Texas claimed the No. 3 spot in a recent ranking of the best state business climates by Site Selection Magazine, falling behind North Carolina (1) and Tennessee (2). The Lone Star state was followed by Virginia and South Carolina, respectively.
The rankings considered work-force skills, state and local tax tax conditions and transportation infrastructure as the most important factors in selecting a state to do business in. It also incorporated an internal database that tracks new and expanded business facility activity.
"All states face economic and budgetary challenges these days, but this ranking reminds us that there are significant success stories, too," says Site Selection editor-in-chief Mark Arend.
Other recent reports on state business and tax climates have also placed Texas favorably. A list assembled by Forbes magazine last month ranked Texas as the seventh best state for business and careers, suggesting the state's expanding markets and low tax rates, even the Texas franchise tax, contribute to its role as a destination for new businesses.
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- Texas ranks high in list of most tax-friendly states for businesses
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- Texas franchise tax rate pushing state down in national business rankings
Tags: Tax Analysis
