In fact, if it were a country, Texas would be the 8th largest economy in the world, ahead of Russia, Canada, Italy, Brazil, and others. Companies continue to move to the Lone Star State to tap into the nation’s top workforce of more than 15 million, world-class infrastructure with international access by land, sea and air, and more. It’s no wonder Texas is the leading state in many areas such as GDP, exports, population growth and job creation.
Texas economic growth ranks first in the nation, “thanks to strong employment and income growth forecasts for the next five years,” according to Forbes Magazine.
The positive outlook for long-term Texas economic strength is the result of many factors:
To understand why Texas is the best state for business, consider the low tax rates in Texas, which allow businesses to invest in their workers, expand to new markets and raise incomes.
A state economy is only as good as its ability to deliver its products to the world. The vast infrastructure in Texas ensures the state remains a leading exporter. Texas offers the largest transportation network in the nation, with the most miles of public roadways, state highways, freight railways, and airports, and seaports.
The Texas economic outlook is favorable based on the robustness of its industry sectors. Beyond energy, the many progressive sectors thriving in Texas ensure strength for decades to come.
According to the Office of the Texas Governor, these are the target industry clusters:
Texas continues to shine as a beacon of hope and opportunity. The Lone Star State’s success is due to its skilled and dedicated workforce, its commitment to economic freedom, state-of-the-art infrastructure, and thriving business climate.
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