CNBC has ranked Texas the Top State for Business in its 2018 America's Top States for Business Rankings, citing strong energy sector performance and rising energy prices for boosting the $1.6 trillion Texas economy. Texas is the first four-time winner of CNBC's annual study, which it has published for 12 years. The state GDP increased 5.2 percent in the fourth quarter of last year alone.
The energy sector has led a boost in employment in Texas, which added more than 350,000 jobs in the past year. 1 in 7 jobs created in the United States in the past year was created in Texas. Rising energy prices have carried over into strong performance for related products, like steel pipe.
In addition to a strong energy sector, CNBC cited the fact that Texas is home to 39 companies in the Standard and Poor's 500 index, including ExxonMobil, Texas Instruments and AT&T. Texas is also home to some of the largest privately-held companies in the U.S., including Hunt Oil, Neiman Marcus Group and H-E-B.
Texas finished in the top 10 of five of the categories of competitiveness that CNBC ranks, including Workforce, Infrastructure, Technology and Innovation and Access to Capital. Texas has never finished outside of the top five overall states in CNBC's rankings since their 2007 introduction.
For the full story check out the article on CNBC.