Texas again tops Site Selection magazine's business climate ranking
By Justin Sayers – Staff Writer, Austin Business Journal
For the first time since 2011, Texas has regained the top spot on a closely watched list of states with the best business climates.
The Lone Star State took the No. 1 spot in Site Selection magazine's annual rankings, released Nov. 1, after finishing third a year ago. Georgia, Virginia, North Carolina and Ohio rounded out the top five.
The rankings are based on a survey of corporate site selectors, qualified projects logged in the publication's projects database and independent measures of attractiveness to capital investors. The list is highly regarded list in commercial real estate circles and often touted by politicians and economic development leaders.
This designation is separate from the magazine's Governor's Cup, awarded annually to the top-performing states for job-creating business relocations and expansions. Texas has been among the states to win one of those awards for 11 years in a row.
The Site Selection survey asked responders to rank their experience of locating projects in certain states, and Texas placed first in that criteria. They were also asked to prioritize what factors are most important to them: ease of permitting topped the list, followed by availability of needed workforce skills, land, utilities and quality of life.
Site Selection published an interview with Texas Gov. Greg Abbott, who pointed to two key pieces of legislation signed this year: The Texas CHIPS Act and the Jobs, Energy, Technology and Innovation Act, also known as House Bill 5 — essentially a replacement for Chapter 313 incentives that cut businesses breaks on school taxes.
He also pointed to other incentives, like local ones and the state's enterprise fund, as advantages.
Read the full article at Dallas Business Journal.