Large domestic and international migration to the state of Texas and its popular metro areas has been a key factor in its ability to sustain some of largest growth rates in population increases seen of any state across the country.
Relocation to the area from residents of other US states and neighboring counties is a popular move for new home buyers and renters.
However in order to maintain this growing population, the state must not only attract but also retain its new and existing residents. A new report from the Federal Reserve Bank of Dallas takes a look at this factor and the role it plays in positioning the Texas region for continued growth along with the economic forecast helping it gain popularity.
Starting with the topic of migration, in which the report first looks at people moving to the state from other US areas, since 2000 Texas has sustained yearly population increases that weigh in at a rate that is double the nation’s average. In addition to domestic transplants, the state also attracts its fair share of international residents. Highlighting Texas as being a top US state attracting foreign populations, this is a distinguishing factor helping the area sustain its spot as one of top 10 most successful economies in the nation.
“With an average cost of living lower than that of the nation’s other top states and a rapidly growing job market; the state’s allure has continued to gain external domestic and international interest.” shares leading Texas property developer Marcus Hiles, CEO and owner of DFW based Western Rim Properties.
This influx in new residents is covered extensively as being attributed to the state’s economic growth with the Dallas Federal Bank’s report stating, “Rapid economic growth for most of the last four decades has been the key factor attracting people to Texas.”
Just as these new residents are looking for opportunities in the state, the success of Texas has relied heavily on this large scale migration to populate its expansive landmass and power its economy.
According to the report, out of state transplants make up nearly half of the Texas workforce.
Texas entrepreneur Mr. Hiles goes on to share, “With its appeal through maintaining nationally low taxes and regulations, the overall accommodating business climate of the state also continues to entice new residents – and businesses – to stay” a point also backed by the Dallas Federal Bank’s report.
Taking a look at the other side of the population who were born in Texas, the report details over 82% of these residents remain in the state it dubs as one of the “stickiest” in the nation.
As the area plans to hold its spot as a leader in the US economy, retaining its new and existing populations will play a critical role. An interesting viewpoint considered in the report highlights this in noting the importance of holding onto its aging population and workforce. As the state is relatively young when compared with others in the US, the Texas trajectory puts it in line with the overall US population which by 2050 will have 20% of its residents at the ages of 65 and older.
This leveled out age range in comparison to its population growth holds importance when determining the growth of the state’s workforce, which helps set the speed of growth in the economy.
Providing a full rounded look at the forces driving the record breaking growth the state of Texas has experienced in recent years is helping to give insight into how it can be maintained in the future. With a growing appeal to populations across the country and globe, the weight of the state’s success will come down to its ability to continue holding onto the residents it attracts and produces.