One of the country’s largest states, Texas has been making a big impression in the economic
development of present day commercial opportunities seen across the globe. Taking its place at the top in year over year population, job expansion and overall commercial growth; the state has been attracting residents and businesses from across the country and world throughout the last decade.
Appealing to out-of-state and international transplants for its low cost of living, increasing job opportunities and overall quality of living; the business community is also fueling from similar benefits the southwestern state offers.
What are these modern day attractions bringing new and expanding businesses to the area and what industries are supplementing the booming Texas economy?
Beginning with the accommodating business climate, big name and newly established companies are brought to the area through the nationally low taxes and regulations it provides. Also adding to its appeal are the decreased barriers to entry Texas’ vast commercial landmass enables along with the talented population it retains. “With these key factors separating the state from others in the nation for its commercial value, businesses are looking to Texas to help position them ahead of competitors and for a future of success.” shares Marcus Hiles, a leading Texas entrepreneur and CEO of the Dallas-based property firm Western Rim Properties.
Leading influential source in the business community, Forbes, recognizes the state among the top in the country in many of its national rankings including its 2017 Best States for Businesses list where it took the number 2 spot – a best for Texas in over 10 years. Looking into six categories including business costs, labor supply, regulatory environment, economic climate, growth prospects and quality of life; Texas took the second position by ranking first in the economic climate category. Driven by its strong employment and gross state product growth in the last five years, the state has been increasingly highlighted for its ability to successfully accommodate business.
Zeroing in on the future forecast of the state’s ability to support commercial growth, Forbes highlights Texas for having an equally bright outlook. Backed by the current level of commercial operations taking place in the region, 100 of the top 1,000 largest public and private companies in the U.S. are based in the state. Industry giants such as AT&T, Southwest Airlines, ExxonMobile and Dell are headquartered in the state’s top growing metros including Dallas, Houston and Austin.
Forbes also notes the Texas startup activity is one of the best in the nation among larger states. This has helped the metroplex of DFW establish itself a leading place in the entrepreneurial scene as recognized by FitSmallBusiness.
And the industries refueling growth and job expansion in the state span some of the leading markets in the world. According to Business in Texas the top industries include:
- Advanced Tech & Manufacturing
- Aerospace, Aviation & Defense
- Biotechnology & Life Sciences
- Information & Computer Tech
- Petroleum Refining & Chemical Products
“Many of these sectors hold historically high yielding profits for the state, but Texas is also aligning itself with some of the key markets of the future” adds Mr. Hiles, a well established contributor in the state’s entrepreneurial community. A top player in the tech space with leaders such as Google and Facebook maintaining large office bases in Texas, the state is growing its ability to supply the consumer need for new technology advances among the software, hardware and internet services spaces, just to name a few.
Also a top driver in expanding upon new commercial opportunities including the sustainable energy market; the state is beginning to play a key role in renewable markets such as those in wind and solar power. “Despite being known for its role in the oil and gas industry, this reinstates the area’s ability to continuously adapt its commercial landscape and the businesses it attracts to stay ahead of economic trends and hold a leading position nationwide.” another important factor helping the state adds Hiles.
With such an influx of new and relocated companies coming to the area, Texas businesses themselves are even driving industry growth. For industries such as data centers and hosting platforms that support an area’s commercial infrastructure, the increasing business population is creating more demand and a heightened need for additional service options and providers in these markets.
As sources such as Forbes and FitSmallBusiness recognize, the state’s massive economic role will continue to bring businesses and commercial enterprises to the area.
This ability to continuously attract businesses in key industries and the populations necessary to employ them has enabled Texas to successfully establish and maintain a healthy economic trajectory that positions the southwestern state as a national leader.