Plano Texas is a fascinating place for many different reasons. Many businesses have chosen to make Plano their home, and not just small business, major corporations and Fortune 1000 Companies have grown roots here.
Recently Plano was named the number one place to find a job in the United States. One reason for this is the fact that Texas has a very lucrative tax benefits package to offer large companies.
Texas is on of a minuscule number of states that does not require a state income tax from their residents. This has drawn a significant number of employable people to flood Texas in general, but what about Plano, well Plano adds additional tax breaks to businesses in lure them into planting their base of operations there.
Companies like Toyota, Liberty Mutual, and Fedex, have relocated the Plano Business landscape. They have done so for a few simple reasons, we already covered the option for Tax breaks, but there is something even more interesting in the local economy that drives businesses to succeed.
Plano has one of the most efficient public education systems in the country; this creates accomplished and smart people growing the local economy from the moment a person enters the workforce.
Plano has also been recognized as one of the most affordable places to live in the United States. With a lower cost of living, smarter more capable people, and significant tax advantages, it makes perfect sense that large Fortune 1000 companies would call Plano home.
A couple of years ago, The Toyota Corporation made the decision to more their North American operations to this Texas business playground. At the time Toyota was the largest automotive manufacturer in the world, and made space to create upwards of 4000 new jobs and are projected to impact have a tax impact of $140 million. Toyota also took advantage of the Texas laws that offered a $40 billion tax incentive. Toyota was also drawn to the area because the cost of living is roughly 10% lower than their previous home, and housing can be up to a 50% savings.
After the construction of 265,000 sq ft. Facility FedEx now has a home in Plano. Just west of the city, 1250 people are employed by the shipping giant. It is easy to see why a company like Fedex took roots here, for many of the same reasons as Toyota, FedEx will leverage the benefits and thrive as they always have in the shipping industry.
Liberty Mutual is also charging forward and taking advantage of the Texas business landscape. Building two 900,000 square foot towers to handle business all over the country. Expecting to have 5000 employees dealing with all the services the company offers. This will no doubt be a major win the Plano residents.
The Jacobs Engineering Group also looked at the Plano area. The local government is bribing the world largest engineering company with a $277,000 incentive to move to the area. Even though the company ended up in Downtown Dallas, it still shows that Plano has the attention of the biggest player sing big business. This can only increase the growth and opportunity that continues to thrive in the Texas heartland.
In fact, many of the enterprises that have made a move to Plano have brought smaller businesses that help the corporate giants do business along with them. Orange people is on such example. Orange People is an IT firm with over 100 employees, and Toyota is their biggest client. They have chosen to move at least half of their staff to Plano to continue support for the automotive giant. This is great news for both Toyota as they will keep a relationship with a company that they have trust for over five years, and Orange people will have a great ability to expand in the local marketplace. Companies like Frito-Lay, Dr. Pepper, and Snapple could quickly become the next big client for the growing information technology firm.
In conclusion is it very easy to understand why so many businesses are drawn to relocate to Plano and other surrounding Dallas suburbs. Considering the cost of relocating a massive company like Toyota, FedEx or Liberty Mutual, the state government and the Plano Chamber of Commerce has been doing something right to even start the conversation of such a great investment. No doubt another state will try to follow suit. However, Plano may have already scooped up the biggest companies in the world, leaving the other states behind.