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Thursday, 21 January 2021 21:40

Texas, With No Income Tax, is Fastest Growing State in U.S.

Written by Bethany Blankley, The Center Square
Houston skyline Houston skyline Shutterstock.com

Index

...fifth in terms of year-over-year percentage increase.

 

Site selectors’ forecasts indicate Texas and South Florida are the leading states in attracting businesses from California and New York.

 

Of the 10 states reporting the greatest increases of population, six were from the South; the rest were from the Intermountain West.

 

California lost 70,000 residents in 2020, the first population loss reported there in more than a century.

 

Silicon Valley-based companies and California residents moved to tax-friendlier states, primarily landing in Texas, where no state and business income taxes provide significant incentives.

 

Overall, the national population growth rate declined. In 2011, the U.S. population grew by 0.73%, which fell to 0.35% in 2020. In 2019, the population gain was 0.46%.

 

We thank The Center Square for reprint permission.

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