Texas-Sized Growth

Posted on Friday, January 18th, 2013 at 4:39am.

Texas-Sized Growth Texas is growing at a rapid pace, but why is the lone star state so popular? Since the economic collapse of 2008, the country has struggled with historically high unemployment and foreclosure rates. But amidst the sea of economic despair, a lone state continued to shine- the lone star state that is. Despite more than half a decade of the nation struggling with job loss and fiscal problems, Texas has not only survived the recession, but has in fact thrived. Why has Texas fared so well? In short, Texas is designed to create jobs…and create jobs it has! While nationwide job growth since 1995 averaged at 12%, Texas' job growth average was 31.5% during the same period of time! In addition, the trend for the nation as a whole, Texas included, has been for large companies (500+ employees) and mid-size companies to lose jobs over the last decade.  However, Texas focuses on small businesses (meaning businesses with two to nine employees). As such, from 2002 to 2009, many large businesses slowed job creation or even laid off workers, but Texas created almost 800,000 new jobs. How many of these new jobs were generated by small businesses? 75%! How does Texas create so many small business jobs? In a nut shell, Texas is a state with a pro-business attitude and most importantly, Texas is affordable. Cost of living is low and your dollar can be stretched far for a nice home. Affordability and the creation of new, high-paying jobs enable Texans to shop at local small businesses, which assist in continuing the cycle of job creation. As you might imagine, Texas has inherited a massive migration of people from other states looking for jobs and a good living. As a result, the state had a net growth of one million people from around the nation since 2000.  And the capital of the lone star state, Austin, was recently ranked the 13th largest city in the nation, as well as the nation’s third fastest growing city. With experts claiming that Texas is situated for continued economic success, there’s plenty of reason to believe that people will continue moving to Austin and the rest of our great state. Click here to read more about why Investors believes Texas’ economy will continue to thrive.

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