By: d-mars.com
News Provider
This year, Texas has continuously scored top for having the finest business climate in the United States according to corporate executives responding to significant industry surveys.
As in previous months, Texas once again topped Development Counsellors International’s (DCI) list of states with the greatest business climate this month.
According to DCI, “Corporate executive and location advisors were asked to list the top three states that they perceive to have the most favorable business climates and the rationale behind their selections.”
The best states for business, according to the DCI poll, are Texas, Florida, Georgia, North Carolina, and South Carolina. Texas received 54% of the vote, making it the only state to gain more than 50% of respondents’ support. The following highest percentage was given was 33% of Florida.
Based on research, Texas received its position because of its attractive tax environment, generally pro-business regulatory environment, and availability of talent.
The Winning Strategies in Economic Development Marketing survey by DCI, which is carried out every three years, asks American corporate executives and location consultants to rank states according to a number of criteria, finally ranking which state has the greatest business climate. For the seventh year in a row, Texas has placed first in the DCI survey, which was first released in 1996.
Greg Abbott, the governor of Texas, responded to the rankings by saying, “Texas is No. 1 again, owing to industrious Texans and limitless opportunities for achievement throughout our wonderful state. Business leaders and corporate executives continue to select Texas because they are aware of the freedom and opportunity our state has to offer cannot be found anywhere else in the world. Companies are coming to Texas in droves because we offer attractive, pro-growth policies where businesses—and people—can thrive.”
He added, “With no state income tax, a reasonable regulatory environment, and a young, skilled, and growing workforce, Texas is at the helm of innovation and economic prosperity. Texas has, indeed, the No. 1 business climate in the nation.”
According to data from the Bureau of Economic Analysis and IRS data examined by Bloomberg News, Texas and five other southern states contributed more to the national GDP in 2020–2021 than the whole northeast.
A released analysis by the Internal Revenue Service data stated, that “a flood of transplants” to Texas, Florida, Georgia, North and South Carolina, and Tennessee “helped steer about $100 billion in new income to the Southeast in 2020 and 2021 alone, while the Northeast bled out about $60 billion,” Bloomberg reported.
Texas is ranked top for business in DCI’s ranking, which is consistent with others this year. Texas received the Governor’s Cup in March from Site Selection Magazine for a record-breaking 11 consecutive years. Texas was recognized for drawing in most of the corporate expansion and relocation initiatives in the U.S.
The state also topped Business Facilities Magazine’s annual rating this year for the 19th consecutive year as the “best state for business” according to the nation’s top CEOs.
According to the Business Facilities study, Texas attracted more than 1,000 projects in 2022, more than double the amount of the second-highest state. These projects will result in an estimated $44.75 billion in capital investment and the creation of more than 35,000 positions for employment. Half of the new employment created in that year and $16.3 billion were due to foreign direct investment.
Because Texas is home to more Fortune 500 firms than any other state, Gov. Abbott regularly refers to it as the “headquarters of headquarters”.
