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Texas Business Climate

Whether you already live there or are considering buying a business in Texas or selling a business in Texas, it is important to know what makes the state ideal for business in general as well as some of the things to keep an eye out for. As one of the largest states in the US and being home to some very large cities (Houston, Dallas, San Antonio, Austin, etc), it is no doubt that this state is a powerhouse. If you are unsure of whether Texas is the right place for your next business venture, then you should understand the commitment. Texas has made an obligation to maintain its position as one of the best states for business in the country. Its business climate is full of factors that will ultimately aide in a business’s growth.

Texas Business Climate

Texas has businesses across the spectrum from small main street bodegas to gigantic corporations being headquartered in the state. With the state’s fair tax and regulatory policies, Texas was built for businesses to succeed. At the state level, corporate or personal income tax is nonexistent, giving people living there much more disposable income to live on or invest back into their companies.

Recently, the Texas government passed a bill providing more than four billion dollars in tax alleviation for different companies. As can be seen, the business climate in Texas is one of the best out there, and to add to it, The Texas Enterprise Fund is very attractive. The Texas Enterprise Fund, or (TEF), provides “deal-closing” grants to companies who are considering a new project in which one Texas site is competing with other out-of-state sites. The fund is  a financial incentive for companies whose projects would contribute significant capital investment and new employment opportunities to the Texas’ economy.

Workforce

There cannot be a successful business or successful business climate without a quality workforce. The state boasts over 14 million inhabitants and offers very quality and large universities like the University of Texas, Rice, etc. There are thirty-seven public universities. This includes six state universities and fifty community college districts that help educate working talent in the Lonestar State. Bordering Mexico, there is also a very large population of bilingual workers which opens the state’s economy to LATAM as well.

Infrastructure: Air, Sea, and Land

Texas’ geographic location provides access to domestic and global markets by air, sea, and land. There are over 100 airports (commercial, cargo, private) hundreds of thousands of quality miles of public roads, and sixteen seaports that connect businesses in Texas to consumers across the world. These different means of travel for business owners allow them to connect and grow their business across the nation or across the world. This makes Texas one of the leading states in exports.

Why Texas?

Over the last ten years, Texas helps lead the nation in job creation and in population. If Texas was a sovereign nation, it would be the 10th largest economy in the world! Ahead of South Korea and Canada. Texas is home to more than fifty fortune five hundred headquarters. Since there is no corporate or personal income tax, business in Texas game on. Texas claims this is the reason they continually rank as one of the best states for business. They also have low energy costs, lower land costs, and fewer land restrictions, meaning that businesses have lower operating costs. If you’re looking to buy a business in Texas or sell a business in Texas please don’t hesitate to reach out!

 

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