According to Newsweek magazine, the “Texaplex” of Austin, San Antonio, Dallas and Houston is among the top ten regions in the country in terms of being poised for an economic recovery. This is largely due to the fact that the Texas metros have a strong energy sector as well as a strong entrepreneurial spirit.
In addition to having a strong energy sector, the Newsweek article found that the state of Texas is also an attractive market for those businesses that are looking for a place to relocate. This was largely due to the fact that the state has a “pro-business attitude” as well as a business tax rate that is relatively low when compared to other states. For these reasons and more, Texas now has more Fortune 500 companies than any other state in the country.
Not only are businesses moving into the area, but the four cities are also experiencing a great deal of migration from workers who are looking for a job. In fact, Houston and Dallas both have higher immigration rates than Chicago. Furthermore, if the job market remains the same in the area, the cities are likely to start seeing a mixture of ethnicities that is similar that found in Los Angeles and New York.
Overall, Newsweek found that Texas has the most job growth in the country. While the state’s emerging tech center was one reason for this growth, the continually growing University of Texas also contributed to this expansion. Furthermore, Texas enjoyed a great deal of private sector growth from both outside and local companies and firms. Some of these include Nokia, Samsung, Fujitsu and Siemens.