Texas is king of the hill for business

Newly released rankings by CNBC say that Texas is once again the best state in the country for business incorporation and growth.

“This designation reinforces the fact that the Lone Star State is the best state in the nation to live, work and raise a family thanks to our low taxes, reasonable and predictable regulations and skilled workforce,” said Governor Rick Perry.

Texas was ranked No. 1 in regards to both its state economy and its infrastructure and transportation, and also earned top-10 ranks for technology, access to capital and the cost of living. This year, the network gave Texas more points than had ever been recorded in the four-year history of the ranking – 1,508 out of a possible 2,500.

Virginia dropped to second after taking the top spot a year ago. Colorado, North Carolina and Massachusetts rounded out the top five. Massachusetts’ inclusion in that group is the highest-ever ranking for any of the six New England states.

The accolade is one of many for the Lone Star State. Texas is also home to 64 Fortune 500 companies – more than any other state – and six of the state’s metropolitan areas were included in a list of America’s Recovery Capitals by Forbes magazine and Moody’s Economy last month.