Taking Care of Business
Texas continues 10-year winning streak as best state for business
For the 10th straight year, Texas has been named the best state for business by Chief Executive magazine. More than 500 American CEOs weighed in on the annual survey, grading states on taxes and regulatory issues, quality of workforce, public health, and cost of living.
Once again, Texas came out on top. The survey called out key companies such as Exxon Mobil, AT&T, Dell and Southwest Airlines for contributing to strong job numbers in the state. Texas also ranked No. 1 nationally for domestic migration, with more than 113,000 people moving to the Lone Star State in 2013.
Florida earned No. 2 ranking, which its governor credited to Texas' example. "We've learned from Texas how to tell our story better, and it helps that we've cut taxes 25 times," Florida Gov. Rick Scott said in an interview with Chief Executive.
According to the survey, Tennessee and North and South Carolina rounded out the top five slots, while California, New York and Illinois rank among the worst three states for business.
The survey responses are anonymous, but here's what one CEO had to say about Texas:
Texas is the best state for business, and I don't see anything to slow it down. The education and quality of eligible employees is excellent right now. Business is booming and growing quicker and more rapidly in 2014 than any other year. It's an exciting time in Texas.
The news of Texas' first-place ranking coincides with its lowest unemployment rate since September 2008. Gov. Rick Perry announced that the Texas economy added 64,100 jobs in April 2014, dropping the state's unemployment rate to just 5.2 percent.
"Rising job numbers and falling unemployment rates continue to equal more opportunity for Texans," Perry said in a statement. "Every job created represents someone working to build a better life for themselves and their families, whether that means being able to own a home, send a child to college, save for retirement or make other important investments in their future."