Texas Ranks No. 2 in CNBC's 2016 Top States for Business
Texas took the No. 2 spot on CNBC’s 2016 “America's Top States for Business” ranking, based on the quality of its workforce, cost of doing business and other criteria. The Lone Star State is in a class by itself for consistent business strength, and is the only state to finish in the top five in all 10 years of the study, including ranking No. 1 in 2008, 2010 and 2012.
The largest employer in the state is the HEB supermarket chain, and the state's largest industry is mining, including oil and natural gas. Texas has no individual or corporate income tax — just a state franchise tax at 0.75 percent. The state and local sales tax tops out at 8.25 percent.
The Texan economy is currently No. 1 in the country thanks to strong state finances, a healthy job market and an unemployment rate below the national average.
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