Fox Business
Expand
Browse All Video
Watch Live

You're watching...

What qualifies a city to be one of the best for business?

Details

  • Description

    Kurt Badenhausen shows you the best cities in America for business

  • Duration 7:24
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Itself best places for business what I and why.

Yet it is not new York city of America's moving up the last but business costs keep it out of the top.

Number one on our best places for business and careers this year is Provo Utah.

-- vote you know 3% job growth last year his third best in the country business costs are low.

It's got a very you know vibrant.

Growing community.

-- is a real stabilizing presence.

And but it's not just -- college town BYU.

Produced thirteen start ups from university research last year and these are generating new jobs.

That was the third most amongst all universities across the country.

Behind just MIT in the University of Utah.

OK second is Raleigh, North Carolina.

-- was number one city last year this year number two okay you know also you know tremendously.

Positive business environment.

Low business costs.

You've got you know that university cluster around there with UNC.

Duke.

North Carolina State you know these are the -- -- spitting out highly educated workforce.

And of course the Research Triangle.

Is that there's a big draw for credit attorneys found financial -- refine my financial firms are moving down there huge bio attack.

Operation you know they they employ.

It's one of the biggest R&D and science parks in the world.

The top five places are pro low and rally like -- said but also -- Collins Colorado Des Moines, Iowa and Denver.

Colorado.

-- it is -- if you talk about.

Any incentives that those cities and -- states are giving to attract business or it's not really yeah I mean.

I means incentives play part but I think companies are looking at a few things before then.

One they're looking at costs you can't get around that they're looking at a from a labor standpoint taxes.

Office space energy -- that are very important.

You know that's one of the biggest problems and in the northeast and why companies are drawn to places like you -- Energy cost archer medically lower.

And so you're able to set up.

You know tech companies that are drawing you know huge amounts of power.

Are moving out of the northeast they're getting out of California.

And setting up shop in places like Utah so incentives are on the list.

But really I think they're pretty far down you know fifth sixth you know behind an educated work force.

Arm behind its business cost and I think you know all things being equal they might -- things over.

But you know from everyone I talk to it's it's not real high on the list.

-- and what are some of the cities like new York and I would imagine Los Angeles -- -- That are not the best places for business hello people like to think -- we just go to New York if we go to LA -- make it.

What other cities -- probably not the best cities for business right now.

Well.

You know -- California brings a lot of California places bring up the bottom of the -- You know it particularly the central valley that's really struggling and that the Stockton Modesto and a -- -- I -- the highest foreclosure rates -- Brutal employment they're they're crushed and in -- places are struggling you know 1718%.

Unemployment housing prices are down 65%.

Highest foreclosures in the country.

You know -- is of the -- these are brutal our economy is right now out on the -- but you know the places do very well.

You know we hear a lot about Texas in which five Texas cities in the top 25.

The big east Houston Dallas San Antonio.

Fort Worth.

I as well as Austin.

Texas you know is just -- sleep booming and I mean Houston's economy grew eight point 6% last year.

Which is phenomenal and it's expected to grow about the same rate this year.

In -- operating on such a different level than the rest of the country it's really -- what we -- Is that what -- -- -- that -- I mean I know a friend of mine just moved down to Texas you've got a huge challenge since she was like -- -- I I -- I got -- for -- -- it's just the -- it is everything's bigger and better in -- -- We'll have they've got space that keeps costs down absolutely -- of from a living cost standpoint.

And you know people are moving there because that's where the jobs are -- doesn't what sorts of jobs.

Oil and obviously oil and gas as played a big part of it but they are moving away for that in particular in Houston itself.

25 years ago oil and gas was.

Represented 87% of the export jobs and in Houston now it's down to 50%.

Obviously that's still.

Wildly influential and how -- economy operates.

But you've got you know other businesses moving in there technology.

Medically you know health care is becoming wildly.

Important in.

Across the whole country but Houston has three of the four largest.

Medical research hospitals in Texas are based in Houston and also transportation.

They've got a lot of reports there that are you know exporting everything to the world.

Right and there's only -- -- list of what exactly makes -- CD stand out I know we can't CN but job growth is on their business costs living costs incoming growth.

Educational attainment.

Projected economic growth crime rates and cultural opportunities.

-- in most of these cities that I guess I would want to discuss crime rates.

The cities that are seeing the job -- right now -- that are attractive places for businesses.

I would imagine -- down in those cities is that it.

An obvious conclusion.

Bomb at one night I think crime for the most part is down across the country but you see it.

You know place like Stockton if they've cut -- police force you know 2530%.

Right over the last few years to try to deal with -- budget cuts.

And you know crime -- you know hit an all time record last year Provo Utah's got the lowest violent crime rate in the country dramatically lower than any other.

Metro area in the country.

On you know so obviously.

Quality of life plays it you know an important part of people's decisions it's not just all dollars and census is not -- where people are.

You know people are interested in crime.

They don't wanna be necessarily in the middle -- know where they want to have access to cultural and recreational opportunities.

So you know these these ideas are -- little fuzzier than you know concrete numbers.

But they do play a part in company decisions where they want to move.

Right again I was talking earlier when I first came to Ukraine about many financial institutions.

Moving jobs off of iconic -- people are also seeing that in Silicon Valley Portland Oregon.

-- is attractive for many of the big tech firms then let's say.

Silicon Valley rate.

-- people work at companies tech companies are fleeing California.

You're seeing him go to Oregon -- him go to Utah and they can set up shop.

You know much cheaply.

And also there's not the regulatory burdens that these companies in California -- I mean there are so many regulatory burdens on companies in California.

It is so expensive from -- you know workers comp standpoint from a labor standpoint and companies are just kind of the Fed up with that you know and they're they're they're clearly setting up.

Operations and other states to get away from.

The problems in California.

-- thank you so much.

Load More