The following article appeared in the July/August 2023 Business Facilities magazine.
Texas Leading: Best Business Climate
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.
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.