CNBC Names Texas the Second Best State for Business in 2014
Every year, CNBC scores all 50 states on 56 measures of competitiveness, which they developed from a variety of sources. Business groups, economic development experts, companies and the states themselves are consulted to come up with the key metrics that determine how competitive a state is in the competition for business development. This year, Texas took second place and scored highly for economy, infrastructure and access to capital.
In a written explanation of the methodology, each metric is further broken down and explained. Scott Cohn, who authored the explanation, wrote “A solid economy is good for business. So is a diverse economy with access to the biggest players in a variety of industries. We look at economic growth, job creation and the health of the residential real estate market.” No doubt, the Austin economy played a major role in the state’s successful ranking.
Austin’s economy has not only been strong over the past few years, but it’s showing signs that the city is poised to be one of the strongest in the state for years to come. Some of the major players that do business in Austin include Google, Facebook and Dell. As far as residential real estate, Austin is experiencing a real estate boom that promises to be long-term as more and more people move to the city every day. With economic factors setting the city up for success, Austin will likely be a key element in Texas’ economic environment.