More companies with 20 or more employees or a $1 million plus investment moved to Texas than to any other state in 2016, earning Texas the 'Governor's Cup Award' from 'Site Selection' magazine for a record fifth straight year, News Radio 1200 WOAI reports.
Texas finished 2016 with 642 qualified business relocations or expansions, according to 'Site Selection,' which publishes information for expansion planning decision makers. It is the eighth year since 2004 that Texas has won the award.
“Texas’ economic climate, best-in-class workforce and entrepreneurial resilience has once again made the Lone Star State the top destination for capital investment, and I am proud to accept this award on behalf of the men and women who have made our state the beacon of economic opportunity in the United States,” Gov. Greg Abbott said. “I look forward to continuing the Texas tradition of winning this award again next year.” In a statement to 'Site Selection,'
Abbott cited Texas lack of a personal and a corporate income tax, cuts in the franchise, tax, and a business-friendly climate for the state's success in both retaining its own companies in expansion and poaching firms from other states.“
One of the reasons so many businesses and individuals choose to relocate to Texas is because we have the model of governing that promotes individual prosperity and the ability for businesses to grow and expand. We are able to do that, and improve on that, despite the downturn in oil prices,” says Abbott. The downturn began during the last legislative session in Austin, he recalls. “We knew what was going to happen, and we prepared for it. We put aside $10 billion in a rainy day fund and left another $4 billion in our checking account, leaving Texas with the strongest balance sheet of any state in the nation.”