Texas continues to rank first in everything from job creation to economic expansion to best business climate every year. This month and year was no different.
Texas was recognized as the best business climate in the US in 2023 for the second consecutive year by Business Facilities magazine in its 20th annual ranking report.
“This year's recognition in Texas is based on sustained economic development activity across the state. From the Gulf Coast to the Panhandle, and from east to west, communities large and small are attracting a wide range of businesses,” said Business Facilities editorial director Anne Cosgrove. “Advanced manufacturing, professional services and data centers are among the types of businesses in the state in 2023 and 2024. Teamwork between the Texas Economic Development Corporation (TxEDC), the Office of of Governor Abbott and communities across the state is driving long-term economic growth for businesses and residents.”
The magazine evaluated “more than 60 factors relevant to site selection teams for relocation and business expansion investments,” and the rankings serve “as a valuable resource for corporate site selectors and site selection consultants.” , he says
The Best Business Climate ranking also takes into account economic development activity, including capital investment and job creation announcements and implementation, as well as each state's economic strength, regulatory and fiscal climate, infrastructure and labor availability.
It notes that Texas hosted more than 1,200 expansion and relocation projects by 2023, which are expected to create nearly $60 billion in capital investment and more than 35,000 jobs. Last year, through April 2024, 24 companies moved to Texas choosing it as their corporate headquarters. Texas also led the U.S. last year in the most foreign direct investment, with $20.3 billion in capital investment in 235 projects, he notes.
In response, Governor Greg Abbott said, “Texas continues to lead the nation as the best business climate. When businesses succeed, Texans succeed. That's why we're outpacing the nation in job growth and expansion into both existing and emerging industries Texas offers unparalleled business advantages: a welcoming business climate, no corporate or personal income tax, a highly skilled and diverse workforce, easy access to global markets , a sound infrastructure and a reasonable regulatory environment.
Texas, as the eighth largest economy in the world, broke many records and ranked first in many categories last year, The Center Square reported. Its economy grew at a faster rate than the national, its real GDP growth rate was 5.7% compared to the national rate of 2.5%. In the third quarter of 2023, Texas real GDP was $2.5 trillion, with a growth rate of 7.7%. Each month, Texas continues to beat its previous job records and leads the U.S. in job growth, The Center Square reported.
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