Texas Ranks Among Best States to Start a Business
Texas has a longstanding reputation for its ideal business climate, welcoming several top corporations relocating from California over the last several years. The Lone Star State is adding another designation to its belt: Ranking among the best states to start a business in 2023.
WalletHub’s annual rankings of “Best & Worst States to Start a Business” ranks Texas at No. 3 just behind Utah and Florida. In the study, WalletHub compared the 50 states across 27 key indicators of startup success to determine the most fertile grounds in which to launch and grow an enterprise.
Texas ranked high for its Business Environment, including high marks for average growth in number of small businesses, average length of work week, cost of living, labor costs, availability of human capital and industry variety.
WalletHub cites recent U.S. Bureau of Labor Statistics’ data to show about a fifth of all startups typically don’t survive past year one of operation, and nearly half never make it to their fifth anniversary.
“[E]stablished businesses looking to expand might expand or relocate entirely based on the relative favorability of the local business climate. Recently, Texas, for example, has been the beneficiary of some significant business relocations based on its business-friendly policies,” said Richard Ryffel, a professor of finance practice at Washington University, in WalletHub’s expert analysis.
Ready to start a business in Texas? You’ll have a wealth of opportunities when you relocate to Texas in 2023.
The Dallas-Fort Worth Metroplex is the nation’s fourth largest metro area, boosting a booming economy and a favorable business climate that has attracted major corporations like Toyota and Caterpillar.
If you’re ready to make your move to DFW, you’ll want to live in a community with quick access to major thoroughfares and exciting amenities. Mustang Lakes is positioned in a unique location on the border of three rapidly-growing cities: Celina, Prosper and McKinney.
Away from the bustle yet conveniently close to the Dallas North Tollway and Hwy 75, Mustang Lakes homeowners can quickly travel to major area employment centers and top entertainment destinations.