According to Directorship, which is a publication with a mission "to provide corporate boardroom's and governance committees with the best intelligence on the U.S. business environment," the state of Texas has once again been named the number one state in the country for businesses.
The publication selected Texas as the number one state for businesses largely because of the state's proven ability to attract Fortune 500 companies, but also because of its affordable cost of living, its solid economy and its pro-business tax climate. The magazine also cited some real-life examples of major corporate locations to the state, such as Comerica's decision to move from its location in Detroit, Michigan to Dallas as well as Caterpillar's decision to create a new assembly plant in the Texas city of Seguin.
In order to determine the rankings of each state, the magazine considered factors such as their tax climate, the cost of living, education and the overall economy in each state. The magazine determined that Texas 'has a pro-business tax climate that ranks third, a low cost of living, a relatively solid economy, and a litigation environment that ranks 10th on our list….Texas also ranks first in the number of Fortune 500 companies located there."
Understandably, Governor Rick Perry is quite pleased with the magazine's report, having said, "Our commitment to low taxes, predictable regulations, and a fair tort system are setting an example for the nation and creating a magnetic force for the businesses and jobs that are vital to maintaining Texas' competitive advantage in the global marketplace."