Texas is home to only one of the best economies in the United States, but also one of the best in the world, ranking as the 9th best economy. For this reason, many entrepreneurs are establishing their businesses in the Lone Star State thanks to all of the benefits and opportunities created by such a bustling economy.
Having one of the best economies in the U.S is no easy task, as so many states are home to flourishing business industries that add to the economy. Here is a list detailing the top 5 reasons Texas has one of the best economies in America.
Texas is home to a plethora of many different business industries that add value to the state and the economy. By having a diverse set of different industries, Texas’s economy does not run the risk of having an economy that could stagnate if one industry does not perform as well.
One of the top-performing industries in Texas is agriculture, constriction, and technology, with agriculture contributing billions of dollars worth of revenue to the entire nation. Being a top producer of cotton, hay, sheep, and horses, it is no surprise that the Texas agriculture industry and the market are thriving.
Big-name Businesses Operating In Texas
When a state is a home to some of the most notable and profitable businesses, the economy will most definitely benefit. Seeing as Texas has established a warm and welcoming business environment with lower tax rates and additional benefits, many well-established businesses have relocated to the Lone Star State.
Companies such as Tesla, Dell, Oracle and more have reestablished in Texas, and they have promoted a large growth in the economy and technology industry as a whole.
Top Oil Provider
The Lone Star state is well known for being the top producer of oil in the United States. Statistics show the state accounts for 40% of the national oil output.
This sector has thus seen a boost in employment and production, further adding to the economy’s growth. Oil exports have seen a rise in recent years, meaning that Texas has been producing more each and every year.
Great Living Conditions
While many business owners move to Texas to benefit from all the opportunities and advantages related to tax and working conditions, many also relocate to Texas for optimal living conditions.
Accommodation costs are much cheaper in Texas than in a state such as California. With lower rent costs and housing costs, those who are starting a business or family want to move to Texas. With a good standard of living, cheaper costs, and temperate weather, many are making the move to Texas.
With a growing population, the economy and various industries are growing and benefiting, solidifying Texas as one the best states in the nation.
Large Exporting State
Texas is responsible for over 20% of the entire country’s exports. Thanks to its perfect location in the middle of the country and the fact that Texas is home to one of the largest and most notable international airports, the state can easily export a variety of goods.
With an increase in exports, the state’s economy is growing at a rapid rate and there seems to be no end to it.
It is no surprise that Texas has one of the best economies, as a variety of industries, top-performing businesses, large amounts of exports, and oil all cater to the overall growth. With such a good economy, entrepreneurs from all over are making the move to Texas in hopes that their business will succeed.