All Industries Grow in Texas – An Economy that is Thriving
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Following a recent press release regarding the workforce in Texas, over 46,600 non-farm based jobs were added in July. Currently, the unemployment rate within Texas has remained at an impressive 5.1%, far lower than the national average that is set at 6.2%.
Following a recent press release regarding the workforce in Texas, over 46,600 non-farm based jobs were added in July. Currently, the unemployment rate within Texas has remained at an impressive 5.1%, far lower than the national average that is set at 6.2%.
It seems that the strength of the Texan economy, and the diversity that currently contributes to the exciting possibilities of growth, have signaled positive chances for long term growth. The latest forecast given by the Perryman group suggests that Texas will continue to outperform the average pace of the country in terms of economic growth.
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Low Taxes, Logical & Unimposing Regulations
The low taxes and reliable regulatory pattern within Texas have been annually credited (for the past several years) for their bolstering of various industries. As a result, Governor Perry has endeavored to share the Texan message of prosperity to various states throughout the US. The governor told an audience at a political action conference that in ‘red state America’ the individual and their freedom comes first, meaning government involvement is limited. According to Perry, opportunities and jobs are on the rise in his state because of his hands off approach to business, leading to a better future and more opportunities for Texas citizens.
The Factors Supporting the Texas Economy
It is usually assumed that the Texas economy is being propelled forwards by the impressive oil and gas industries. However, business and professional services in the state have seen some serious growth in the recent months and industries across the board are offering up new opportunities for hiring, which means that job-seekers in Texas are ready to benefit.
Although the oil surge continues to have a significant impact on the economy, the expansion within the state is broader than this alone. Utilities, transportation, and the trade sector have added the largest amount of new jobs during the period between July 2013 and July 2014. These sectors offered approximately 92,500 new positions within the job market.
This is while New York, Illinois, and California continue to fail because they are going down the complete opposite avenue. They believe government has all the answers and they micromanage the private sector. This is why companies are leaving these three states and relocating to Texas and other low tax states. For instance, California is sitting on as much oil shale as Texas but they refuse to authorize fracking despite Texas having thousands of high paying jobs in this arena while California has none. On top of this, California continues to spend more money than it has while Texas has shown to be a responsible government displaying financial acuity.
The Future for Texas
According to oil and gas economists, the economy of Texas is unlikely to see a problematic period like the one it experienced during the 70s. The reason for this is that the economy is not completely reliant on oil and gas to keep it afloat. In the 70s and 80s, the oil and gas industries had a much larger impact on the Texas economy. Although oil shale is a monster in Texas, Texas has spread its wings. For example, Austin has thousands of tech jobs that have been created by large tech giants opening up shop in this western Texas city.
Ultimately, it appears as though Texas is in an enviable position to keep moving forward with strong growth. Its diverse economy is experiencing fantastic growth in various sectors, and the long-term forecast looks promising. The baseline for the future suggests an increase in employment of over 6.8 million new jobs. Furthermore, the gross product gains for the state are suggested to see an annual rate of about 3.5%. And this is despite the overall President Obama’s economy languishing around in a recession.
Just think how good Texas would be doing if Washington DC was not undermining businesses at every turn? Texas is pushing the right buttons and leading the way to a bright future.
