Investing and Global Finance News

Texas Has Highest Growth for Third Year

Business is booming in Texas, at least according to the annual Governor’s Cup list in Site Selection magazine. Texas outshone the other 49 states with 702 new and expanded business and industrial facilities. It was the third year in a row that Texas topped the list.

Ohio placed second, with 517 new projects last year. Illinois, in third place, had 413 starting businesses.

In order to be included in the list a project had to be worth at least $1 million in capital investment and employ 20 people in at least 20,000 square feet of new space.

“Texas finished the year with 702 projects, up from 689 last year,” wrote the magazine.

One fourth of the 24 largest new business places in Texas were created in the Dallas-Fort Worth area. The largest of those being an enormous expansion of General Motor’s plant in Arlington worth $1.4 billion. Facebook also expanded its data center in North Fort Worth with a $1.2 billion investment. In Plano Liberty Mutual Insurance did some expanding worth $355 million.

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