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Research - JULY 10, 2018

Texas remains the top state for business

by Andrea Zander

Texas is the number one state for business, according to CNBC, First in Business Worldwide’s results in its 12th annual list of America’s Top States for Business. The Lone Star state scored 1,651 out of 2,500 possible points.

Since the study was introduced in 2007, Texas has placed in the top five every year and is the only state to be named a four-time winner. This year, the state had top 10 finishes in five of the 10 categories of competitiveness, including two number one spots. Texas added more than 350,000 jobs in the past year and had solid economic growth — including a 5.2 percent state GDP increase in the fourth quarter — putting the state in first place for the economy category, up from number 25 last year. However, the state had some of the same weaknesses it had the last time it finished on top — taking the number 31 spot for quality of life and number 37 for education this year.

CNBC’s exclusive study has ranked all 50 states based on their scores in 10 categories of competitiveness. This year’s study subjects the states to 64 metrics across those categories. The tried and true methodology rates the states based on the attributes that matter most to business. To do that, it scores every state’s economic development marketing materials to see what they are pitching to businesses. The more frequently a selling point appears, the more weight it carries in the study.

America’s Top 5 States for Business:

  1. Texas (Highest Rank: #1 in infrastructure and economy; Lowest Rank: #37 in education)
  2. Washington (Highest Rank: #2 in workforce; Lowest Rank: #37 in cost of living)
  3. Utah (Highest Rank: #2 in economy; Lowest Rank: #34 in education)
  4. Virginia (Highest Rank: #3 in workforce; Lowest Rank: #34 in cost of doing business)
  5. Colorado (Highest Rank: #5 in workforce; Lowest Rank: #37 in cost of doing business)

 

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