Texas' business friendliness receives mixed reviews from 2 recent reports

LONE STAR STANDINGS

Photo by Tom Werner/Getty Images

It’s a tale of two views of Texas’ business-friendly reputation. For the first time ever, the Lone Star State has fallen out of the top five in CNBC’s annual ranking of the best states to do business. Meanwhile, Texas tops Business Facilities’ new ranking of the best state business climates.

On July 11, CNBC released the 2023 edition of its ranking of the top states for doing business. The ranking puts Texas at No. 6, leaving the Lone Star State out of the top five for the first time since CNBC launched its study in 2007. Texas appeared at No. 5 in 2022 and No. 4 in 2021. The state finished first in 2008, 2010, 2012, and 2018.

For the second consecutive year, North Carolina leads the CNBC ranking, thus “solidifying its position as an economic powerhouse,” according to the Economic Development Partnership of North Carolina.

Despite dropping out of the top five, CNBC acknowledges that Texas remains an economic powerhouse.

Texas grabs CNBC’s No. 2 spot, behind Florida, for the best state economy. And the state witnessed year-over-year job growth of 4 percent through May, the highest rate of any state. Furthermore, Texas ties with California for access to capital, the study says, and snags the No. 2 spot in the workforce category.

Texas’ fall this year includes a slide from No. 15 to No. 24 in the infrastructure category. CNBC mentions the 2021 wintertime collapse of the state’s electric grid in its explanation of the nine-spot drop.

Other knocks against Texas:

A decline from No. 21 to No. 35 in the education category.
A dip from No. 12 to No. 16 in the cost-of-doing-business category.
A plunge from No. 14 to No. 22 for cost of living.
A bottom-of-the-barrel ranking in the life, health, and inclusion category, down from No. 49 last year.

In an email to CNBC, an unnamed spokesman for Gov. Greg Abbott shrugged off this year’s sixth-place showing.

“People and businesses vote with their feet, and continually they are choosing to move to Texas more than any other state in the country,” the spokesman wrote.

While Texas didn’t fare as well in this year’s CNBC study, it can brag about its 2023 designation as Business Facilities magazine’s state with the best business climate. In second place: North Carolina.

“The strength and sustained momentum of the Texas economy made the state a clear choice for [No. 1] in this year’s rankings,” Anne Cosgrove, editorial director of Business Facilities, says in a June 26 statement. “Taking the top spot this year is based not only on the impressive capital investment and job creation numbers, but also for diversity of industries, robust infrastructure, and a business-friendly regulatory and tax climate.”

Abbott took the opportunity to publicize the No. 1 ranking from Business Facilities.

“When businesses succeed, so do Texans — and our business climate ensures that Texas continues to offer world-class educational opportunities, good-paying careers to support families, and endless possibilities to prosper,” Abbott says in a news release.

---

This story originally appeared on our sister site, InnovationMap.

Ad Placement 300x100

Ad Placement 300x600

CultureMap Emails are Awesome

Property Showcase

Universal theme park in Frisco will be a first-of-its-kind Kids Resort

Theme Park News

The big splashy theme park coming to Frisco has a name and identity: Called Universal Kids Resort, it's from Universal Destinations & Experiences, a division of Comcast NBCUniversal, and is the company's first-ever theme park designed specifically for families with young children.

Previously described as a "family-friendly" concept, it's doubling down on the "kids" element, vowing to bring an innovative style of storytelling to a new, younger audience. So, more Disney-ish.

According to a release, Universal Kids Resort will include a theme park featuring immersive themed lands that bring Universal's characters and stories to life in ways that will wow the youngest theme parkgoers.

It will feature family-friendly attractions, interactive and playful shows, unique merchandise, fun food and beverage venues, and character meet & greets.

A resort area will include a 300-room themed hotel, giving families a place to stay and to play.

