Houston has long been recognized among the most competitive U.S. cities for corporate relocation and expansion activity. Houston is the top-ranked metro for Economic Growth Potential in Business Facilities' 14th Annual Rankings Report, released in July 2018. In addition, Chief Executive Magazine (for the twelfth straight year) named Texas the “2017 Best State for Business.” In addition to its diverse industries and educated/skilled workforce, a key factor underscoring Houston’s business appeal is the fact that it is one of the least expensive major U.S. cities in which to conduct business. Significant benefits include the absence of state or city income taxes, no state property tax, as well as a moderate cost of living index.
As a major transportation hub with two major airports, a world-renowned port and superior rail and road infrastructure, Houston facilitates the interconnection of global business locations. Business alliances with major U.S. and international markets are further enhanced by the presence of 90 foreign consulate offices in Houston. As of 2018, Houston still ranks third in the U.S. – following New York and Los Angeles – in foreign consulate representation.
Houston’s ability to foster continued expansion in future-growth industries responsible for generating high quality, well-paid jobs across all business sectors has placed it in the top tier among U.S. cities. With its numerous business advantages, Houston is well positioned to successfully compete in today’s global marketplace.
This Business Growth overview is part of the annual 2019 Houston Economic Outlook.
Sections covered in the full report include:
Population Growth | Employment Sector | Business Climate | Global Energy Capital | Petrochemical & Plastics Industry | Port Houston | NASA/Johnson Space Center | Mobility Infrastructure | Airport System | Texas Medical Center | Biosciences & Biotechnology