Texas Ranked Second in List of Top States for Business

The cable television business network CNBC has included Texas in its list America’s Top States for Business. States were ranked according to the data obtained within 60 measures of competitiveness, which was then divided into ten broad categories and then weighted based on how often it is used in the state’s marketing materials as a selling point for its economic development. When all was said and done, Texas came in as the second best state in the country for businesses.

Texas Continues to Enjoy High Rankings as a Top State for Business

CNBC has been compiling its list of the Top States for Business for nine years. Each year, the state has finished in either the first or second place position. Years in which the state came in first include 2008, 2010 and 2012. Overall, the state earned a score of 1,580. Rankings within specific categories were as follows:

• Access to Capital: 6th
• Business Friendliness: 14th
• Coast of Doing Business: 21st
• Cost of Living: 15th
• Economy: 2nd
• Education: 28th
• Infrastructure: 1st
• Innovation: 11th
• Quality of Life: 33rd
• Technology: 11th
• Transportation: 1st
• Workforce: 20th

The state’s category with the lowest rating, quality of life, received a low score due to its poor air quality and low rate of health insurance coverage. Falling oil prices also had an impact on the state’s economy rating.

A Closer Look at the Top States for Businesses

Despite the fact that it did not finish in the number one position within any of the categories measured, Minnesota squeezed out Texas for the top spot on this year’s list of the Top States for Business. The state did get a second place finish in education, a third place finish in quality of life and a fifth place finish in economy. The full top ten list of the Top States for Business was as follows:

• Minnesota
• Texas
• Utah
• Colorado
• Georgia
• North Dakota
• Nebraska
• Washington
• North Carolina
• Iowa

Only a few of the states included in the top ten list had a number one ranking in one of the ten categories being analyzed. Utah was ranked number one in economy, North Dakota was ranked number one in workforce and business friendliness, Washington was ranked number one in technology and innovation and North Carolina was ranked number one in access to capital.

For those who live in Texas, the news that Texas was ranked as the second best state for business is not much of a surprise. After all, a large number of businesses and companies have been choosing to move to Texas due to its accommodating business climate. As such, including Texas in the list of the best states for businesses only confirms what Texas residents and businesses already knew.

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