August 18, 2016
CEOs Choose Texas As The Best State For Business
Texas is tops for CEOs across the country according to the latest rankings released by Chief Executive Magazine. The latest survey means that it is the twelfth straight year that the state has been voted the best state in the nation for companies to do business.
The 513 CEOs who participated in the survey were asked to rank states based on their tax rates, regulations, quality of the workforce, and living environment. Participants were asked to rank each state based on their experiences and the effect these factors have had on their operations.
What We're Doing Right
Being perceived as the best place in America to do business is certainly nice. However, as they say, the proof is always in the pudding. The state's top place ranking is more than just perception — its policy. It starts with implementing policies and offering incentives that encourage businesses to open their doors and expand their operations.
In Amarillo, the AEDC utilizes the Skills Development Fund, the Texas Enterprise Fund, property tax abatements, and enterprise zones that make it possible for businesses to make the investments they need to grow. The use of these incentives results in increased revenues for both the city and established business that benefit from the economic expansion that takes place.
Is There Room To Improve?
While the survey showed that the efforts of legislators and business leaders have had a positive effect on the state's reputation and business climate, it also showed that there is still room for improvement.
For example, Texas ranked 6th best for taxes and regulation, and tied for 4th in regard to workforce quality. In regard to living environment, the state ranked 10th. This broad category considered factors such as crime rates, public education, healthcare, real estate values and costs, transportation, and access to artistic and cultural pursuits.
Naturally, these factors vary considerably throughout the many diverse communities throughout the state. Even so, the information gathered from the survey is a valuable tool that business and community leaders can use to improve the image and offerings within their respective region.
For instance, the City of Amarillo has used the money generated from the increase in tax receipts to make investments in our public schools and infrastructure. These investments are not only making it more convenient to do business in Amarillo, but they're also making Amarillo a fabulous place to live and work.
Additionally, while the GDP in Texas has grown by upwards of 150% since 1997, it still ranks far behind California. In 2015, the state's GDP was an impressive $1.645 trillion as compared to California's $2.45 trillion. However, the high GDP wasn't enough to save California from ranking last in this year's survey. Indeed, California's high tax rates and propensity for regulation are stagnating growth in the state and driving many businesses to move their operations to Texas.
Are you ready to do business in Amarillo, Texs? Contact the Amarillo Economic Development Corporation to learn more about the ways we can help you build and expand your operations.
See who the top employers of the Texas Panhandle are!
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