For the third year in a row, Area Development Magazine deemed Texas the top U.S. state for conducting business.  This outstanding recognition is one of many accolades Texas has received for its pro-business environment, helping to explain its relatively better economic situation compared with many states across the nation.

Earlier this year, Business Facilities Magazine and Site Selection Magazinenamed Texas the best business climate and most competitive state, respectively.  Chief Executive Magazine called Texas the most growth-friendly state for eight years in a row; whereas, California has been last for the same eight years.  And in 2012, Texas ranked second for its high-quality workforce. 

According to the Texas Workforce Commission website, 19,900 nonagricultural jobs were added across the state in July 2013, which is 19 percent of all jobs added nationwide.  Some argue that these jobs are only in the oil and gas industry, but Texas Comptroller Susan Combs reported that the jobs added over the past year have been in all 11 major industries including “professional and business services, leisure and hospitality, trade, transportation and utilities, education and health services, construction, government, financial activities, mining and logging, manufacturing, and information.”

What’s the Lone Star State’s recipe for economic success?

Governor Rick Perry credited “free market principles, low taxes and smart regulations” as the contributing factors to job creation and economic prosperity.  These factors “have helped [Texas] create one-third of the net new jobs in the nation over the past 10 years, providing more opportunity for hardworking families.”

This recognition is yet another example that Texas provides a great formula for others to follow.