Texas drops out of top five on CNBC’s list of top business states

Austin (KXAN) – Texas falls out of the top five states for the first time since the survey began in 2007, according to a survey of US states where business is booming.

CNBC’s Best US States for Business The study ranked Texas #1 in 2008, 2010, 2012, and 2018. Texas ranks sixth overall in 2023, according to CNBC.

The breakdown is as follows.

CNBC reported that Texas tied for #1 in access to capital with California for ample lending to small businesses.

In terms of economy, Texas is only behind North Carolina and Florida in terms of employee numbers. Employment increased by 4% year-on-year through May. more than any other state.

Texas ranks 8th in the nation for technology and innovation.

High wages and rising rents have pushed the state to 16th place in cost of doing business, according to CNBC.

Rising housing costs have made the state 22nd in cost of living.

Texas slipped to 24th place in infrastructure, according to a CNBC survey. Texans spend almost 20 hours a year without electricity. CNBC reported that it was the third worst in the nation, according to Department of Energy data. Repairs to the state’s water system will cost more than $61 billion over the next 20 years, the paper reports. EPA. That’s second only to California.

Texas ranked 35th in education. Per-student spending was among the lowest in the nation, according to the National Education Association. U.S. Department of Education data shows that test scores lag from kindergarten through high school.

Texas finished in “Life, Health and Inclusion”, slipping from 49th place in 2022.

The United Health Foundation ranks the state 50th for clinical care and 47th for access to primary care physicians. CNBC reported that no state has a higher proportion of residents without health insurance.

Violent crime increased about 10% between 2018 and 2021, according to FBI statistics.

Governor Greg Abbott’s office responded to the findings by noting an increase in the state’s population and employment.

“People and businesses continue to vote with their feet and choose to move to Texas more than any other state in the nation. “There are more Texans working here than there are, and we’re leading the nation in job creation,” Abbott’s office said.