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Dear Texas Economic Development Stakeholders,
It's official, Texas is the 8th largest economy in the world! With an economy valued at more than $2.4 trillion (2022 GDP), our global economic prowess only continues to grow. AND Texas continues to be #1 in the nation for annual job growth! According to September employment data, total Texas jobs have reached a new historic high of more than 14 million.
These numbers say it all—Texas continues to set the gold standard for economic strength, innovation and growth, and we thank you for your part in making that possible!
Please enjoy the November Texas Business Bulletin. In this issue, you'll find an update on Texas' latest Best Business Climate Award from Site Selection Magazine, new publications, recent project announcements across the state, our economic snapshot, upcoming events and more.
As always, please be sure to visit our website, follow us on social media or reach out to a member of our team if we can be of any assistance!
We have so much to be thankful for in the Lone Star State. Wishing you a happy Thanksgiving holiday with your family and friends, and thank you for all that you do to keep Texas the best place for business!
 -Adriana Cruz, Executive Director, Texas Economic Development & Tourism
  Global Economic Rank: #8
Unemployment Rate: 4.1%
Jobs Added in September: 61,400
Workforce: 15.1 million+
National Rank in Annual Job Growth: #1
TEXAS: Best Business Climate in the U.S.
  Texas was recently named the Best Business Climate in the U.S. by Site Selection Magazine! Governor Greg Abbott made the announcement at the Governor's Mansion on November 1, joined by economic development and corporate partners from across the state. The Best Business Climate ranking is based on 10 criteria, including a survey of corporate site selectors, qualified projects and measures of states' attractiveness to capital investors.
"Today, we celebrate another victory for Texas—this time with Texas listed as the No. 1 business climate in the United States of America," said Governor Abbott. "This is the first time we've won this award from Site Selection since 2011. All of this is a testament to the exceptional economic development professionals and chambers of commerce in Texas. Texas is America's economic juggernaut, and we are now the eighth-largest economy in the entire world. We cut red tape, we have lower taxes, and we have the best workforce in the United States. Most importantly, the Texas economy is great for all Texans. Texas is the modern embodiment of the American dream—the land of freedom for entrepreneurs. Thank you to the hardworking people of Texas for making this award possible."
Texas offers companies of all sizes and all industries the freedom to grow and expand. With a skilled and diverse workforce, easy access to global markets, reasonable regulatory environment and exceptional quality of life, Texas is where both business and talent thrives.
With no corporate or personal income tax, companies doing business in Texas enjoy one of the lowest overall tax burdens in the country, coupled with lower business operating costs and available and affordable space.
Powered by 55 Fortune 500 companies, thousands of publicly traded companies and 3.1 million small businesses, Texas is also home to a large, diverse and highly skilled workforce of more than 15 million.
Not to mention, Texas offers one of the most robust incentive program portfolios, including one of the most competitive deal-closing funds in the nation—the Texas Enterprise Fund.
That's why Texas attracts more corporate relocations and expansions than any other state—winning the Governor's Cup for the past 11 years in a row—and is the top state in the U.S. for foreign direct investment.
Texas will continue to make strategic investments to ensure we maintain our competitive advantage and uphold our status as the best business climate in the nation, allowing businesses to prosper. For more on doing business in Texas, visit our website.
Hot Off the Press
Our office develops in-depth reports, publications, infographics and maps highlighting the Lone Star State's best assets for business and targeted growth sectors. Check out more Reports & Publications on our website.
Texas by the Numbers
Texas proudly ranks as the 8th largest economy in the world! Download our new Texas by the Numbers infographic for more on Texas' economic strength.
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In October 2023, EDT Executive Director Adriana Cruz attended the groundbreaking for Ziegenfelder Company's new manufacturing facility in Lockhart, expected to create $46 million in capital investment and more than 100 new jobs.
 Texas' success in attracting the most corporate expansion and relocation projects in the U.S. is thanks to a unique combination of competitive business advantages that no other state can claim. For more on these business advantages, visit our Why Texas webpages. Here are some recently announced projects in regions across the state:
Upcoming Governor's Small Business Summits
Governor's Small Business Summit — San Antonio
Honoring veteran small business owners and entrepreneurs
November 9 I 8 a.m. - 1:30 p.m. I San Antonio Food Bank
The Governor's Small Business Summit — San Antonio aims to help veteran small business owners and aspiring entrepreneurs reach new heights by connecting them with the resources and information needed to start, strengthen and grow a business. This event offers a variety of sessions bringing together local, state and federal resource partners to provide key insights on critical business topics. It's also an opportunity to network with other business owners and meet experts who will share timely, relevant and actionable advice on a multitude of small business subjects.
