Skip to main content

Texas Named Business Facilities’ 2023 State Of The Year

Published Jan 08, 2024 by Taylor Tatum

Downtown Houston Skyline

[PRESS RELEASE] - Texas has been named Business Facilities’ 2023 State of the Year, marking the fifth time the state has received this top honor from the magazine. Since 2007, the State of the Year award has recognized a state demonstrating leadership and success in its economic development efforts.

Texas was chosen as the 2023 State of the Year for its business-friendly environment, including legislation and incentives, workforce development programs, and the breadth of companies selecting the state for corporate relocation and expansion projects. Further affirming Texas as a leader in 2023, the state took the top spot last July in Business Facilities’ Annual State Rankings for Best Business Climate.

“The strength and momentum of the Texas business climate is clear with a blockbuster 2023 for capital investment and job creation,” said Anne Cosgrove, Business Facilities Editorial Director. “Recently announced investments promise to push economic development further in 2024. For example, in September 2023 Google announced its plans to build a second data center in the Dallas-Fort Worth area, in Red Oak, which is expected to bring $600 million of investment in the coming years.”

“In a state the size of Texas, business is not just finding a home in the metros. A laser focus by economic developers across the state to foster established businesses as well as innovative start-ups is paying off for communities of all sizes,” added Cosgrove.

In December 2023, Governor Greg Abbott marked this momentum as the Texas economy expanded faster than the nation as a whole for the fourth consecutive quarter. Second quarter 2023 real GDP grew in Texas at an annual rate of 4.9% — ahead of the United States real GDP which grew at 2.1%. Meanwhile, the workforce in the state hit an all-time high of 15.1 million.

“As we look back over the events of 2023, it’s clear that our state’s many successes and record-breaking achievements are thanks to the strong economic development partnerships at the statewide, regional, and local levels in Texas,” remarked Adriana Cruz, Executive Director, Texas Economic Development & Tourism. “We are thankful to work with these partners to keep Texas a global leader in economic expansion, a national leader in job creation, and the best state to live, work, and raise a family.”

 

Related News

Economic Development

Report: Houston's Global Strengths Position Region to Navigate Trade Uncertainty

5/1/25
HOUSTON (May 1, 2025)—As evolving trade policies and geopolitical tensions create economic uncertainty in 2025, Houston enters the year with a strong foundation. According to the Greater Houston Partnership’s newly released 2025 Global Houston report, the region led the U.S. in exports last year – shipping $180.9 billion in goods, more than any other metro area. Click to expand   The report, based on 2024 data compiled prior to this year’s policy changes, highlights how Houston’s infrastructure, industrial base and deep global relationships position the region to better navigate trade disruptions.  “As the U.S. seeks fairer trade arrangements, the uncertainty is impacting some long-term investment decisions,” Partnership President and CEO Steve Kean said. “At the same time, we’re seeing increased interest in the Houston metro as a destination for onshoring. Our region enters this period from a position of strength – we’re not only the nation’s top exporting metro, but also a leader in population and GDP growth. Houston is well-positioned to adapt, respond and benefit from global economic shifts.” Notably, the Houston/Galveston Customs District is one of only 10 in the U.S. where exports exceed imports – a reflection of the region’s strong global demand and production capacity. Key Metrics from the Global Houston Report: #1 U.S. Exporting Metro: $180.9B in goods exported in 2024 (3.1% increase from 2023) Record Customs District Tonnage: 432.6M metric tons handled, ranking No. 1 nationally Total Trade Value: $376.3B through Houston/Galveston, ranking No. 4 among U.S. districts Foreign Direct Investment: 81 foreign-owned companies announced plans to relocate, expand or start operations; a 56% increase from 2023 when 52 international projects were announced. (increase is partially due to improved data sourcing) Global Connectivity: 3.1M international passengers traveled through Houston airports (record; a 4.2% increase over the 12.6 million passengers in ’23) 3.4M container units processed at Port Houston (record) Migration-Driven Workforce Growth: Nearly 65% of the region’s 2024 population growth came from international migration Energy Leads in Exports Energy continues to play an outsized role in Houston’s international economy. Oil and refined petroleum products accounted for more than half (52.1%) of all trade value flowing through the Houston/Galveston Customs District in 2024 – totaling $196.1B, with 88% of that volume heading overseas.  According to the U.S. Energy Information Administration (EIA), global oil demand is expected to reach 103.6 million barrels per day in 2025 – a new record, though below earlier projections. At the same time, lower forecasted oil prices and emerging trade barriers could prompt Texas producers to scale back new drilling, potentially reducing export volumes through the Houston/Galveston District. Top 10 Houston Trading Partners in 2024: Netherlands – $31.9B (↑ 23%) | Driven by oil exports amid EU energy diversification China – $30.1B (↓ 7%) | Key supplier of industrial equipment and electronics Mexico – $24.9B (↓ 13%) | Most integrated supply chain partner South Korea – $23.8B (↑ 4%) Germany – $16.9B (↑ 10%) Brazil – $16.8B (↑ 6%) United Kingdom – $15.0B (↑ 6%) Japan – $13.5B (↑ 3%) India – $13.2B (↓ 0.8%) Canada – $11.5B (↑ 22%) About the Report Produced annually by the Greater Houston Partnership’s Research team, the Global Houston Report analyzes the region’s international trade, foreign investment, migration trends and sector strengths. It serves as a key resource for companies navigating an increasingly complex global business landscape. Access the full report, here. CONTACT:           Brina Morales                                                 Sr. Director, Communications     bmorales@houston.org  
Read More
Economic Development

