Texas #2 in CNBC's Top 5 States for Business
POSTED: Tuesday, July 9, 2013 - 3:41pm
UPDATED: Tuesday, July 9, 2013 - 3:52pm
STATE OF TEXAS (KVEO NEWS CENTER 23) — CNBC and First in Business Worldwide is counting down the Top 5 States for Business during CNBC's Business Day programming and on CNBC.com.
The state of Texas ranked second among America's Top States for Business with a score of 1,593 out of a possible 2,500 points in a study announced today.
The survey ranked states according to 10 broad categories (see press release below for more detailed info) and following are Texas results:
Rank Category Score:
- 2 OVERALL 1593
- 35 Cost of Doing Business 185
- 11 Workforce 195
- 41 Quality of Life 106
- 1 Economy 319
- 1 Infrastructure & Transportation 250
- 2 Technology & Innovation 256
- 10 Education 95
- 20 Business Friendliness 121
- 3 Access to Capital 24
- 9 Cost of Living 42
According to the survey, Texas ranked in the top 10 for economy, infrastructure and transportation, technology and innovation, access to capital, cost of living and education.
The Lone Star State was America’s Top State for Business last year and it has never finished below number two. Even at number two, Texas is a business powerhouse: the nation’s top economy, top infrastructure and second best for technology and innovation. But Texas does come in 41st for quality of life, in part because so many Texans don’t have health insurance – something Governor Rick Perry defended when CNBC’s Scott Cohn spoke with him last year. With high utility costs and rising rents, Texas also comes in 35th for cost of doing business – even though the state has no individual or corporate income tax – just a 1% state franchise tax. The state sales tax is 6.25% and the unemployment is 6.5%. The largest employer in Texas is the H-E-B supermarket chain and its largest industry is health care.