Texas Ranks Best State for Business 14th Year in a Row

November 01, 2018 by Midlothian Economic Development

Texas-Ranks-Best-State-for-Business-14th-Year-in-a-Row

What do Toyota North America, Samsung, Kubota, pharmaceutical distributor McKesson, and NTT Data International all have in common?

They are just a portion of the many corporate giants that expanded operations in North Texas in recent years — in a big way.

The Lone Star Lure

With the second biggest economy in the U.S. — only behind California — and eighth best economy in the nation, it’s no surprise that businesses are aggressively planting new roots and expanding existing ones within the borders of this Southern hotspot.

However, Texas is much more than iconic industry names. It is Fortune 500 players and entrepreneurial seedlings; high-tech firms and gas and oil goliaths; cosmopolitan metros and small-town America, and everything in between.

In short, Texas has a little something for everyone — culturally, environmentally, professionally, educationally, and socially.

How Texas Has Remained the Best State for Business

These diverse assets reinforce the reasons why Texas consistently ranks as one of the top business destinations in the world.

In fact, Chief Executive Magazine again named Texas the “Best State for Business,” marking the 14th year in a row it received the top spot.

"It is no accident that the nation’s top CEOs continue to rank Texas as the best state for business,” Gov. Greg Abbott said in a statement. “Innovation and ingenuity are thriving in the Lone Star State, and as a result, businesses are relocating and expanding their footprint in Texas, further strengthening our economy.”

Texas recognizes how important it is to maintain a business-friendly culture that helps the state’s economy grow dynamically, even during a recession. With no corporate or personal state tax, paired with the state’s robust number of colleges that support workforce advancement, it’s clear why Texas has remained the best state for business since the inception of Chief Executive’s survey.

Additionally, magazines including Forbes, Site Selection, and Area Development as well as companies CNBC, Thumbtack, and Marketwatch.com frequently highlight Texas and its myriad cities for fostering a pro-business climate.

Most recently, Business Facilities magazine bestowed Texas as the top-ranked state in its Wind Power (Installed Capacity) category. Texas offers nearly three times as much capacity as its closest competitor, Oklahoma. The Lone Star State also took the No. 2 ranking for "Best Business Climate" falling just short of Alabama.

Texas Wide Open for Business

Factor in Texas’ wide-ranging transportation and logistical advantages, its low tax burden, and a more than 13 million-strong workforce, and its appeal to business leaders across the world becomes crystal clear.

We welcome the opportunity to introduce you to Texas up close and personal to show why this state consistently ranks as the best state for business. Our state’s collaborative philosophy and commitment to global competitiveness speak volumes of the corporate climate that shapes the Texas landscape.

Are you considering relocating your business? Whether you choose to go through site selection on your own or use a consultant, our site-selection worksheet can help you get things in order before starting!

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