Are you looking for the best places for business in 2022? This post will help. You have probably heard the term “business-friendly” before. But what do you think it means? Does it mean low taxes and lax regulations? An educated, diligent workforce? Amenities that help attract and retain talent? Perhaps, it’s all of the above?
Well, the right definition of the term actually depends on who you ask. The term might mean different things to different people. But for a variety of reasons, some states are clearly better for business than others. If you’re looking to launch, relocate, or expand your enterprise, you’ll benefit from choosing a business-friendly location for the business.
Your location choice is very important to the success of your business. It can either make or break the business. So if you are ready to build a successful business, you might want to consider situating your business in one of these places.
6 Best Places for Business In 2022
#1: Texas
Texas has a well-deserved reputation for business-friendliness – thanks to lax regulations, relatively low business taxes, and rapid growth. Texas also has a number of world-renowned innovation hubs in its big cities — tech in Austin, healthcare in Dallas and Houston, and telecoms in Dallas (again).
Texas’s dynamism is evident in its lively M&A scene and consistent economic growth. The state finally appears to have shaken off the energy-driven boom and bust cycles that characterized its economy for much of the 20th century.
It’s not perfect, of course – its political leaders often seem more interested in stoking controversy than governing for the median Texan, though that’s par for the course these days, and its deregulated energy markets are a mess. But it’s getting by.
#2: California
People have strong feelings about California. For some, “California” is practically a dirty word; for others, it’s heaven on earth.
And in the business community specifically, California’s reputation is decidedly mixed. Often held up as a mirror image of Texas, the state does have a fairly high tax burden, and environmental regulations make it challenging for certain industries to thrive here. (Though California’s low-key oil and gas industry continues to hum along.)
California’s secret is its unmatched ability to attract talent — and talent-hungry companies. It’s no wonder folks who complain about other aspects of life in California seem — more often than not, at least — to stick around.
#3: Arizona
Many of those who do leave California wind up in Arizona, whose comparatively low cost of living and laid-back regulatory climate team up to make it one of the country’s most business-friendly states.
That’s evident in the numbers. With hundreds of firms reportedly eyeing the Phoenix metro for new or expanded operational centers, according to a regional economic development agency, Arizona is on the upswing. That’s despite shrinking water supplies in this perennially parched state — a potential barrier to long-term growth that so far hasn’t seemed to trouble the business community.
#4: Washington State
Is Washington State a cooler, greener version of California? It’s more complicated than that, of course, but the two places do share superficial similarities: thriving tech sectors, tremendous natural amenities, and distinctive cultures that attract diverse, talented workers.
Some of the tech industry’s biggest success stories came out of Washington, including Microsoft and Amazon. (Both of which still call the Seattle area home.) Will more follow? Don’t bet against it.
#5: Georgia
Atlanta is the undisputed capital of the Southeast, the beating heart of the country’s fastest-growing region. So it’s no surprise that its economy is so dynamic — nor that it’s regarded as one of the best places to do business in America.
From staid consumer products companies like Georgia-Pacific to fast-growing tech startups to thriving boutique film studios, Atlanta has it all. And though real estate prices have come up fast here, it’s still affordable in comparison to coastal business hubs like New York, San Francisco, and Seattle.
#6: Virginia
Northern Virginia is much more than a bedroom community for Washington, D.C. Partly due to its proximity to the seat of federal power, Fairfax County is a second headquarters for dozens of well-known companies, including Amazon.
Virginia is much more than the D.C. commuter belt, of course. Further south lies Richmond, a former tobacco and textiles hub that’s reinventing itself as a destination for tech talent. East and further south still is the Hampton Roads region, where a massive U.S. Navy presence supports a thriving defense sector.
Relocating? Choose Wisely
If you’re fortunate enough to live in one of these business-friendly states already, you might not need to relocate at all. Then again, perhaps your current home state’s particular flavor of business-friendliness isn’t what your business needs to thrive — or just isn’t what you prefer personally.
That’s okay. Clearly, you have options. And this is a big decision, so there’s every reason to take your time and make sure you’re making the right call. Because moving is a pain and relocating or launching a business even more so, you don’t want to do either more than you have to.
