State of Texas
Texas is the second biggest state in America in terms of its population as well as area. It is located in the south Central area of the nation, while sharing borders with U.S. states of Arkansas, Louisiana, Oklahama, and New Mexico.
Within Texas, the most populated city is Houston. It is also the fourth largest populated city in the United States. On second number, there is San Antonio in terms of its population, which is also the seventh largest one in America. Third comes Dallas, which is the city we like the most 🙂
With the nickname of ‘The Lone Star State,’ Texas was formerly an independent republic and struggled with Mexico to gain its independence. The state flag of Texas as well as the Texan state seal showcase the ‘Lone Star.’
In history, the economy of Texas was shaped by four key industries before the World War II, namely cattle and bison, timber, cotton, and oil. Subsequently, the discovery of some of the chief petroleum deposits, such as Spindletop, started an economic boom in Texas, which in turn drove the economy of the state for most of the late 20th century. In the mid-20th century, a lot of money was invested in Universities in Texas, which in turn diversified the economy of the state and converted it into a state-of-the-art industry.
Economy and Commerce
Today, Texas has a growing industrial base, which makes it a leading state in terms of its industries. These industries include agriculture, petrochemicals, computers, energy, electronics, biomedical sciences, and aerospace.
The state of Texas has led the United States in export revenue since the year 2002. Moreover, the state boasts of having the second-highest GSP (Gross State Product). The large population, thriving cities, abundant natural resources, and leading higher education centers in the state of Texas, all have their contribution in the large, diverse economy of the state.
In the year 2010, Texas was voted as the most business-friendly state in the United States by the Site Selection Magazine, partly owing to the Texas Enterprise Fund of three billion dollars. In the same year, Texas had nearly 350,000 millionaires, which comprised of the second-largest millionaire population in the United States.
In 2015, the state of Texas gained the second rank in the list of the Fortune 500 in terms of having the most Fortune 500 companies with a number of 54. Most of the headquarters of Fortune 500 companies are situated in Texas, together with California.
Although Texas is an anagram of taxes, it has a reputation for having low taxes and low services. The Tax Foundation reports that the local and state tax burdens of the residents of Texas are one of the lowest in America, ranking as 7th lowest. Furthermore, Texas is one of the seven states of America that does not carry a state income tax. Rather, Texas collects its revenue from sales taxes as well as property taxes.
The economy of Texas is thriving and expected to improve in the impending years. Just recently, the state of Texas was ranked as the number one state for its business climate by the Business Facilities magazine in its 13th Annual Rankings Report.
The economic growth in Texas is getting bigger year by year. It was ranked as the second fastest growing economy of America by the Commerce Department with a stellar percentage of 5.2. In fact, the state of Texas is one of the best economies in the nation, given its low unemployment and size.
One of the main industries that are behind the outstanding economic growth of Texas are manufacturing and mining. Texas produces many things, including textiles, food, and much more. Moreover, its technology and real estate industries are booming too.
The state of Texas is a juggernaut, since it has the best infrastructure and top workforce in the United States. The state is known for having more workers as compared to the total resident population of the 46 states in the United States.
Texas has added the most new as well as expanded corporate facility projects in America for five consecutive years. All the tech giants, such as Apple, Amazon, Google, Facebook, Microsoft, Oracle, etc. have expanded in this state. This has made the Lone Star State a number one state in the United States in terms of all exports, including tech exports.
Economic liberty in Texas has resulted in more job creation and growth of population in the state for over the last ten years. Moreover, personal incomes have augmented nearly twice as fast in the state of Texas as opposed to California and New York. This is why Texas was recently given the title of the ‘Top State of the Decade’ and the ‘Top of the Tops’ for its commerce by CNBC.
Some of the economic growth policies that have aided in the burgeoning of enterprises and attracting key employers to Texas include restrained government, smarter regulations, lower taxes, litigation reform, and right-to-work laws.