Governor Greg Abbott today celebrated Business Facilities magazine naming Texas as the state with the Best Business Climate in their 19th Annual Rankings Report.
“The Texas legend is fueled by leaders, innovators, and trailblazers inspired by the unique freedom and opportunity that only exists in our great state,” said Governor Abbott. “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. I look forward to continuing to work alongside businesses, economic development teams, and leaders across our state as we keep Texas the best place for business.”
Focused on over 60 factors pertinent to site selection teams during a corporate relocation or expansion project, Business Facilities’ Annual Rankings Report has been a valuable and timely resource for corporate site selectors and site selection consultants for nearly two decades.
The ninth largest economy in the world, Texas is recognized by Business Facilities as the state with the Best Business Climate in the magazine’s annual State Rankings.
According to Business Facilities, “In 2022, Texas attracted more than 1,000 projects, more than double the second-highest state, representing an expected $44.75 billion in capital investment and the creation of more than 35,000 jobs. Foreign direct investment accounts for $16.3 billion and about half of new jobs recorded for 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.”
“The strength and sustained momentum of the Texas economy made the state a clear choice for Best Business Climate in this year’s rankings,” said Business Facilities Editorial Director Anne Cosgrove. “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.”
“Following Texas in the top five for Best Business Climate are: North Carolina, Virginia, Utah, and Tennessee, respectively, followed by Colorado, Washington, Nevada, Georgia, and Florida.”