"Universal Kids Resort will inspire the unbridled creativity of kids through imagination, discovery and most importantly – play," says Universal Creative president Molly Murphy in a statement. "We're designing the resort so kids and families can feel the thrill of being physically immersed in their most beloved stories and characters."

It'll be set in green landscape with a distinctive look, feel, and scale specifically for younger kids. Progress on the new concept is underway, following a groundbreaking in November. With more details about Universal Kids Resort to come.

Crooner Michael Bublé to make appearance in Dallas for his new whiskey

Less burn, more Bublé

Crooner Michael Bublé has made a career using his voice to enchant millions of fans, but he'll be using his voice in a different way when he stops in Dallas on December 6 in support of a new whiskey he's released.

Called Fraser & Thompson, it's a North American whiskey launched in 2023 by Bublé and his partner Paul Cirka, a Master Distiller and Blender with a goal to create an aromatic and approachable new-to-world whiskey.

Bublé will be at Spec’s Wines & Spirits at 9500 N. Central Expwy. on December 6 from 4-5 pm.

According to a release, he’ll be at the brand’s "Easy, Now" lounge experience (IE, the events space at Spec's), where consumers over 21 can try samples.

Fans are encouraged to arrive early in order to ensure they are able to meet Bublé during the allotted time.

Retailing for $29.99 with the catch phrase, "Less burn, more Bublé," the whiskey is so new that its website is still under construction.

The release describes it as having sweet fig and blood orange on the nose, with a subtle finish of caramel, vanilla, and a hint of spice.

“Michael and I bonded over our shared passion for whisky, and wanted to create a blend that was flavorful but more light-hearted than the category at large can be known for," says Fraser & Thompson co-founder Cirka.

According to Bublé, the name Fraser Thompson references a location in his hometown Canada.

"I spent many summers with my grandfather at the confluence of the Fraser and Thompson rivers in British Columbia," Bublé says. "When I heard Paul’s vision for creating a new kind of whiskey, I knew instantly what I wanted to call it. For the last three years, we worked together to perfect a whiskey blend that is equally elegant and approachable."

Bublé, of course, is doing just fine, even before making the jump into the celebrity liquor game. He's released 11 albums in his 20+ year singing career, selling millions of albums and almost singlehandedly reviving the jazz standards genre.

He's also not new to the beverage world, having partnered with Pepsi on a series of amusing commercials for their Bubly sparkling water.

2 freeway shutdowns this weekend in northeast Dallas of I-635 and US-75

Freeway News

Drivers in northeast Dallas, take note: A portion of I-635 will be closed in all directions and it's happening this weekend.

As part of the continuous I-635E improvement project, there will be major impacts to traffic on the interstate and cross streets throughout this weekend.

All lanes along eastbound and westbound I-635E between Abrams Road and Forest Lane will be closed beginning Saturday evening, December 2 at 8 pm through Sunday morning, December 3 at 12 pm.

Drivers will be detoured to the frontage roads to access the next available entrance ramp onto the mainlanes.

Both directions of Abrams Road and Forest Lane cross street bridges at I-635E will be closed during this time, as well.

Traffic will be detoured through the alternate streets: Abrams Road, Audelia Road, Royal Lane, and Walnut Street.

All lanes along Markville Drive at the eastbound I-635 frontage road will also be closed. Drivers will be detoured to Greenville Avenue and Royal Lane to access the next entrance ramp.

Drivers should expect delays, seek alternate routes or plan for extra travel time. All scheduled work and closures are subject to weather or other unforeseen circumstances.

US 75 closure
In the same weekend, all lanes of southbound US 75 will be closed at the I-635 junction on Saturday, December 3 at 9 pm until Monday, December 4 at 5 am, for a sign maintenance project. Traffic can detour onto the southbound US 75 frontage road to go around this closure. There will still be access to I-635 during this time. Plan ahead for extra travel time or seek an alternate route.

For additional information related to the 635 East Project, visit www.635east.com.

View All Listings