Texas Ranks #1 for Business

Texas has been named the top state for doing business in America in the 2010 survey conducted by CNBC TV.

Texas received the highest score in the history of the annual survey – 1508 points out of 2500.
CNBC scored each state in the United States using publicly available data to determine the rankings.

States received points based on 10 categories including: cost of doing business, workforce, economy, education, quality of life, technology and innovation, transportation, cost of living, business friendliness, and access to capital.

“This designation reinforces the fact that the Lone Star State is the best state in the nation to live, work and raise a family thanks to our low taxes, reasonable and predictable regulations and skilled workforce,” said Gov. Rick Perry in a CNBC news report.

“These policies have helped keep our economy comparatively strong through the national economic downturn, and will continue to make us globally competitive in the future.”

Texas received the highest average score against 40 measures of competitiveness, including technology, cost of living, economy, education, transportation, infrastructure and innovation, among other measures.

Texas has received the No. 1 rank four times, and took the No. 2 spot last year after Virginia.

SURVEY: OVERALL RANKINGS

1. Texas
2. Virginia
3. Colorado
4. North Carolina
5. Massachusetts

TEXAS: ECONOMIC SNAPSHOT

Governor: Rick Perry (R) (Election year)
Population: 24,782,302
GDP (2008 per capita): $38,044
Unemployment rate (May 2010): 8.3 percent
Foreclosure rate (May 2010): One per 862 households
Corporate tax rate: The state has a Franchise Tax instead of an income tax.
Largest employers: Dell, Lockheed Martin and ISS Facility Services (Excludes retailers)

Sources: US Government, RealtyTrac, Center for Budget & Policy Priorities, Federation of Tax Administrators, Infogroup