Area is dominant region in the No. 1 state for corporate growth
(HOUSTON,TX) — Site Selection magazine has recognized the Houston-The Woodlands-Sugar Land Metropolitan Statistical Area (Houston MSA) as one of the top metros in the nation for new and expanded corporate facilities. The magazine released its ranking of the top states and metros for economic development in their annual “Governor’s Cup” issue earlier today.
The annual metro ranking considers criteria that are key factors for job growth and retention. In 2017, the Houston region logged 196 new and expanded corporate facilities, behind the Chicago MSA with 402 and ahead of the Dallas-Fort Worth MSA with 192.
“Houston is the most diverse city in the U.S. and companies thrive in our region. We are powered by a highly-skilled and well-trained talent base that enjoys an excellent quality of life. All these factors, coupled with a low-cost of doing business, offer global companies vast opportunities for growth and investment,” said Bob Harvey, president and CEO of the Greater Houston Partnership. “On behalf of the many partners, allies and companies that support these efforts, we are proud to accept this recognition as one of the most dynamic economies in the nation.”
Since 2011, the Houston MSA has ranked among the top three metros for corporate relocations and expansions in the nation. In addition to the Houston MSA’s top 2 ranking, Texas earned the top spot in the magazine’s state rankings.
The Partnership works to make Houston one of the world’s best places to live, work and build a business. Houston is America’s fourth largest city and boasts the nation’s sixth largest economy and the 24th largest in the world. More than 6.8 million residents live in the Houston MSA, which is home to more than 3.1 million jobs.
Site Selection’s Conway Projects Database focuses on new corporate facility projects with significant impact, including headquarters, manufacturing plants, R&D operations and logistics sites, among others. It does not track retail and government projects, or schools and hospitals. New facilities and expansions included in the analyses must meet at least one of three criteria: (a) involve a capital investment of at least US$1 million, (b) create at least 20 new jobs or (c) add at least 20,000 sq. ft. (1,858 sq. m.) of new floor area.
The Atlanta-based magazine has awarded the Governor’s Cup annually since 1988 to the U.S. state with the most new and expanded corporate facilities as tracked by the Conway Projects Database. Site Selection’s yearly analyses are regarded by corporate real estate analysts as “the industry scoreboard.” The magazine’s circulation base consists of 48,000 subscribers, most of whom are involved in corporate site selection decisions at the CEO/President/COO level.
For more information on the Houston region or to become a member of Greater Houston Partnership, visit www.houston.org.