By: First Union | Date:
Texas's Business-Friendly Environment and Job Growth
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What is the job market like in Texas? Did Texas have the largest job growth in the United States in 2019? Does Texas have a good reputation for providing a business-friendly environment? Is there a correlation between Texas's job growth and the business-friendly environment that they strive for? What does Texas job growth look like?
According to Texas's Department of Labor, even with December's unemployment rate increasing to 3.5% in the state, Texas employers created 28,900 new jobs. Additionally, Texas's economy added almost 1,000 jobs a day, totaling 342,800 jobs for 2019 as a whole. The crazy part about this - Texas added even more jobs in 2018, a total of 391,800. Additionally, from February 2019 to November 2019, the unemployment rate stayed at 3.4%, which is Texas's historic low (and it lasted six months!/). In December 2019 alone, jobs grew at a rate of 2.7%, with trade, transportation, and the utility industry-leading The Lone Star State with 11,600 new jobs state-wide. Everything is bigger in Texas, for sure.
How is Texas staying ahead of the curve? How is Texas number one in job growth in the United States? When you look at Texas's economy, state policy, and statutes, they have a low-cost, low-regulation approach to business growth, which is what is leading to such impressive economic growth.
A New Demographic in Town
To say this is all based on Texan growth is simply not true. 2018 and 2019 had Texas at the top of the economic growth charts due to so many people moving to Texas. 700,000 people came from California alone. Additionally, many from Illinois and New Jersey are making headway down in Texas.
Texas provides business owners the opportunity to not only start, but grow their business with fewer regulations, overhead costs, and government supervision. People are "fleeing" to Texas because of laid back, "don't mess with Texas" attitude. And you don't want to mess with Texas on these fronts. Business-friendly policies have been put in place in Texas to encourage people to move to their state (even back in 2013, former Texas Governor Rick Perry targeted Californians requesting they relocate to Texas in a series of advertisements/).
Don't Mess with Texas
Texas wants businesses to come to their state, which is why they have fewer regulations, lower taxes, and make it easier for business owners to operate successfully. Texas prides itself on understanding that for the state to succeed, businesses, small to large, need to succeed.
Some of the main drivers in Texas's booming economy include:
- Though Texas is the second to Alaska size-wise, Texas has more miles of roads and rails than any other state.
- Almost 40% of America's oil is produced in Texas.
- Texas has so much crude oil in their reserves, they could fill a million Olympic-sized swimming pools!
- Texas is the biggest producer of wind power in the United States.
- Texas's GDP is so large that if it became an independent state, it would have the tenth largest GDP in the world.
- Texas accounts for 10% of the total United States manufacturing.
- Texas is home to over 1 million women-owned businesses.
- Texas produces over $13 billion of wine each year.
- Most Texas exports go south to Mexico.
Where's the kicker? The University of California at Berkeley surveyed that over half of registered voters are considered leaving the state - and most are moving to Texas.
Lasso-ing In a Job
Because of the increase in job growth, it becomes easier to get a job. If you have the right attitude, skill sets, and experience, you can find yourself in an extremely successful situation while living in Texas.
If you're looking to relocate to Texas based on the state's job growth, lack of regulation on business, and tax breaks, you may consider these top locations:
- San Antonio
- Fort Worth
- Grand Prairie
- El Paso
- Corpus Christi
Additionally, you may want to consider these industries and careers:
- Health Care
- Consumer Service
- Sales Manager
- Training and Development Manager
- Marketing Manager
- Purchasing Manager
- Air Traffic Controllers
- Airline Pilot
- Leisure and Hospitality
- Financial Services
- Financial Manager
- Petroleum Engineer
- Chemical Engineer
Everything's Bigger in Texas
The $1.9 trillion Texas economy is the second biggest in the United States, only behind the state of California. Texas ranks fourth for its current economic climate and first for its growth prospects, due to strong employment and income growth forecasts for the next five years. Current Governor Greg Abbott strives to continue growing Texas's economy while continuing to build a business-friendly working environment. Not to mention a conservative outlook on business - which is the large draw for business owners to relocate or open new businesses in The Lone Star State.
Keep your eye on Texas - you may soon find it to be the largest state, not only economic growth-wise but population-wise over the next 10 years. You may also want to consider relocating for personal and business growth and prosperity. Everything is bigger in Texas - and that includes the state's job growth and economic outlook.
Looking to Open a Business in Texas?
If you find yourself needing to find funding to start a business, First Union Lending is here to help.
We have nine different business loan types to choose from. This means that we're uniquely qualified to help you find the perfect loan to open your small business.
Applying for a business loan doesn't affect your credit. Better yet, your business loan may be approved as soon as the same day.
To discuss our business loans with one of our lending experts, click here or call 863-825-5626. We'll talk about our various business loans and help you find the right one.
Get started with the process now by learning more about our business loan types.