For years, Texas was the perfect place to build businesses or relocate businesses, but the Covid pandemic has plunged the state into sixth place, CNBC reported Tuesday.
According to CNBC’s America’s Top States for Business, the rankings had the Lone Star State at the top in 2008, 2010, 2012 and 2018. This year, for the first time since the study began, Texas crashed. It now sits behind Minnesota.
On top is North Carolina, followed by Virginia, Tennessee, Georgia, Minnesota and then Texas. The last states include West Virginia, Hawaii, Mississippi, Louisiana and Alaska at 50th.
“While Texas often touts savings, including no state income or corporate tax, it is far from the least expensive place to live, or do business in. With high wages and rising rents, the state declines to No. 16 in Cost of Doing Business from No. 12 in 2022,” CNBC explained. “Higher housing costs drop the state to No. 22 for Cost of Living, compared to No. 14 last year.”
The report explained that there are a number of things that Texas is still good at, like access to business capital, and it is second in a well-educated workforce to North Carolina…
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