Trade Trends with Netherlands, China and Mexico Reinforce Houston's Global Reach

4/30/25
As the global economy adapts to evolving trade policies and geopolitical tensions, Houston’s international trade performance offers insight into the strength and adaptability of the region’s economy. The Greater Houston Partnership’s 2025 Global Houston report reveals how deep global relationships and sector strengths position the region to weather potential disruptions better than most.  “As the U.S. seeks fairer trade arrangements, the uncertainty is impacting some long-term investment decisions,” Partnership President and CEO Steve Kean said. “At the same time, we’re seeing increased interest in the Houston metro as a destination for onshoring. Our region enters this period from a position of strength – we’re not only the nation’s top exporting metro, but also a leader in population and GDP growth. Houston is well-positioned to adapt, respond and benefit from global economic shifts.” Here’s what Houston’s top three global trading partners reflects about the region's international ties: 1. The Netherlands moves to the top spot for the first time due to energy exports Trade Value (2024): $31.9B | ↑ 23% YoY With the Port of Rotterdam central to European fuel imports, Houston’s energy exports – particularly crude and refined petroleum – accounted for over 80% of Houston’s trade with the Netherlands last year. Europe's shift away from Russian energy further solidified Houston's role in Europe’s energy security strategy. 2. China slips to second, but remains a critical player Trade Value (2024): $30.1B | ↓ 7% YoY Exports to China dropped by a 14.5 percent, particularly in mineral fuels, plastics and organic chemicals. Rising tariffs have introduced uncertainty, but the scale of Houston-China trade reflects deep supply chain integration. China remains vital to Houston’s economy as a top source of industrial equipment, electronics and raw materials for regional manufacturers. Policy shifts could significantly impact local businesses. 3. Mexico holds steady as a regional anchor Trade Value (2024): $24.9B | ↓ 13% YoY Mexico is Houston’s most integrated trade partner, supplying inputs like auto parts, crude oil and industrial materials, while Houston exports fuels, chemicals and steel products. Cross-border trade is a cornerstone of Houston’s industrial competitiveness. Continued collaboration with Mexico will be key to maintaining supply chain efficiency. Key Metrics from the Global Houston Report: #1 U.S. Exporting Metro: $180.9B in goods exported in 2024 (3.1% increase from 2023) Record Customs District Tonnage: 432.6M metric tons handled, ranking No. 1 nationally Total Trade Value: $376.3B through Houston/Galveston, ranking No. 4 among U.S. districts Foreign Direct Investment: 81 foreign-owned companies announced plans to relocate, expand or start operations; a 56% increase from 2023 when 52 international projects were announced. (increase is partially due to improved data sourcing) Global Connectivity: 13.1M international passengers traveled through Houston airports (record; a 4.2% increase over the 12.6 million passengers in ’23) 3.4M container units processed at Port Houston (record) While the Netherlands, China and Mexico are the region’s top three trading partners, they account for only one-fourth of the region’s exports. The balance goes to 220 other countries.  
Read More

Related Events

Executive Partners