“Texas proudly ranks as the eighth-largest economy in the world. With a skilled and diverse workforce, easy access to global markets, reasonable regulations, and an exceptional quality of life, we are focused on remaining the best state for business in the nation.”
— Adriana Cruz, Executive Director, Texas Economic Development & Tourism
The View From Texas: Governor Greg Abbott
From a skilled, growing workforce to low taxes and competitive incentives, everything is bigger and better in Texas. From a civilian workforce of more than 14 million, to unrivaled investment in accessible infrastructure, to one of the nation’s largest deal-closing funds — Texas is proud to offer the most advantageous business climate for expanding and relocating companies. It’s why Toyota and Charles Schwab have moved their corporate headquarters from California to Texas; Apple has broken ground on a new Austin campus that will initially house 5,000 employees with the ability to grow to 15,000; Tesla relocated its headquarters to Texas, and SpaceX has continued to invest throughout the state in office, development, and space launch facilities.
Texas Governor Greg Abbott
Texas offers businesses the freedom to be successful and for their employees to be successful. Texas has no personal or corporate state income tax and a reasonable regulatory climate. When combined with steady employment and income growth, forecasters rank Texas first in the nation for five-year growth projections.
Hewlett Packard moved its headquarters from San Jose to Houston. Oracle relocated its headquarters from Redwood City to Austin. Amazon chose Houston as one of its coveted “tech hubs.” Elon Musk moved from California to be closer to his Austin Tesla southwest Gigafactory and relocated Tesla headquarters to Texas.
Business Facilities spoke with Texas Governor Greg Abbott about the latest for business and what he sees for the state going forward.
BF: How would you describe the business climate in Texas today. What is driving its success?
Governor Abbott:Ever since brave pioneers first settled Texas, our great state has offered the freedom and opportunity to succeed that cannot be found elsewhere. Today, Texas is home to the best business climate in the nation, that’s why our economy is booming. Since I’ve been Governor, we’ve been the Best State for Business every year. With our young, highly skilled and diverse workforce, easy access to global markets, robust infrastructure, the lowest business operating cost in the nation, predictable regulations, and no corporate income tax, or personal income tax, Texas is where business goes to flourish.
Those unmatched advantages are why “Made in Texas” is such a powerful global brand and why Texas leads the nation in corporate relocations and expansion projects. Last year, more than $44.7 billion in new capital expenditures and more than 35,300 new jobs were announced across state. Not to mention, 280 new corporate headquarters have relocated to Texas since 2015 — with more to come.
Perhaps most importantly, Texas offers businesses the freedom to grow. Because when businesses succeed, Texans succeed…
Advanced Manufacturing: Texas is where tomorrow’s technologies are brought to life. As the #1 state in the U.S. for high-tech exports, Texas is leading in semiconductor, automotive, aerospace manufacturing, and more.
Biotech & Life Sciences: Recently selected by ARPA-H as a location for a national health care research hub, and home to a robust network of world-class academic institutions, Texas is a global force in biotech and life sciences.
Corporate Services: Known as the headquarters of headquarters, Texas is home to 55 Fortune 500 corporate headquarters—more than any other state—as well as a robust corporate services workforce.
TOP PROJECTS
COMPANY
CITY
INVESTMENT
NextDecade Corp
Brownsville
$18 billion
Sempra Infrastructure
Port Arthur
$13 billion
Chevron Phillips
Orange
$8.5 billion
ExxonMobil
Beaumont
$2 billion
Graphic Packaging International
Waco
$1 billion
Featured Locations
From logistics and oil and gas to agriculture and renewable energy, Big Spring’s central West Texas location, access to I-20 and the Ports to Plains Corridor, available space, low tax base and access to a young and talented workforce, sets your business up for success.
One of the four cities in the Texoma Partnership high-tech corridor, Bonham offers natural beauty, recreational facilities, lifestyle amenities, and unparalleled opportunity. The city benefits from exceptional transportation links enabling the swift movement of traffic between Bonham and Sherman via Highway 82 and Dallas-Fort Worth via Hwy 121 – Sam Rayburn Freeway.
The Hamilton Economic Development Corporation (HEDC) consists of seven dedicated board members who serve as ambassadors to the community. Primary responsibilities include small business and entrepreneurial recruitment, collaborations for career opportunities, and promoting tourism. Diverse backgrounds, extensive knowledge, and real-world experience set this corporation apart from others, making Hamilton a premier Hill Country community.
The Irving Economic Development Partnership (IEDP) collaborates with businesses to make North Texas one of the most dynamic regions in the U.S. IEDP has a record of assisting businesses large and small. With world-class amenities, a skilled workforce, and central location, it is no wonder Irving-Las Colinas is Texas’ “Headquarters of Headquarters.”
With a connection to national and international markets, 12,000 graduates a year and an affordable cost of living, leaders looking to take business to the next level are met with endless opportunities and means of collaboration in Lubbock.
The New Braunfels Chamber of Commerce provides a confidential, single point of contact to businesses looking to create new jobs in New Braunfels. We manage partnerships with businesses and local government, and operate from a shared strategic plan. Our partners include the City of New Braunfels and its EDC, Comal County, New Braunfels Utilities, and the Economic Development Foundation.
The Pflugerville Community Development Corporation, a Texas 4B Economic Development Corporation, utilizes a half-cent sales tax from Pflugerville purchases to boost the city’s economic growth. Its mission is funding projects that either drive economic development or enhance the city’s parks and recreation amenities.
Port Freeport is a deep sea port strategically situated just 60 miles south of downtown Houston and is in the industrial hub area of Brazoria County. With an abundance of land available for development, accessibility through road and railway, and the shortest deep-water channel on the Texas Coast, Port Freeport is your perfect partner for growth. We value our partnerships and put safety and productivity at the heart of every approach. Inquire about what we can do for your business today.
TexAmericas Center is the 3rd ranked industrial park in the nation, and one of the largest mixed-use industrial parks in the Americas, bringing together an unmatched rural land resource of 12,000 acres and 3.5 million square feet of existing commercial and industrial space. TexAmericas Center offers 36 miles of rail, onsite storage, transload and 3PL services, interstate access, reliability and industrial capacity for all infrastructure, favorable costs and a business climate that encourages growth.
Tomball, TX, just 30 minutes north of Houston, offers the necessary traits for business success. Tomball stands out as an attractive corporate investment destination for a multitude of reasons, including shovel-ready land, business-friendly principles, advanced infrastructure, and an available qualified workforce. Tomball’s rich culture and small-town charm help attract talent.
FAST FACTS
Population (July 2022 est.): 30,029,572¹
Largest Cities (2020): Houston (2,300,027); San Antonio (1,438,227); Dallas (1,303,234); Austin (963,121); Fort Worth (922,592)¹
Real GDP (2022): $1.88 trillion²
¹U.S. Census Bureau ²Bureau of Economic Analysis, U.S. Dept. of Commerce
PERFORMANCE-BASED INCENTIVE
The Texas Enterprise Fund is a performance-based financial incentive for companies whose projects would contribute significant capital investment and new employment opportunities to the state’s economy, and for which one Texas site is competing with other out-of-state-sites.
The South Korea-based motor vehicle transmission manufacturer will invest $17 million and create 350 jobs, and Worthington Bank moves headquarters to west Forth Worth, TX.
