Business-Friendly Texas Facing Competition from Florida

Several big name companies are relocating to Texas. But the Lone Star State isn't the only place offering a business friendly environment.

Oracle, Hewlett Packard Enterprise, and Charles Schwab are coming to Texas. Now, Florida is making their pitch. Miami Mayor Francis X. Suarez says he's in talks with several New York firms like Blackstone and Goldman Sachs.

“People are where they want to be, not where they feel like they have to be, and Miami is winning that battle,” Suarez told Fox News in December. “We are one of the safest big cities in America, and we have the second lowest tax rate in about 60 years.”

Florida, like Texas, doesn't have a state income tax and boasts a large workforce.

“Texas has faced a lot of competition from a lot of states over the years, so certainly, they’re a formidable competitor, but Texas has a lot of advantages and Texas has done quite well over the years,” Texas economist Ray Perryman told KTRH. “So, I think as long as we keep our economic development programs in place, I think we will be fine.”

Perryman expects economic growth in both states in 2021.

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