Texas Ranked #1 Best State for Business for the 18th Consecutive Time
Perennial CEO favorite Texas topped Chief Executive’s Best State for Business list in 2022 for the 18th consecutive time. “This important milestone is a testament to Texas’s strong and enduring reputation among the nation’s business leaders,” said Robert Allen, president and CEO of the Texas Economic Development Corporation after the rankings were announced on April 26. “CEOs of businesses that have relocated to or expanded their operations in Texas frequently tell us how much they appreciate Texas’s business-friendly climate.”
CEOs say low taxes, the low cost of doing business, talented pools of workers, and a superior quality of life are among the reasons behind their rankings, according to the Chief Executive survey. At the bottom of the list were #46 Washington, #47 New Jersey, #48 Illinois, #49 New York, and #50 California — all unchanged in their rankings from previous years.
CEOs say high taxes, high regulation, and high costs of living continue to dent the opinions of states at this end of the scale. These states offer fewer opportunities to recruit talent compared to many of their neighbors and the potential for natural disasters increases risk there.
“Another thing that distinguishes Texas from other states is the warm welcome we give CEOs who are looking for a better place to do business,” Allen said. “Our economic development community is proactive in providing these CEOs with the support they need, and CEOs often tell us how important that support has been in making the decision to come here.” Nearly 700 CEOs, with representation from every state, participated in this year’s survey, conducted in January 2022.
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