Lone Star State Tops For Business
Texas is without a doubt the best state in the nation to do business. Under Governor Rick Perry’s leadership, the Texas business climate continues to garner national and international attention. Texas
offers a favorable tax climate, no personal income tax, business-driv-en tort reform, and a low cost of doing business. Texas leads the
country in job growth, and has added more than 625,000 jobs over
the last five years — an increase of 6. 5 percent — while the nation
as a whole lost nearly 2. 9 million jobs during the same period.
These accomplishments have not gone unnoticed. Texas continues to be touted as the best state for business and was proud to be
ranked the number one state for business and job growth for the
fourth year in a row by CEOs in Chief Executive magazine in March
2009. Texas also ranked as one of the top three entrepreneur-friendly states by the Small Business & Entrepreneurship Council.
Texas also continues to be
the home to the most Fortune 500 and Fortune
1000 company headquarters in the nation.
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Texas’ innovative deal-closing fund, the Texas Enterprise Fund
(TEF), provides incentives to businesses looking to expand or relocate to Texas, creating jobs and strengthening the economy. Capital
investment; job creation; wages generated; financial strength of the
applicant; applicant’s business history; analysis of relevant business
sectors; and a project’s federal, local government, and private sector
financial support are all criteria a company must meet to be awarded
a TEF grant. To date, TEF activity has resulted in the announcement
of nearly 52,000 new jobs and more than $14.3 billion in capital
investment to the state.
Another economic development tool is the Texas Emerging
Technology Fund (TETF), designed to expedite the development
and commercialization of new technologies and attract and create
jobs in technology fields in Texas. The TETF is a $200 million initiative created by the Texas Legislature in 2005 at the governor’s
request, and was reauthorized in 2009. To date, the TETF has allocated more than $129.5 million in funds to 100 early stage companies, and $153 million in grant matching and research superiority
funds to Texas universities.
Texas’ economic clout combined with its beautiful landscapes,
warm weather, and famous hospitality has established it as an ideal
choice for people and businesses looking to relocate. The state is one
of the most affordable places to live and the second most popular
state in which to retire. The cost of living composite index for most
Texas metro areas is lower than the national composite index of 100.
No matter what the industry, the Lone Star State is committed
to doing what it takes to keep Texas Wide Open For Business.
Office of the Governor – Economic Development & Tourism
Aaron Demerson,
Executive Director
P.O. Box 12428
Austin, Texas 78711
Phone: (512) 936-0101
Fax: (512) 936-0080
Email: locatetx@governor.state.tx.us
www.texaswideopenforbusiness.com
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