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Texas named state with best business climate

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(The Center Square) – Business Facilities Magazine named Texas the state with the best business climate in its 19th Annual Rankings Report.

“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,” said Business Facilities Editorial Director Anne Cosgrove.

The report focuses on more than 60 factors that are pertinent to site selection teams during a corporate relocation or expansion project.

“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,” according to Business Facilities. “Foreign direct investment accounts for $16.3 billion and about half of new jobs recorded for that year.”

Major corporations are moving their headquarters to Texas and 55 fortune 500 firms call the Lone Star State home.

“The Texas legend is fueled by leaders, innovators, and trailblazers inspired by the unique freedom and opportunity that only exists in our great state,” Gov. Greg Abbott said in a June 26 news release. “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.”

Following Texas in the top five for best business climate are North Carolina, Virginia, Utah, and Tennessee.

The full report with annual State Rankings and Metro and Global Rankings will be published in the July/August 2023 issue of Business Facilities.

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