Texas has reclaimed its No. 1 spot on CNBC’s “America’s Top States for Business 2018.”
CNBC cites the long-awaited increase in oil prices — which has increased approximately 60 percent in the past year. The report shows that the state added more than 350,000 jobs in the last year, with energy being the biggest contributor to the increase.
The state also had solid economic growth last year, notably in the fourth quarter, GDP increased by 5.2 percent, per CNBC. This growth boosted Texas’ rank in the economy category to No. 1 versus No. 25 last year.
The state also ranked No. 1 in infrastructure and No. 3 in access to capital, No. 7 in the workforce. No. 9 in technology and innovation and No. 11 in the cost of living.
Texan Economy Insights
- $1.6 trillion of the Texas Economy is from the energy sector.
- More than 350,000 jobs have been added in the last year. In other terms, 1 in 7 jobs created in the US was created in Texas.
- 39 companies in the Standard and Poor’s 500 Index call Texas home. The companies include ExxonMobil, AT&T, and Texas Instruments. It also has some of the largest privately held companies like Neiman Marcus Group, Hunt Oil, and supermarket operator H-E-B.
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