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.
Despite the economic difficulties created by the COVID-19 pandemic, Texas’s economic landscape in 2021 continues to provide great opportunities for job seekers and entrepreneurs alike. Open roles in the booming construction, agriculture, and hospitality industries allow veterans to move back into the workforce without needing tertiary education.
However, for veterans that want to expand their career options, completing a college degree might be a smart move. The National Center for Education Statistics shows that the employment rate of college graduates is 86%. In comparison, the employment rate of high school graduates is only 69%. A college degree can open doors to better job opportunities. Through college, veterans can build specialized skills, cultivate professional networks, and increase their earning potential.
Below, we’ve listed a few degrees veterans can take to build new careers.
The values learned in military experiences — such as leadership, discipline, and stress resilience — make veterans well-equipped to succeed in business. Leadership skills help entrepreneurs guide and motivate employees, discipline keeps them focused on their goals, while a resilience to stress ensures that they perform well under pressure. Degrees in business administration can help veterans blend their military-instilled skills with business knowledge and strategies. Through these programs, students can explore deeper business subjects, such as management, finance, and law. From there, they can start their own businesses or use their entrepreneurial prowess in corporate settings.
Teaching careers let veterans serve their communities in an entirely new way. Through teaching, veterans get to use their real-world experiences to pass down knowledge, provide guidance, and set examples to young students. Veterans that want to take degrees in education can even get support from the government. The Troops to Teachers program, founded in 1993, provides financial support and career placement assistance to veterans interested in teaching. Since the program’s inception, an estimated total of 23,000 veterans have built careers as educators.
As the country becomes more dependent on technology, the demand for skilled IT professionals increases. Through information technology programs, students get to deepen their knowledge of the complex tech systems humans use in their daily lives, learning subjects like electronics, programming, web design, and much more. Veterans with good logical reasoning skills are well-suited to pursue IT degrees, especially since military training prepares them to learn new skills efficiently. And because IT skills are extremely in-demand, veterans who complete IT courses can have a competitive edge in today’s job market.
Healthcare settings need disciplined, collaborative workers who can remain calm in the face of adversity. Fittingly, military culture primes veterans to value teamwork, discipline, and fortitude. By taking degrees in nursing, veterans can combine their military training with lessons in anatomy, physiology, psychology, and healthcare and train themselves to serve their American brothers and sisters in a new way. Nurses are especially needed now, as labor shortages limit the country’s access to quality care. Researchers predict that the need for qualified nurses will exceed 3.6 million by the next decade.
When it comes to career-building, veterans have many options. The skills they learned from military service can make them efficient learners and employees. Those that want to take their potential even further can develop their skills through college degrees, such as business administration, education, IT, and nursing.
One of the main drivers of the Texan economy is the small business sector. The3 million small businesses comprise 45.1% of employees, the equivalent of close to 5 million people, according to data from the U.S. Small Business Administration.
Several factors facilitate the potential for growth in the state with micro-entrepreneurs in several industries. The sectors with the most prominent small businesses include Professional, Scientific, and Technical Services and Hospitality and Leisure. One of the most critical is the time it takes to register an LLC in Texas – 3 business days compared to seven to 10 business days in other states. Electronic filings with online incorporation services are often available on the same day.
LLC formation is one of the preferred legal structures for small business owners. The advantages include personal asset protection, pass-through taxation, and protection for the registered business name.
The potential for growth for small businesses in Texas is due to some significant factors, according to Incorporation Rocket, the experts in business formation services andTexas resources.
Economic and Business Advantages For Small Business Success in Texas
Overall, Texas is known for doing things big, and the state has won the title “Best State to Start a Business in the U.S.” for several years in a row. Here is why so many businesses in the thriving state continue to find success:
Young Growing Workforce
Texas is undergoing a population boom. Figures from the last census show that its population of 29 million is at an all-time high. Projected population numbers for 2040 are 45 million. The state also contains five of the fifteen fastest-growing cities in the U.S. The median age of Texans is 35.1 years, lower than the American average, meaning a continuing strong workforce.
