Texas: The Future of Global Business

Texas is the future of global business, attracting international firms of all sizes and industries from around the world.

With a $2.7 trillion economy—the eighth largest economy in the world—Texas offers the foundation and opportunity for global companies to succeed.

The powerful Texas economy is strengthened by booming communities across the state, like the Greater Waco Region, that continue to bring new investment and job opportunities for Texans.

As the #1 U.S. destination for Foreign Direct Investment (FDI) over the last two decades, Texas offers unmatched business advantages that no other state can claim—no corporate or personal income tax, a highly skilled and diverse workforce, easy access to global markets, robust infrastructure, and a reasonable regulatory environment. Texas also offers lower operating costs, lower energy costs, and lower land costs with fewer land-use restrictions.

Our strategic geographic location in the center of North America and robust transportation networks provide easy access to domestic and global markets via air, land, and sea. In fact, Texas has remained the top exporting state in the nation for the last 23 years in a row. We are also the #1 state for semiconductor exports for 14 consecutive years and #1 for high-tech exports for 12 years. “Made in Texas” is a powerful global brand, and Texas is positioned to lead as we enter a new era of global business and trade.

The Texas economy is also more diverse today than ever before, with strengths in semiconductors, advanced manufacturing, energy, biotech and life sciences, information technology and AI, petroleum refining and chemicals, professional services, transportation, hospitality, food production, rare earth mining, and more.

Most importantly, Texas moves at the speed of business. Led by Governor Greg Abbott, and on

the heels of a successful Legislative Session focused on pro-business policies and government efficiency, it’s clear that Texas is the best state for business for both international and domestic companies.

CONNECTION TO GLOBAL MARKETS

Texas is the logistical heart of North America, offering businesses easy access to customers around the world. Texas is home to more miles of public roadways, state highways, freight railways, airports, and Foreign Trade Zones (FTZs) than any other state.

With 23 seaports, including 12 deepwater ports, Texas moves more cargo than any other state.

In fact, the Port of Laredo is the #1 port in the nation based on trade value and the Port of Houston, the largest container port on the Gulf Coast, leads the nation in waterborne trade.

With more than 380 airports, including 26 commercial airports, Texas has the most extensive airport system in the U.S. Texas is also home to six of the top 50 busiest airports in the country, as well as two international airline headquarters and a major hub for a third.

To meet the growing needs of global businesses, Texas continues to make historic investments in infrastructure projects like new state roadway projects, port development projects, dispatchable electric generating facilities, expanded water access, and broadband technologies.

GROWING, DIVERSE WORKFORCE

Skilled talent across the entire state draws domestic and international companies alike to Texas. Texans are our greatest natural resource and the top reason companies choose to expand and relocate here.

Texas has the perfect combination of highly skilled, diverse talent and world-class schools that continue to support a job-ready workforce for businesses across key industries. Our growing labor force of 15.8 million is among the youngest in the nation.

Texas also continues to attract the best and brightest talent, dominating the nation for population growth over the last two decades. Last year, Texas added more than 560,000 residents and was the #1 state for population growth. Texas is also the “stickiest” state, with more than 82% of Texans born here choosing to stay here.

To help educate our workforce, we have seven public university systems, 37 public four-year universities and 50 community college districts. The state is also home to eight of the nation’s top 150 universities, according to U.S. News & World Report, and 16 Tier One research universities, which help develop a strong talent pipeline.

The Lone Star State continuously invests in our workforce through programs such as the Skills Development Fund, Jobs & Education for Texans grants, the Texas Talent Connection Grant and the Governor’s University Research Initiative (GURI). GURI helps recruit nationally recognized researchers from around the world to the state of Texas, bolstering our state’s higher education institutions as we foster the workforce of the future.

INTERNATIONAL FIRMS CHOOSE TEXAS

There are already 2,170 foreign corporations doing business in the state—a number that only continues to grow as more global companies choose Texas for their U.S. business investment. Among the many international firms in Texas are SeAH, GlobalWafers, JCB, Kubota, Toyota, Ericsson, Mitsubishi, Samsung, and Aisin, just to name a few.

Over the last 10 years, Texas has attracted more than 1,860 FDI projects, which are expected to create $189.6 billion in capital investment and more than 167,900 new jobs.

Not to mention, Texas’ share of FDI jobs is the highest of any state, according to market share in total number of jobs announced through FDI between 2020 and 2023.

A notable international investment in the Central Texas region is Knauf Insulation’s new fiberglass insulation manufacturing and distribution facility in McGregor. The project is expected to create 151 new jobs and more than $210 million in capital investment. With this investment, the German-based company will not only help bolster the local economy but will also have an impact on the entire region and the state as a whole.

TEXAS ECONOMIC DEVELOPMENT & TOURISM OFFICE

At the Texas Economic Development & Tourism Office (EDT), within the Office of the Governor, we are tasked with marketing and promoting Texas as a premier business location and travel destination.

The Business Development team within EDT serves as the conduit to the business recruitment and project management process, working with domestic and international investment leads and prospective companies that are considering locating or expanding in Texas.

EDT’s International Business & Trade team assists Texas companies looking to do business internationally and assists foreign companies looking to expand or relocate to Texas. This team manages the Texas Export Assistance Program, International Business Development Missions and oversees State of Texas international offices in Mexico and Taiwan.

The State of Texas Mexico Office (STMO) and State of Texas Taiwan Office (STTO) work to promote Texas exports in their respective countries and help attract FDI into Texas. The STMO was established in 1971, while the STTO was established in June 2024 and announced during Governor Abbott’s Texas-Asia International Business Development Mission.

EDT also works closely with our partners at the Texas Economic Development Corporation (TxEDC) to organize and execute International Business Development Missions around the world to help promote the benefits of doing business in Texas.

In his three terms, Governor Abbott has met with numerous world leaders and led International Business Development Missions to France, India, Israel, Japan, Mexico, South Korea, Taiwan and the U.K. Additionally, First Lady Cecilia Abbott has led missions to the U.K., France and Germany.

These programs and initiatives are supported by our many local and regional economic development partners across the state. Thanks to these combined efforts, Texas continues to lead in terms of economic development success and FDI attraction.

BIGGER. BETTER. TEXAS.

In Texas, economic development is a team sport. It takes all of us working together—our state leadership, industry, higher education, and local, regional, and statewide economic development teams—focused on keeping Texas the best state for business in the nation, a title we have held for the last 21 years and counting.

That’s why our office launched the new “Bigger. Better. Texas.” Statewide Economic Development Strategic Plan as a blueprint to capitalize on our

success and capture the promise of our future economy in order to maintain our competitive edge in the years ahead.

The new economic development strategic plan accomplishes a number of objectives, all developed with the broader economic development ecosystem in mind. The plan establishes a unifying vision for the future in addition to:

• identifying new target industry sectors that are expected to drive economic growth and job creation;

• outlining objectives to advance our state’s global competitiveness;

• and providing data and recommendations to inform economic development decisions across the state.

Everyone has a role to play in building the state’s future economy. The many individuals and organizations who are driving growth in the state are invited to join in this effort to build a bigger, better Texas for decades to come!

For more information on FDI in Texas, the “Bigger. Better. Texas.” Statewide Economic Development Strategic Plan and the Texas Economic Development & Tourism Office, or to get in touch, visit gov.texas.gov/business.