Texas #1 again as site for corporate expansion
Houston Business Journal:
Texas has been named a top state for new and expanded corporate facilities once again, according to Site Selection magazine.The Texas model continues to be a winner when it comes to business expansion and job creation. It is one reason why it is a destination state for those looking to find work.
The magazine’s two Governor’s Cups for 2016 went to Texas for the most qualified projects of any state and Nebraska, which won in the per capita category. The Houston and Dallas metro areas also were recognized on a top-10 list.
By sheer number of projects, Texas was No. 1 by a wide margin. Site Selection recorded 642 qualified projects in the Lone Star State, followed by Ohio at 515. This is Texas’ fifth consecutive Cup since overtaking Ohio in 2009, according to the magazine. Texas maintained its No. 1 ranking even during the energy downturn, Site Selection noted.
“The reason is we have continued to diversify our economy in areas and sectors that have nothing to do with energy,” Texas Gov. Greg Abbott told Site Selection. “The high-tech sector is in high growth in Texas, and our health care sector and innovation in life sciences are growing very rapidly. These are areas that, because they are sectors of the American economy that are growing so rapidly, will continue to spur our economy.”
Site Selection lists the 25 largest projects announced for Texas in 2016 by capital investment, and some of the top are along the Gulf Coast, including Exxon Mobil Corp.’s (NYSE: XOM) multiple Beaumont expansions, LyondellBasell Industries’ (NYSE: LYB) La Porte expansions and Gunvor USA’s new Houston presence.