."
The news went down very well at the Texas governor's mansion, today occupied by Greg Abbott, who first came to office in 2015 and won his last election in 2022 by more than ten percentage points. "The Texas legend is fueled by leaders, innovators, and trailblazers inspired by the unique freedom and opportunity that only exists in our great state", he celebrated.
"With no state income tax, a reasonable regulatory environment, a growing, diverse, and highly skilled workforce, and economic development tools that help support investments, Texas continues to offer something for everyone to thrive. When businesses succeed, so do Texans—and our business climate ensures that Texas continues to offer world-class educational opportunities, good-paying careers to support families, and endless possibilities to prosper," the governor added.
Texas was just named the BEST Business Climate in America.
Laws I signed this year will help keep Texas the economic envy of the nation, including:
✅ New business courts
✅ Expanded economic development incentives
✅ Removal of burdensome local regulations pic.twitter.com/4OQhm5ruA7— Gov. Greg Abbott (@GovAbbott) June 27, 2023
According to the publication, Texas attracted about 1,000 projects in 2022, more than twice as many as the next-ranked state, representing an expected capital investment of $44.75 billion and creating about 35,000 jobs.
In addition, foreign direct investment (the investment made by a country, company or individual from a foreign country) accounts for some $16.3 billion and half of the new jobs registered that year.
"Advanced manufacturing in the state has seen robust growth, with significant investment from semiconductor, electric vehicle, and aerospace/aviation firms. And major companies are choosing the Lone Star State for corporate headquarters with 55 Fortune 500 firms calling the state home," they added.
Editorial director of Business Facilities, Anne Cosgrove, opined on Texas' first-place ranking and noted that its economy's strength and sustained momentum have made the state "a clear choice for Best Business Climate in this year's rankings."
"Taking the top spot this year is based not only on the impressive capital investment and job creation numbers, but also for diversity of industries, robust infrastructure, and a business-friendly regulatory and tax climate," she added.
Second place in the report went to North Carolina, followed by Virginia, Utah and Tennessee. Colorado, Washington, Nevada, Nevada, Georgia and Florida, rounding out the other spots in the top 10.
