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Texas tops for attracting new businesses in 2023

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(The Center Square) – Texas retained its number one spot again for attracting the greatest number of new and expanded business facility projects in 2023.

Texas won Site Selection magazine’s Governor’s Cup for an unprecedented 12th consecutive year and 20th overall since the magazine began presenting the award.

Texas outdid all other states, reporting 1,254 new and expanded business facility projects in 2023, nearly three times more than the second-place state.

“Texas moves at the speed of business,” Gov. Greg Abbott said in a statement. “By cutting red tape and burdensome regulations, and making strategic, continuing investments in infrastructure, education, and workforce development, Texas offers businesses the freedom to grow and Texans the tools to prosper.”

Texas is the eighth largest economy in the world because of the “unmatched productivity of our young, skilled, diverse and growing workforce,” Abbott said. Texas has also had faster economic growth than the nation for five quarters in a row and leads the U.S. in exports and high-tech exports. Abbott said that in the state “where the microchip was first born, the future of America’s semiconductor industry is already building for tomorrow as Texas ranks as the top state for semiconductor manufacturing and exports.”

Industry leaders, when choosing where to relocate or expand their businesses, choose Texas, he said, because they “recognize the competitive business advantages found only in Texas. Industry-leading CEOs cite our pro-growth economic policies — with no corporate income tax and no personal income tax — along with our strong and growing workforce, easy access to global markets, robust infrastructure, and business-friendly regulations.

“Texas offers room for businesses of all sizes to grow and their employees to succeed, to afford a home, and to enjoy a high quality of life in communities across our great state. In Texas, economic development is a team sport. It takes the work of many economic development organizations — both at the state and local level — working together to ensure Texas continues to lead the nation in relocation and expansion projects.”

The top five projects making the greatest investments in Texas are all in the oil and natural gas industry, according to the magazine: Nextdecade Corp in Brownsville, Sempra Infrastructure in Port Arthur, Enbridge/Yara International Asa in Corpus Christi, and Exxon Mobil Corp. and Linde in Beaumont.

The companies are investing in liquified natural gas, low-carbon blue ammonia production, refining of oil and gas products, and clean hydrogen, respectively, in the energy capital of the U.S. – Texas.

The award comes after Texas added more jobs in 2023 than any other state in the country, and every month led the U.S. in job growth. It also every month broke its previous month’s records in reporting the greatest number of total jobs on record, the greatest number of Texans working, and the largest labor force in state history.

Texas also ranked first in the U.S. last year for having the best business climate by Site Selection Magazine and also won its Governor’s Cup award. Chief Executive Magazine also named Texas the “Best State for Business” for a record-breaking 19 consecutive years.

Business Facilities Magazine and Development Counsellors International both awarded Texas for having the Best Business Climate; another survey identified six Texas counties as talent and economic powerhouses in its top 10.

The Texas oil and natural gas industry also broke multiple records last year. It reported the highest ever totals in production, exports, refining outcomes, crude oil supply, and paid the largest tax revenue contribution in state history of more than $26.3 billion.