The Houston area once again ranks third among major U.S. cities for attracting new business, and Texas has won the Governor's Cup for the 12th consecutive year, according to Site Selection Magazine's annual analysis.
“The Governor's Cup recognizes not just the winning governor, but their entire economic development team, and by extension, the many people across the state who work hard every day to attract new investment and retain and grow existing businesses. It recognizes experts in the field,” said Mark Erend, editor emeritus. Site selection.
Site selection shows that 1,254 projects were awarded in Texas in 2023, more than twice as many as the next largest state, Illinois. In Texas, there were 226 more projects than in 2022, and the number of projects increased by 22%. The Houston-The Woodlands-Sugar Land MSA won 413 projects, an increase of more than 150 since 2022. Chicago and Dallas-Fort Worth took first and second place, respectively, in the top U.S. metro category.
Here are some of the notable successful projects in the Houston area in 2023.
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Cart.com is an e-commerce unicorn that moved back to Houston from Austin to expand its business. The move underscores the value of Houston's transportation infrastructure and accessibility, as well as its large and diverse talent pool.
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Packgene Biotech, a Massachusetts-based CRO and CDMO company, broke ground on a 22,000 square foot cGMP manufacturing facility in 2023. The facility will create up to 80 jobs with an investment of $20 million. They are already in the expansion process to expand their facility to 35,000 square feet. This project will accelerate the development of gene therapy products by providing clients with a fully integrated one-stop solution.
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Sumika Semiconductor Materials, a subsidiary of Sumitomo Chemical, is building a manufacturing plant for high-purity semiconductor process chemicals in the Houston area. The project includes his $250 million investment and will create 50 of his jobs in the region.
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SEG Solar, a solar panel manufacturer, plans to open a 145,000-square-foot Houston facility by mid-2024. The project is expected to create 500 jobs with a capital investment of $60 million. The move will strengthen Houston's position as the energy capital of the world.
In an interview with Site Selection Magazine, Gov. Greg Abbott pointed to the state's pro-business environment as a reason why companies continue to choose to relocate and expand in Texas.
“Industry-leading CEOs are proud of our strong and growing workforce, easy access to global markets, strong infrastructure, and business, along with our pro-growth economic policies (no corporate or personal income taxes). “We're citing friendly regulations,” Abbott said. .
The state's new economic incentive program will be an important tool in attracting new businesses to the region. The Texas Jobs Energy Technology Innovation (JETI) program replaces Chapter 313, which will be repealed in 2022.
Learn more about why companies continue to choose Houston.
