Texas, Virginia, California Are Leaders In 20th Annual State Rankings Report

Business Facilities rankings recognize leading states for Business Climate, Workforce Training, and Tech Talent.

20th Annual State Rankings

RED BANK, NJ — June 24, 2024 — Business Facilities has revealed the top states for a select number of categories in its 20th Annual Rankings Report. Focused on more than 60 factors pertinent to site selection teams for business relocation and expansion investments, these rankings serve as a valuable resource for corporate site selectors and site selection consultants. Comprised of State, Metro, and Global rankings, the 20th Annual Rankings Report will be published in the July/August 2024 issue of Business Facilities.

Best Business Climate: Texas

With the eighth largest economy globally, Texas leads the Business Facilities 2024 State Rankings for Best Business Climate. The ranking includes consideration of economic development activity and achievements over the previous year, including capital investment and job creation announcements and implementation. A focus on economic strength, regulatory and tax climate, infrastructure, and workforce availability is central to the Best Business Climate designation.

Read more from Business Facilities 20th Annual Rankings Report

Texas welcomed more than 1,200 expansion and relocation projects in 2023, and these investments are expected to create nearly $60 billion in capital investment and more than 35,000 jobs, as highlighted by the Office of Governor Greg Abbott this past spring. During 2023 through April 2024, 24 companies chose Texas for their corporate headquarters. Headquarters announcements this year have included security leader ASSA ABLOY locating in Plano and Kane Robotics moving to Austin. Meanwhile, the Lone Star State led the U.S. states in foreign direct investment for 2023, with $20.3 billion in capital investment across 235 projects.

“This year’s recognition of Texas is underpinned by sustained economic development activity throughout the entire state. From the Gulf Coast to the Panhandle, and from east to west, communities large and small are attracting a diverse range of companies,” said Business Facilities Editorial Director Anne Cosgrove. “Advanced manufacturing, professional services, and data centers are among the business types locating in the state in 2023 and into 2024. The teamwork between the Texas Economic Development Corporation (TxEDC), the Office of Governor Abbott, and communities throughout the state are propelling long-term economic growth for business and residents.”

Business Facilities’ flagship Best Business Climate category also includes acknowledgement of economic excellence in these states (in descending order): North Carolina, Virginia, Florida, Tennessee, Georgia, Indiana, Colorado, Arizona, and South Carolina.

Business Facilities is pleased to recognize these states for Best Business Climate in its 20th Annual Rankings Report,” added Cosgrove. “While each relocation and expansion project favors a distinct set of factors, these 10 locations represent leading advantages for a broad swath of industries.”

Customized Workforce Training: Virginia

For the second consecutive year, Virginia takes the top spot in the Business Facilities Customized Workforce Training ranking for its Virginia Talent Accelerator Program. Launched in 2019 by the Virginia Economic Development Partnership (VEDP), this workforce initiative operates in partnership with the Virginia Community College System and other higher education partners, with funding support from the Governor’s administration and the Virginia General Assembly.

Instrumental in securing more than 13,000 jobs across the state since its inception, the Virginia Talent Accelerator Program provides customized direct delivery of recruitment and training services to meet a company’s unique needs, including processes, standards, and culture. Delivered at no cost to eligible companies as it relates to job creation, the program offers broad expertise for training curriculum, including hands-on and printed materials to video and e-learning. Other assistance may include creation of hiring websites and advertising spots on streaming platforms in target talent markets, as well as training in organizational development. Companies announcing participation in the program have included Northrup Grumman for an electronics manufacturing and testing facility in Waynesboro in 2023. Recently, Condair Group AG announced it will participate in the Virginia Talent Accelerator Program as it establishes a new evaporative cooling manufacturing facility in Chesterfield County.

“The breadth and speed with which this VEDP program begins to deliver for companies is a highlight that Business Facilities is pleased to recognize in this year’s ranking,” said Cosgrove. “The capability to provide training for businesses across a variety of industries to meet their specific needs is a feature that stands out with the Virginia Talent Accelerator Program.”

Following Virginia in the top five for Customized Workforce Training are: Louisiana, Alabama, Texas, and Missouri, respectively, followed by Georgia, Tennessee, North Carolina, Michigan, and Arizona.

Tech Talent Pipeline: California

Taking first place for the Tech Talent Pipeline category is California. This year’s ranking takes into account the sheer number of tech talent available in the Golden State. As companies around the globe continue to place a priority on streamlining hiring and retention, California’s tech industry infrastructure, education institutions, and research ecosystem offer an established foundation for companies of all sizes.

“Post-pandemic, we are seeing shifts from longstanding centers of talent as both individuals and companies are broadening site selection horizons. Still, California remains a stronghold of tech talent with the Silicon Valley as one bookend, while research and innovation provide broad opportunity throughout the state,” said Cosgrove. “The top ranking of California for this year acknowledges the stalwart position of the state for industry seeking both quantity and quality of tech talent.”

Here is the full of list of Top Ranked States in the Tech Talent Pipeline category:  Louisiana, Virginia, Texas, and Massachusetts in the top five, respectively, followed by Colorado, New York, Connecticut, North Carolina, and Delaware.

For more information about the Business Facilities 20th Annual Rankings, please contact Anne Cosgrove, Editorial Director at acosgrove@groupc.com.

Business Facilities, Site Selection, Site SelectorsBusiness Facilities is a leading full-service media brand specializing in the site selection marketplace. Through a bi-monthly magazine, e-mail newsletters, a news portal, and its LiveXchange event, Business Facilities has created a dynamic community for C-level executives and economic development organizations. The Business Facilities brand consistently focuses on innovative, strategic ideas that help C-Level executives make the best location choices.


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