10 Reasons Why Texas Is So Successful
When CNBC named the 1.6 trillion economy State the best for business before and ever since then Texas has continued to attract the headquarters of global companies The Logical question then should be why is Texas so successful what is the magic that is positioning the state above others on the scale of success
That is exactly what this video will be uncovering relax as we give you some of the 10 reasons why Texas trumps other U.S economies one the largest exporting state perhaps the best place to begin is here all economists agree on the same thing the more a state or nation exports the
More economically successful it will be Texas is known as the topic sporting state in the U.S it’s actually responsible for almost 20 percent of the total exports of the country and the export growth continues at an impressive rate the Dallas fed once reported that Texas exports at some point were growing at an
Annual rate of 16 that was about three times faster than the nation’s exports which grew at the rate of 5.2 percent during the same period Texas is growing in export owing to its oil and gas industry according to a report by the U.S Energy Information Administration
The eia on the first oil export by Texas two a manufacturing Powerhouse one can ask logically what is Texas exporting please note that besides oil and gas which we’ll talk about later Texas is also a manufacturing Powerhouse in a recent year for example the total manufacturing output from Texas was
226.16 billion dollars according to the Federal Reserve Bank of Dallas that was about 10 percent of total manufacturing Goods in the whole country Texas manufacturing supports more than 865 000 jobs in the state which is about 7.1 percent of its Workforce the average annual manufacturing compensation was 82
544 compared to 46 642 for all non-farm jobs during that year this goes a long way in boosting the state’s gross domestic product or GDP therefore at a time the global manufacturing expansion slows Texas manufacturing continues to grow at a healthy pace 3. a global oil superpower
Let’s tell you a bit more about oil and gas in case you haven’t heard about the state’s giant strides in the sector Texas is the number one oil producing state in the U.S the Lone Star State accounts for more than 40 percent of national oil output isn’t that going to
Be a blessing for the economy of the state though we’re going to talk more about it employment in oil and gas has stimulated growth among the state’s major sectors with the crude oil export ban lifted oil and gas exports have increased from 5.2 percent of the state’s total exports to
The largest share of 18 or 45 billion dollars over a period of 12 months Investment Bank HSBC also predicted that Texas’s oil exports will surpass OPEC members Iran and Iraq soon and it’s almost happening now the state is poised to become the world’s number three oil producer by then it would be producing
Over half of U.S production 4. influx of people there’s no gain saying the fact that human resources are a driver of a state or a nation’s economy if well managed a state that is experiencing a population surge has a great opportunity to grow economically this is the situation in Texas it’s one
Of the reasons why it’s so successful everyone just wants to move to Texas for many reasons we will elaborate on some of those reasons later people keep moving there and you can’t blame them consider this four cities in Texas were among the top 10 fastest growing cities
In the U.S in terms of population according to the Census Bureau one of the Texan cities on the list is San Antonio which takes the number one spot the city is home to U.S Global Investors if the fastest growing cities in the U.S are considered by their percentage of
Increase in population cities in Texas take half of the top 10 spots but why are people flocking to Texas that takes us to the next reason why Texas is so successful 5. Texas is cheaper some people may initially want to contest this the fact is that big cities can be too expensive
For many people to live in but did you remember that we once talked about huge employment opportunities in Texas once employed there you will discover that your paycheck will go as far as possible the pay in Houston and many other cities in Texas has dwarfed the cost of living
There unlike the case in many big cities in the country in a poll about the average incomes in the 51 largest metro areas in the U.S adjusted for cost of living three Texan areas came in the top ten in Texas the cost of living including consumer prices transport costs housing and utilities is
Relatively low 6. low tax still talking about the cost of living tax is low in Texas it is reportedly one of seven states where there is no personal state income tax according to tax Foundation research Texas has the sixth lowest individual tax burden of course the disproportionate take from
Property taxes hasn’t gone down well with homeowners there are also occasional tax incentives for businesses in the state this is an important factor responsible for the economic success of the town 7. plenty of homes a couple of seconds ago we told you about how relatively low the cost of
Living is and cited housing as an example in Texas the land is overall cheaper than elsewhere Realtors researchers and other experts say that the state’s land acquisition process is very efficient Dr Ali anari A Research Economist at the real estate Center at Texas A M University says from the time
Of getting a building permit right through to the construction of homes Texas is much quicker than other states anari added that there’s an abundant supply of land in the state fewer regulations and a more friendly government generally create a much better business attitude in Texas than in other states
Meanwhile The Lending rules are strict this once shielded the state from a nationwide housing market crash eight a state with fewer rules while we would want to disagree with those who describe Texas as laissez faire saying there’s a lack of regulation in the state we would say it
Is liberal in the classic sense this is apparent in business regulations and City Rules it appears that there’s a notion in the classic social contract that the state is not going to do a ton to support you or your business but they are not going to get in your way well
That may not be a hundred percent true in Texas there’s however a semblance of that in the state rules about mortgage lending texting driving emails and soda tax are simpler fewer and friendlier than other states rules 9. plenty of big cities here is a very good reason why Texas is
So successful it has plenty of big cities six of the 20 biggest cities in the country are in the state so to put this in context contrast this to the case in Illinois for example the only city considered big there is Chicago if you are in Texas on the other hand you
Have an option of choosing your big city from Austin the capital Houston Dallas Fort Worth El Paso or San Antonio 10. a family-friendly state now what do you make of all the nine factors mentioned so far would you not agree that those factors make Texas a family-friendly state to cap it all
Let’s add that the state has been particularly popular with families thanks in part to its good value housing some cities in the state now have an above average number of children there are pretty good schools and a reasonable Mortgage in Texas its restaurants are invariably family friendly though the
State has a high dropout rate its education scores pretty well as students perform well at National tests in fourth and 8th grades in math science and reading thus it’s not at all bad in aggregate for instance in eighth grade math Texas has been scoring higher than the national average with scores also
Higher than the three other big states of California Florida and New York thus the perception that Texas has poor schools is not very correct though Texans would prefer better schools in your own view what other factors do you think are responsible for the success of Lone Star State apart from
The 10 here we value your comments please thank you for watching this video please don’t forget to subscribe and turn on the notification Bell
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