forward thinking

Texas lands inside top 15 in new ranking of most innovative states

Texas is chugging along as an innovative state.

Texas continued its year-over-year improvement on an annual report of most innovative states.

Photo courtesy of Getty Images

It's another year of slow but steady progress for the Lone Star State on an annual report on the top states for innovation.

Texas ranked No. 14 with a score of 48.43 points on personal finance site WalletHub's Most and Least Innovative States in 2024 ranking. Last year, Texas ranked No. 15. The state has steadily inched up the list — Texas was No.16 on the list in 2022 and No. 17 in 2021.

According to the report, Texas had the following ranking across the following categories:

No. 19 – Share of STEM Professionals
No. 16 – Projected STEM-Job Demand by 2030
No. 25 – Eighth-Grade Math & Science Performance
No. 19 – Share of Science & Engineering Graduates Aged 25+
No. 13 – Share of Technology Companies
No. 31 – R&D Spending per Capita
No. 15 – Venture-Capital Funding per Capita

Source: WalletHub

The report analyzed the 50 states and the District of Columbia and how each performed across 25 key metrics and across two key dimensions, “Human Capital” and “Innovation Environment," per the report. The data was pulled from the U.S. Census Bureau, Bureau of Labor Statistics, National Science Foundation, National Center for Education Statistics, United States Patent and Trademark Office, and other records.

“The most innovative states are especially attractive to people who have majored in science, technology, engineering and math, or STEM, as they offer abundant career opportunities and investment dollars, both for jobs at existing companies and for startups," says Cassandra Happe, a WalletHub analyst in the report. "These states also instill young students with the skills they need to succeed in the current workforce, skills which are useful whether or not they pursue a STEM career.”

The report's top 10 included:

No. 1 – District of Columbia with a score of 71.65
No. 2 – Massachusetts with a score of 69.93
No. 3 – Washington with a score of 66.36
No. 4 – California with a score of 65.63
No. 5 – Colorado with a score of 63.93
No. 6 – Maryland with a score of 62.41
No. 7 – Virginia with a score of 59.86
No. 8 – Delaware with a score of 54.58
No. 9 – Utah with a score of 53.66
No. 10 – New Jersey with a score of 53.2

This report originally appeared on our sister site, InnovationMap.

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Business news

Dallas ranks No. 1 city in U.S. for corporate HQ relocations

Photo by Erin Hervey on Unsplash

Dallas' inflation has cooled off after it was last saddled with the highest inflation rate nationally in January 2024.

More corporations are choosing to relocate their headquarters to Dallas-Fort Worth than any other place in the United States.

A recent analysis by commercial real estate services company CBRE reveals DFW was the No. 1 metro for corporate headquarters relocations from 2018 to 2024. In those six years, the area attracted 100 new corporate headquarters.

DFW is followed by Austin (81 relocations), Nashville (35), Houston and Phoenix (31 each), and Denver (23).

CBRE’s list encompasses public announcements from companies across various sizes and industries about relocating their corporate headquarters within the U.S. According to the study, reasons cited by companies for moving their headquarters include:

Access to lower taxes
Availability of tax incentives
Proximity to key markets
Ability to support hybrid work

“Corporations now view headquarters locations as strategic assets, allowing for adaptability and faster reaction to market changes,” said CBRE.

Among the high-profile companies that moved their headquarters to the Dallas area from 2018 to 2024 are:

Charles Schwab financial services company
AECOM construction firm
McKesson healthcare company

Notably, CBRE itself moved its global HQ from San Francisco to Dallas in 2020.

In February, Yum! Brands revealed it would relocate the global fried chicken chain KFC from its current headquarters in Louisville, Kentucky to Plano. The latest relocation announcement came June 19, when California-based hair care brand John Paul Mitchell Systems said it would move its headquarters to the Dallas area.

According to CBRE, California (particularly the San Francisco Bay and Los Angeles areas) lost the most corporate HQs in 2024, with 17 companies announcing relocations — 12 of them to Texas. Also last year, Texas gained nearly half of all state-to-state relocations.

In March, Site Selection magazine awarded Texas its 2024 Governor’s Cup, resulting in 13 consecutive wins for the state with the most corporate relocations and expansions.

CBRE explained that the trend of corporate HQ relocations reflects the desire of companies to seek new environments to support their goals and workforce needs.

“Ultimately, companies are seeking to establish themselves in locations with potential for long-term success and profitability,” CBRE said.

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This story originally appeared on our sister site, InnovationMap.

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