Texas is the only state where the job market continues to grow and expand. A number of cities in the state, including Houston and Austin, have seen a substantial increase in new jobs. The energy sector can be attributed to the job growth in Houston, while the technology sector can be attributed to the job growth and Austin. The large number of companies that start businesses in Texas confirm that Texas is a great state for business.
A good example of the growing job market in Houston is the new Exxon complex that is being constructed in The Woodlands. The Woodlands is North of Houston and the Exxon complex is being constructed on 385 acres. This complex will bring 10,000 new jobs to the Houston area. In addition, businesses from Fairfax Virginia and acre in Ohio are also moving to the Exxon complex. Houston employment has increased 3.7% since 2008.
In addition, the sales of commercial real estate in Houston continue to increase. The Shell Plaza, a 1.8 million square foot office complex was recently sold for $550 million. The building was bought by Enterprise Products Company. Richard H Bachmann, CEO of Enterprise Products Company said, “This long-term investment reflects our confidence in Houston, its strong and diverse economy, as well as its role in global commerce and its attractive environment for business.”
In 2011, Austin was named the third best job market in the world by Forbes Magazine. Earlier this year, the Austin business Journal reported that the city’s job market was still booming. The increase in new businesses starting in Austin is attributed to the fact that Austin is the Capital of Texas and it has a major convention center.
A new medical school will also be added to Austin at the University of Texas. This will result in a significant growth to the healthcare sector. And, more jobs will be added to the area as new companies open in the healthcare industry.
In the state of the state address earlier this year, Texas Lieut. Gov. David Dewhurst said, “Texas is number one in almost every business and financial index in the country.” Gov. Rick Perry made some key business points in his address. These points included:
- Texas is a prime destination for employers and employees;
- Employers are free to expand as government bureaucracy doesn’t stimulate the economy;
- Texas had the fastest job growth rate in the country for the last 10 years;
- Companies are drawn to Texas because of the economic climate and Texans’ work ethic;
- Other states are trying to imitate Texas’ economic strategy;
- Texas’ will continue its “core principle” of being a low-tax state;
- He also proposed spending $3.7 billion from the “Rainy Day Fund” on more roads and infrastructure.
The state of Texas economy is strong and continues to move in a growth oriented capacity. The state is so business friendly the current businesses are expanding and building larger complexes, while new businesses start out.