Business Friendly States: Texas in Profile
For many years Texas has been considered to be one of the top business friendly states in the country. According to new reports from major sources such as Forbs, CNBC, and Area Development Online, this is still true today. Ranking all 50 of the United States based on issues related to businesses in their state including overall business costs, labor supply regulatory environment, economic climate, growth prospects, quality of life and other such factors, Texas has consistently shown its well-rounded nature and remained a top contender in each report.
The Economic Climate of Texas
Texas is second only behind California in the size of their economy. This state is home to more than 100 of the top 1,000 largest companies housed in the United States. Businesses such as Exxon Mobil, Dell, and AT&T are among the booming businesses that have chosen to set up headquarters in the state of Texas due to its ability to provide them with the specific attributes that are needed to keep these companies in leading positions within their industry.
Researchers have shown there are real possibilities for growth for companies that serve industries related to oil and fuel production, technology, agriculture, healthcare, education, and IT development.
Employment and Education in Texas
Housing some of the top educational facilities around the country, Texas offers a stable workforce made up of professionals that possess fresh ideas. Graduates from top ranking universities such as University of Texas - Dallas, University of Texas - Austin, University of Dallas, Texas A&M, Austin College, St. Edward's University, and Baylor University are helping to lead existing and emerging businesses throughout the state into leading positions within their industry. Newly developing companies are finding that teaming up with these educational facilities around the state allows them to create work-study and apprentice programs which aid in keeping their staffing costs down while providing students with hands on experience that strengthen their skill capabilities when entering the job force.
Tax Incentives in Texas
Lowering taxes throughout the state of Texas is an issue that is regularly worked on. This is especially enticing for those companies looking to set up business facilities in the state. Tax incentives are readily offered by larger corporations and privately help industries that the state feels will continue to support their growing economy. While there are no corporate rate taxes imposed on businesses in Texas, gross profit taxes are imposed. This is not an issue that affects smaller sized businesses, as it is based on a sliding scale as far as the profit amounts that the company does take in each year. Combined with the tax incentives, even larger scale businesses are not affected too much even if their profit margins are much larger.
With the overwhelming amount of growth and expansion that takes place in Texas, the business world presents prime real estate opportunities for entrepreneurs in all fields. You will find many sites that are already set up for your business venture being vacated by businesses that are moving to larger locations. The vast amount of used equipment that is being sold off by these businesses and prime location sites for your business headquarters allows you to have easy access to affordable start up opportunities right at your fingertips.
Working and Living in Texas
For many business owners and entrepreneurs, starting up their business is just half of their concerns when choosing the right state. While major metropolitan areas of Texas such as Dallas, Fort Worth, Austin, Arlington, and Houston do have some traffic congestion that is of concern, the surrounding communities around these metropolitan cities offer relaxed country style living. Residents are able to enjoy the warm temperatures and sunny conditions that are present throughout the majority of the year in this state. School systems, public transportation, medical care facilities equipped with the latest technology, public works services, and more are plentiful. Many of the communities surrounding the major metropolitan cities offer low crime rates and are family oriented.
Entrepreneurs and business owners that depend on logistics for their important and export services take notice of Texas' capabilities. This state has been ranked as being number 1 throughout the United States for the transporting of goods for the 9th year in a row. These services allow businesses to keep their customers happy and provide for the timely deliverance of materials or goods to their other locations as well.
With the tax incentives, innovation, and powerful workforce available in Texas, businesses of all shapes and sizes can meet their full potential here.