Interestingly, 8 out of 10 people born in the state stay there, and it has attracted an influx of businesses and workers from other states.
There is no personal income tax or corporate income tax in the state, meaning higher profits and growth for businesses. Also, from the 2020 to 2021 tax year, small businesses with a turnover of less than $1,180,000 pay zero tax. In Texas, business tax is called franchise tax. The tax that small firms pay in the wholesale and retail sectors is just 0.375% of their total revenue. Small businesses in other sectors pay just 0.75% in taxes on their total income.
Fewer Restrictions. More Innovations
A diversified economy is one of the reasons the state continues to grow economically and, with it, the opportunities for small businesses. Innovative industries and big brands are making Texas their home, and alongside them, several smaller companies are creating a niche with their ground-breaking startups.
Affordable All-Round Costs
One of the major draw cards for industries that have sought to make Texas their home is what also makes the state ideal for small businesses to thrive. These include the lower cost of land and properties, cheaper energy, and more affordable living costs (meaning a better quality of life for employees and their families).
Ease of Doing Business
It is not only easy for business leaders to get in and out of the state and its more than 380 airports, but it is also easy to export goods globally and transport them to the rest of the U.S. It has received the title of first exporting state for the past 19 years, and this is thanks to the state’s excellent infrastructure and its central location.
Small and larger businesses in the state have added civil liability protections. There are few land restrictions which means it is easier to develop the required infrastructure to run a business smoothly.
Relocations of conglomerates to the state have also increased capital investments and amplified business investments in urban areas and rural areas. The state also offers financing and economic development that encourage existing and new businesses.
Small businesses are major contributors to the Texan economy, ensuring a thriving economy and booming cities. The state has concentrated on attracting businesses and enhancing their success, including supporting small minority businesses, affordable filing fees, and ease of filing for an LLC.
Finally, according to Texan law, every new Texas LLC mustappoint a registered agent to ensure that someone is available to collect documents during regular business hours on behalf of the business. The advantages of a registered agent include the owner’s privacy, and they can also ensure a small business remains compliant.
The tech industry is the main space for global economic growth within the next few years. If you’re looking forward to innovation as a means to create great things for society, you might be on the right path. Providing solutions to people is the target and the essence of technology.
In this article, we’ll explain the reasons you should familiarize your work and life with amazing technology. The emerging digitization era we’re getting in requires even more development on software and hardware. The training of more tech professionals will become a factor in the global educational system. Let’s see how the job market will move the most into the tech field.
Why Do Future Professionals Decide to Pursue a Tech Career?
There are several reasons why professionals decide to pursue a tech career. According to Statista’s survey, these are the main factors why many people decided to pursue a career in technology.
Number of Respondents
I was encouraged to do so by my school.
I was encouraged to do so by my college.
My parents pushed me towards a career in tech.
I was inspired by a high-profile person/person in the media, in technology.
I was encouraged by my friends.
It seemed an obvious choice as I have a natural inclination for Science/Math.
I completed a degree in a related subject.
I researched different industries and decided tech offered the best opportunities.
Top Five Reasons to Become a Tech Developer
Tech Jobs Will Prevail and Grow Over the Years
The more the economy grows, the more we need tech professionals. Many of the services and production procedures we currently know are evolving to a higher development phase due to automation software. Companies need software engineers and experts in coding to program the algorithms that move production lines and machines.
Programmers Have High Salaries
You must use several programming languages that demand analytical thinking and wide solving-problem skills. This is the main value of software developers in the market, reflected in the high salaries they can earn. According to Payscale, programmers have an average annual income of $65,395.
Professional Development Opportunities
Many tech companies offer professional development programs and on-the-job training to allow graduates to reach their maximum potential. Focus on being part of a company that prioritizes human growth and educational development. These professional learning programs must comply with values like practical activities, team collaboration, tech skills, accuracy on services, and useful content.
