Great Economic News for Texas

Everything's bigger in Texas, that goes without saying. That's also true economically speaking. Our state has fared far better than most of the rest of the country during the recession, and that kind of news is always great to hear. Just seeing all the growth around Victoria is reassuring, because it means more jobs, and better opportunity for everybody. Check out this story from Reuters that ranks the Lone Star State the best for business.

Texas remains the top state for business and California still holds the title for the worst, according to an annual ranking of states by Chief Executive magazine released on Wednesday.

Chief Executive each year surveys CEOs and asks them to grade states in which they do business. This year 650 responded, giving Texas high marks "foremost for its business-friendly tax and regulatory environment," a report on the survey and ranking said on the magazine's website.

"Texas easily clinched the No. 1 rank, the eighth successive time it has done so," the report said. "California earns the dubious honor of being ranked dead last for the eighth consecutive year."

California "appears to slip deeper into the ninth circle of business hell," the report said. "Each year, the evidence that businesses are leaving California or avoid locating there because of the high cost of doing business due to excessive state taxes and stringent regulations, grows."

New York was ranked just ahead of California.

New York's unemployment rate stood at 8.5 percent in March, compared with California's 11.0 percent jobless rate that month, which was the third highest state unemployment rate, according to the Bureau of Labor Statistics. Texas posted a jobless rate of 7.0 percent that month, compared with a national average of 8.2 percent.

Chief Executive's report may be found here.