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Texas named 'Best Business Climate' in the nation

For the second year in a row, Business Facilities magazine has named Texas the “Best Business Climate” in the nation.

“Texas continues to lead the nation as the Best Business Climate,” said Gov. Greg Abbott in a Monday press release celebrating the ranking. “When businesses succeed, Texans succeed. That is why we are outpacing the nation in job growth and expanding in both existing and emerging industries. Texas offers unmatched business advantages — a welcoming business climate, no corporate or personal income tax, a highly skilled and diverse workforce, easy access to global markets, robust infrastructure, and a reasonable regulatory environment.

“Every region of our state provides innovative businesses and hardworking Texans the opportunity to aspire and thrive. I thank Business Facilities magazine for again recognizing Texas as the best in the nation, and I congratulate all of our communities and our local, regional, and statewide economic development partners.”

The rankings from Business Facilities consider such factors as economic development activity and achievements over the previous year, including capital investment and job creation announcements and implementation, economic strength, regulatory and tax climate, infrastructure, and workforce availability.

Anne Cosgrove, editorial director of the magazine, elaborated on the qualities that earned Texas the title.

“This year’s recognition of Texas is underpinned by sustained economic development activity throughout the entire state. From the Gulf Coast to the Panhandle, and from east to west, communities large and small are attracting a diverse range of companies,” said Cosgrove in a press release. “Advanced manufacturing, professional services, and data centers are among the business types locating in the state in 2023 and into 2024. The teamwork between the Texas Economic Development Corporation (TxEDC), the Office of Governor Abbott, and communities throughout the state are propelling long-term economic growth for business and residents.”

The magazine’s press release further described the state’s accomplishments:

“Texas welcomed more than 1,200 expansion and relocation projects in 2023, and these investments are expected to create nearly $60 billion in capital investment and more than 35,000 jobs, as highlighted by the Office of Governor Greg Abbott this past spring. During 2023 through April 2024, 24 companies chose Texas for their corporate headquarters. Headquarters announcements this year have included security leader ASSA ABLOY locating in Plano and Kane Robotics moving to Austin. Meanwhile, the Lone Star State led the U.S. states in foreign direct investment for 2023, with $20.3 billion in capital investment across 235 projects.”

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