Texas Slips to #6 Ranking in Business Study's Top States
Texas Slides to #6 Spot in CNBC's Top States for Business Study
chandni
According to the latest edition of CNBC's annual Top States for Business study, Texas has slipped out of the top five states for business in the United States for the year 2023.
Having ranked as the number one state in 2008, 2010, 2012, and 2018, Texas now finds itself at the sixth position, trailing behind Minnesota.
Despite this drop, Texas continues to showcase its competitiveness as a business hub. It still maintains the second-largest economy in the country, only surpassed by California, and holds the second-best economy after Florida.
The US Bureau of Labor Statistics' Economics Daily reports that Texas experienced the highest percentage of employment growth from May 2022 to May 2023, with a notable 4% increase.
In specific categories, Texas excels in access to capital, sharing the top spot, and ranks second in the workforce category, just behind North Carolina.
However, the Top States for Business study highlights some areas of concern for Texas. The state's infrastructure, education, and quality of life have witnessed a decline.
In terms of infrastructure, Texas dropped from #15 last year to #24 this year, which is the second most crucial factor in the study's methodology.
Additionally, the state's education ranking fell to #35 from #21 in the 2022 study, indicating one of the nation's lowest per-pupil spending levels.
