Low taxes and low regulations led head honchos to tap Texas once again as the best state in the United States for business, according to a ranking from Chief Executive.
The magazine’s 2019 “Best and Worst States for Business” survey captures poll results and feedback from CEOs from across the country, taking on the role of a barometer for chief executive moods and economic development.
“While Texas will continue to cut taxes and burdensome red tape, it is the people of this state that businesses are continuing to invest in.” —Gov. Greg Abbott
“Texas encourages business and gets out of the way,” wrote one CEO who does business in the state.
“They also have a low tax rate and lots of great people to hire. It is far easier to get tech people here than in California because they want to move here,” the executive went on to say.
Big State, Big Projects
In a state that prides itself on being big, economic development is also happening on a large scale. Liberty Mutual Insurance cut the ribbon in November 2017 on its Plano campus that will support 5,000 jobs. Gartner also announced 800 new jobs in Austin, and Cognizant’s new technology and service delivery center in Irving will eventually add 1,000 new jobs.
- Liberty Mutual Insurance cut the ribbon in November 2017 on a one-million-square-foot campus in Plano that will support nearly 5,000 jobs.
- Gartner announced in December 2017 it will invest $12 million in its operations in Austin and create 800 new jobs in the next several years.
- Golden State Foods announced in December 2017 a $70 million manufacturing and distribution facility in Burleson that will create 150 new jobs.
- Wipro announced in March 2018 it will construct a technology center in Plano that will create 150 new jobs and more in the coming years.
- JSW Steel announced in March 2018 it will invest $500 million in phases to develop its steel manufacturing infrastructure in Baytown.
- Cognizant opened in August 2018 a 50,000-square-foot technology and service delivery center in Irving that will create 1,000 new jobs.
54 Fortune 500 companies are headquartered in the state, including:
- American Airlines
- Tenet Health
- Waste Management
Texas Enterprise Fund: Offers a performance-based cash grant for projects that spur significant job creation and capital investment in cases where a Texas site is competing with an out-of-state option.
Skills Development Fund: Offers funds to help companies form partnerships with and train employees at local community colleges and technical schools.
Sales and Use Tax Exemption: Offers exemptions for manufacturing machinery and for equipment for natural gas and electricity and data centers that meet the minimum thresholds.
Texas Enterprise Zone Program: Offers a sales and use tax refund based on new and retained jobs associated with the qualified business site.
“Like so many other companies, we’ve found Texas to be an outstanding place for business. Texas is home to many of the Fortune 500 and 1000 clients we serve. We’re particularly excited to be expanding in Irving, given the area’s access to a strong talent pool and an excellent system of colleges and universities with whom we hope to partner on jobs programs and training initiatives.” —James Lennox, Chief People Officer, Cognizant
“Our technology center in Plano is the latest milestone in our growing operations in Texas and is testament to the local talent pool and the robust support offered by the state to the technology center.” —Abidali Z. Neemuchwala, CEO and Executive Director, Wipro Limited
You can access profiles on each state and complete rankings by clicking here.
Compiled from the following articles
Dallas Business Journal click here
Chief Executive click here