Work-Life Balance and Workplace Flexibility
The best way to land a good job and have a family and social life is to get into the tech field. Many tech companies offer a flexible work schedule to gain technical competencies, earn a high salary, and share time with your loved ones. Look for companies that value work-life balance and offer flexible working hours.
Challenges to Grow and Create High-Demand Projects
You can become a tech project manager to help a company promote and structure the development plan for a specific gadget or software launch. The best companies to build your career path in the tech area are Tesla, Microsoft, Facebook, and Apple. Some appealing roles are focused on the fields of artificial intelligence, data science, cloud computing, and the Internet of Things (IoT).
Practical Tips to Choose a Career in Technology
Below are some practical tips that’ll help you in choosing a career in the tech industry. These tips offer feasible advice that might aid you in your journey.
Explore interests that align with different roles in various sectors of technology.
Do some self-reflection and find out what kind of technical and soft skills you have that affiliate with the career you want.
Leverage your skills to become an expert in a specific niche.
Enroll in a coding bootcamp to gain effective skills to become a job-ready individual. A bootcamp like Coding Dojo can provide you with the aptitude to jumpstart your career.
Technology is becoming the main source of employment, economic growth, and prosperity worldwide in this modern era. That’s why you should study a tech career to get into the trend of the professional boom this decade. Opportunities are always available in the tech industry for those who know to use them the most.
Through time, the way businesses operate on the market changes, because the actual market goes through constant changes. Various factors from the economy and society, to politics and the environment we live in, can spark changes for business owners in the United States. When looking at the gross domestic product (GDP), the United States has the best economy in the world, and popular economic trends are one of the main reasons for this.
Texas is home to one of the most booming economic markets in the United States thanks to many new and already established businesses setting up shop there. The state is home to one of the greatest business environments in the country, and it accommodates entrepreneurs in every way.
This influx of innovative business owners has sparked many changes in the economy, changing the way Texans do business. Alongside this, various external factors have also come into play to introduce new economic trends that are pushing entrepreneurs to think outside the box and operate in unique and interesting ways to go with the flow of the tides of change.
Development of New Industries
Seeing as Texas has become the landmark for successful business startups, it is no surprise that a plethora of different types of entrepreneurs are heading to the state to try to establish something new and exciting. From entrepreneurs focusing on construction or agriculture to those specializing in the information technology (IT) and finance fields, The Lone Star State has it all.
The IT industry is specifically developing and becoming bigger and bigger each year thanks to veterans of the industry such as Dell and Tesla operating in the state, and new startups and small businesses are pushing the market in invigorating new directions.
The economy has benefited greatly from this, and so Texans are taking note of the tech industry, with many businesses putting their focus on technology based products and services for a chance to get a piece of the success the industry has created thus far.
Thanks to limited liability corporations (LLCs) aspiring tech entrepreneurs can easily establish a business in Texas within or out of the state. Those wondering how to form an LLC in Texas can refer to insightful LLC resources that can be found online.
The Economy Is Expanding
As mentioned previously, the growth of different business industries has attracted many new and exciting businesses, small and large, that are greatly adding to the overall growth of the economy in Texas. Small businesses contribute a total of 44% to the United States GDP, and this is clear in Texas, as small businesses and startups are creating hundreds of thousands of jobs through profitable ventures.
One of the newest economic trends is rapid growth, which is especially significant after lockdown and pandemic tensions have eased and the world has opened up much more.
With so many unique industries and an economy that is expanding and going on an upward venture, Texas has set the trend for having a diverse economy that is being contributed to by various factors.
Oil, natural gas, agriculture, and more diversify the economy and ensure that there are many different avenues for Texas to stay on top of the game. Texans are open to the opportunity of creating businesses that delve into more than one sector for further opportunities.
Texas’ economy is growing and there seems to be no end in sight. With so many benefits and opportunities gained from all of the economic trends, Texans are taking advantage of the fact that the Lone Star State caters to their business needs.