Texas named Top Business Climate in the nation for the second consecutive year
Austin, Texas – Governor Greg Abbott celebrated a remarkable achievement for Texas this week as the state was awarded the title of Top Business Climate in the nation by Site Selection magazine for the second consecutive year. Texas’ recognition comes as no surprise to Abbott, who credits the state’s robust economy, pro-business environment, and the hard work of economic development professionals across Texas.
“Texas again leads all states with the Top Business Climate in America for the second year in a row,” said Governor Abbott. “As the eighth largest economy in the world, Texas is the No. 1 destination for businesses to come here, succeed here, and create more good-paying jobs here for hardworking Texans. Texas offers advantages no other state can claim: a business-friendly climate—with no corporate or personal income tax—along with a highly skilled, diverse, and growing workforce, easy access to global markets, robust infrastructure, and a reasonable regulatory environment that allows innovative businesses and entrepreneurs to thrive.”
Key Factors Behind Texas’ No. 1 Ranking
In addition to topping the overall Business Climate index, Texas also ranked highest in a survey conducted among corporate real estate executives and site selectors. This survey, which evaluates a range of critical business factors, underscored Texas’ appeal to large and small companies alike, as well as its reputation for streamlined business operations and accessible resources.
Several factors contributed to Texas’ top ranking:
- Business-Friendly Policies: Texas’ lack of corporate and personal income taxes offers a significant draw for businesses looking to maximize growth potential while minimizing tax burdens.
- Skilled Workforce: The state boasts a growing, highly skilled, and diverse workforce, which is a key attraction for businesses needing specialized talent.
- Robust Infrastructure and Market Access: Texas provides unmatched access to global markets through its extensive transportation network and strategically located ports, facilitating smooth logistics for national and international business.
- Predictable Regulations: Texas maintains a regulatory environment that supports entrepreneurial freedom and a pro-growth mindset, which is crucial for companies seeking stability and long-term success.
- Commitment to Workforce Development: Investments in training and education initiatives keep the Texas workforce competitive, providing businesses with a steady flow of qualified employees.
A Legacy of Success in Job Creation
Earlier this year, Texas also secured its 12th consecutive Governor’s Cup from Site Selection magazine. This prestigious award recognizes the state’s record-breaking performance in job-creating business relocations and expansions. Texas’ success in retaining and attracting businesses has bolstered its economy, making it a model for other states aiming to create similar growth opportunities.
Moving Forward: Texas’ Commitment to Growth
Governor Abbott acknowledged the crucial role that economic development professionals in Texas play in maintaining the state’s business-friendly climate. “I thank Site Selection magazine for again recognizing Texas as the nation’s leader,” Abbott stated. “With the Top Business Climate in the nation and the strongest workforce in America, we continue to build a bigger, better Texas for all.”
To learn more about Texas’ top ranking and explore Texas’ comprehensive business advantages, visit the Site Selection 2024 Top Business Climate rankings and the Texas Governor’s Top Texas Touts page at gov.texas.gov/top-texas-touts. Texas is committed to keeping the state at the forefront of business innovation, job creation, and economic opportunity.
