Texas Stars Shining Bright
By: Jim McAlister IV
Texas has long been known as The Lone Star State, but its residents should seriously consider changing the state’s motto to The Shining Star State.
While the rest of the nation is slowly recovering from the worst economy in decades, Texas is thriving. The state has implemented public policies that make Texas economically competitive. Texas has kept spending in check and maintained a low tax burden, unlike other states. Texas has affordable home prices and a low cost of living. In addition, Texas has enacted tort reforms and minimized regulations that strangle innovation. The state has a special standing not only in the country but is also being recognized by the nations of the world as a great place for doing business. As a result, major employers and average citizens are moving to Texas in record numbers.
So what’s making Texas shine so bright? A large and diverse economy, an outright population boom and unprecedented job creation are leading the way. Let’s take a close look at the factors that are driving this super-sized economic machine.
The Texas economy is BIG.
In fact, if Texas were its own country it would have the 12th largest GDP in the world. The size of the state’s economy falls right between Canada and Mexico. Big economies possess the necessary infrastructure and resources to attract and retain more big companies. Texas is no exception with more Fortune 500 companies calling Texas home than any other state.
The Texas population is BOOMING.
The five major cities that comprise the “Texas Triangle” area – Houston, San Antonio, Austin, Dallas and Ft. Worth – rank within the top 16 cities of America in number of residents.
And Texas is growing. Since the 1850s, Texas has historically exceeded the annual rate of population growth of the U.S. by 2X. This growth rate has even accelerated in the past decade – largely due to the business friendly policies mentioned above. The population of Texas is projected to double again by the year 2040.
Texas is also experiencing unprecedented JOB creation.
Readers of any newspaper or publication will have seen accolades like the ones here heralding the number of jobs created in Texas or successful economic achievement.
While the Great Recession decimated other states, Texas never slowed a bit. In fact, during this five-year period, Texas added more jobs than all of the other 49 states combined!
The residents of Texas are not resting on their laurels of a big and successful economy, a quality of life that is attracting new residents at a record pace or employers that recognize that Texas is a great place to conduct business. They are furthering the policies and practices that have made it successful, unlike other states, in order to make Texas continue to shine bright for many years to come.