Texas tops nation in business investment projects for 10th year in a row

Texas outpaced all other states in attracting capital-intensive business investment projects in 2021, winning top recognition from Site Selection magazine — again. The national publication's Governor's Cup goes annually to the state with the most business investment projects, an award that Texas has now won 10 years in a row. Mark Arend, editor of the publication, said Texas was credited with 1,123 qualifying projects last year, up 44% from 2020 and more than double the 507 projects credited to second-place finisher Ohio.

The magazine noted that Texas closed the year with the announcement of two mega-projects valued at a combined $47 billion — Samsung's planned $17 billion semiconductor factory in Taylor and Texas Instruments' plans to invest up to $30 billion in four new semiconductor factories north of Dallas. Site Selection only counts private-sector projects that meet at least one of the following criteria: capital investment of $1 million or more; creation of 20 or more new jobs; or that require at least 20,000 square feet of new space. Gov. Greg Abbott announced the latest Site Selection award Tuesday during an event at the governor's mansion attended by Arend and by a number of economic development officials and community leaders from around the state. Abbott said Texas "has turned into an economic juggernaut," and he noted among other things that more people are working in the state than ever and that a record number of corporate headquarters relocated to the state last year. Austin scored perhaps the most high-profile corporate headquarters of any to relocate to Texas last year, when electric-vehicle manufacturer Tesla announced in October that it was moving its headquarters here from California. In late 2020, Oracle announced that it was moving it headquarters to Austin from California. The award from Site Selection magazine "is a testament to the unmatched business climate and highly skilled and diverse workforce we have cultivated here in the Lone Star State," Abbott said Tuesday. “Texas continues to shine as the beacon of economic prosperity for America."