Governor Greg Abbott has declared the week of May 9 through 13 to be Economic Development Week for 2022. The designation is intended to help bring attention to the state’s continued leadership in job creation and expansion.
“Each May, we dedicate a week as Economic Development Week in order to recognize the hardworking men and women of our ever-growing workforce who focus on building an even bigger and brighter future for Texas,” Abbott said in a statement.
He continued, “The world of tomorrow truly needs the ingenuity and work ethic of economic developers of today. For Texas to remain America’s prime destination for businesses and job-seekers, we must continue to develop businesses to ensure our state’s future success for generations to come.”
Texas was recently named the top state in the nation for business by Chief Executive Magazine. The 2022 Best & Worst States for Business Survey has been conducted every January and February since 2001, with Texas taking the number one spot every year. The survey is issued to 700 CEOs in various businesses who rank each state based on several factors, including laws, workforce availability, and taxes.
“Texas has enjoyed an era of stunning growth based on a broadening of its economy to automobile production, digital-technology development and shared services as well as the traditional base in oil, gas and refining,” wrote Dale Bass with Chief Executive Magazine. “And last fall, Samsung announced its investment of $17.1 billion to construct a microchip factory outside Austin.”
Despite placing at the top of the list, Bass writes that Texas is far from a lock to hold onto the spot as many political decisions have caused some Fortune 500 CEOs to reconsider the Lone Star State.
Among these, the decision to ban nearly all abortions and Gov. Abbott’s ploy to force cross-border cooperation by stalling shipping over the international border ranked as significant factors against the state.
Rounding out the top five in the survey were Florida, Arizona, Tennessee, and North Carolina. Florida’s Parental Rights in Education bill has caused similar concern as the anti-abortion decisions made in Texas, while Arizona gained favorable attention from CEOs due to the state’s lower regulations surrounding the COVID-19 pandemic.
At the bottom of the list, things remained unchanged from previous years, according to Chief Executive Magazine, with Washington, New Jersey, Illinois, New York, and California taking the last spots. Chief Executive Magazine says these states suffer from a reputation for high taxes, regulations, and a high cost of living as reasons these states continue to rank at the bottom of the survey.
In addition to the unprecedented streak of being named the top state for business by the nation’s CEOs, Texas has also been awarded a record-setting tenth consecutive Governor’s Cup. The honor is awarded to states with the most qualified capital investment projects for the previous calendar year.
Texas registered a total of 1,123 projects, more than double the number two state’s tally, and an impressive 342 more projects than in the 2020 calendar year.
“The Texas economy is the economic engine of America, and we take pride in our diverse, highly skilled workforce and the endless business opportunities that exist right here in the Lone Star State,” said Abbott in a separate press release.
“These economic achievements would not be possible without the many economic development organizations across the state that are committed to creating jobs, spurring innovation, and investing in our great communities,” he added.
Economic Development Week is meant to bring recognition to the local, regional, and statewide economic development teams and their role in job creation, business expansion, and business retention in Texas.