Panel Topics:
• Benefits of Being a Veteran-Owned Business
• Workforce Challenges
• Access to Capital
 Other Upcoming Events
Be sure to check in at gov.texas.gov/events as we continue to announce additional event details, speakers, panelists and webinars for 2023!
  “It ain’t bragging if it's true!” Here are some of the recent accolades Texas has received:
- Texas was named the Best Business Climate in the U.S. for 2023 by Site Selection Magazine.
- Texas ranked as the #1 state for Foreign-Trade Zone Impact and five Texas FTZs ranked among the top 20 in the nation for container port performance. (Site Selection Magazine)
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Texas is home to the best state park system in the country. Awarded the 2023 Gold Medal through the National Gold Medal Award Program, Texas’ exceptional state parks offer dynamic recreational opportunities across this great state
- According to the U.S. Census Bureau's 2022 American Community Survey, Texas took the #1 ranking in the nation for most new homes built since 2010 (Source).
Meeting with Governor-Elect of Coahuila Manolo Jimenez Salinas
 Governor Abbott, EDT Executive Director Adriana Cruz and representatives from the State of Texas Mexico Office met with Coahuila Governor-Elect Manolo Jiménez Salinas to strengthen the two states’ continued cooperation and commitment to fostering strong economic ties. As one of Mexico’s top exporting states, Coahuila plays a similar role as a driving force in Mexico’s economy as Texas does in helping drive America's economy as the top exporting state. Read more in the Governor's press release.
Texas Economic Development Council Conference
 In October, EDT staff attended the Texas Economic Development Council Conference in Houston. EDT Executive Director Adriana Cruz and other staff provided an update on the new Statewide Economic Development plan for Texas, in coordination with consultancy firm Guidehouse. The team also got to network and build connections with the many economic development partners and Texas community representatives in attendance.
Texas Fam Tour at F1
 In October, Texas Economic Development Corporation (TxEDC) and EDT joined forces to host site selection consultants from across the country at the Formula 1 Lenovo U.S. Grand Prix at Circuit of the Americas in Austin. In addition to enjoying the exciting F1 festivities, the group was welcomed by incoming TxEDC President & CEO Aaron Demerson and sat in for a presentation from EDT Executive Director Adriana Cruz on the state of the Texas economy and new economic development programs that came out of the 88th Legislative Session. Thank you to the site consultants who participated and thank you to TxEDC staff, investors and community partners for your support in making this event possible.
Governor's Small Business Summit — Beaumont
The Governor's Small Business Summit — Beaumont took place on October 5. The event featured experts on a number of small business topics, including marketing and social media, access to finance and funding, government procurement and cybersecurity. The Governor's Small Business Awards were presented to two local business owners, Bill Clark Pest Control, Inc. and Tower Security Company LLC, for their success in business and impact on the community. Find more upcoming events on our events calendar.
Texas Semiconductor Summit
 EDT Executive Director Adriana Cruz spoke at the Texas A&M Semiconductor Summit in October with representatives of higher education institutions, industry leaders and regional partners. Adriana gave updates on the new Texas CHIPS Office, the Texas CHIPS Act and our office's work to stand up these new programs. For more on these programs, visit our website.
Governor's Small Business Summit — San Angelo
 The Governor's Small Business Summit — San Angelo welcomed local business owners, aspiring entrepreneurs and resource providers to the McNease Convention Center on October 19. The event brought together local, state and federal resource partners to connect small business owners with the resources they need to start, grow and strengthen their business. Speakers covered topics such as small business accounting, access to finance and funding, online and social media marketing and more. Find more upcoming events on our events calendar.
 Interested in working with the best state economic development team in the country and helping grow the Lone Star State's economy? Come join our team! There are multiple positions for experienced professionals in Business & Community Development, Economic Development Finance (EDF), the Texas Workforce Investment Council (TWIC) and other divisions. Here's a select sampling of open positions:
For more information on available positions, visit gov.texas.gov/employment.
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