Texas' Business-Friendly Resources Spur Business Growth

November 14, 2017 by Midlothian Economic Development

Texas' Business-Friendly Resources Spur Business Growth (1).jpg

From its expansive land and diverse terrain to its extensive transportation network and workforce of more than 13 million, Texas offers much to love on a variety of levels.

Historically, Texans are known for being a friendly bunch, with a gracious vibe that reverberates from next-door neighbors all the way to state and local government officials.

This friendly attitude has translated into a cordial environment that is not only welcoming socially, but also financially and economically.

It’s one of the top reasons Texas continues to be a go-to destination for businesses from all over the world.

Chart-topper

Year after year, Texas consistently ranks at the top of “best states for business” lists.

In its 2017 Best & Worst States for Business, Chief Executive magazine ranked Texas No. 1 for the 13th straight year, citing the state’s position as the No. 1 exporter, its 11 deep-water ports, its state airport system – the nation’s second largest – and for having the world’s first purely industrial airport at the Fort Worth Alliance Global Logistics Hub.

The Lone Star State was also ranked No. 4 on CNBC’s "America's Top States for Business 2017" where Texas was said to be “in a class by itself in workforce and infrastructure.”

Forbes ranked Texas No. 4 on its "Best and Worst States for Business 2016" while Texas landed in the No. 3 spot on Area Development magazine’s 2017 Top States for Doing Business.

These rankings cast Texas in a favorable light when compared to East and West Coast neighbors which have been criticized for less-friendly business policies.

Austin, Houston and Dallas claimed spots No. 1, No. 6 and No. 8 respectively on the inaugural 2016 "CNBC Metro 20: America's Best Places to Start a Business" ranking while several California cities made the list’s 10 worst places in America to start a business.

Money saver

Further, Area Development ranked Texas No. 1 in the individual categories of “overall cost of doing business” – citing the state’s long history of tax reform and cutting red tape – and the “corporate tax environment,” “favorable regulatory environment,” and “competitive labor environment” categories.

This is in stark contrast to the difficulties businesses often face in New York, New Jersey, Connecticut, Rhode Island and many Canadian cities. Elevated taxes, high labor costs, deficient infrastructure and regulatory headaches are frequently cited as operational obstacles in these locations.

Texas, on the other hand, has no corporate or personal income tax, and offers significant tax advantages which include sales tax exemptions on selected equipment and machinery, R&D-related exemptions, and property tax abatements.

Additionally, the state has a 10-year track record of tort reform and offers one of the most competitive, deal-closing incentive programs in the nation – the Texas Enterprise Fund (TEF).

Training provider

Other programs that frequently catch the attention of expanding and relocating businesses are the Texas Enterprise Zone Program and the Skills Development Fund, as well as additional incentives offered at the local level.

When it comes to educational support, Texas businesses can tap into a fresh workforce entering the labor pool from nearly 40 public universities, 50 community college districts, and more.

The state’s combination of unique location assets adds up to an enticing blend of advantages for businesses looking to expand their market reach and boost their bottom line.

We invite you to take a closer look at Texas. Thanks to a mix of efficient infrastructure, affordable living options and proximity to lucrative markets, we think you’ll find that this Southern hotspot suits all your business needs – and more.

 

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