Bessent says Texas has become a national economic center

Treasury Secretary Scott Bessent said Texas has emerged as a leading economic hub, contrasting the state’s business climate with California’s taxes and regulations during remarks in Houston on Friday. Bessent argued that California’s policies have pushed companies and high earners to leave, while Texas has attracted firms and families with lower taxes and a more businessfriendly environment. He cited moves by companies such as Chevron, Tesla, Charles Schwab and Hewlett Packard Enterprise as examples of the shift. He also pointed to Texas’s growing energy output and data center expansion as signs of the state’s economic momentum. According to data cited in the article, Texas gained 56,000 tax filers between 2022 and 2023, and many relocating headquarters have gone to Houston, Dallas and Austin.