We’ve made it to 2012 and the Texas economic future looks very promising, both for the short and long term. Of course no one has a crystal ball, but lead indicators suggest the Texas economy will outperform most other states around the country this year and beyond.
Texas outperformed the US in 2011 with job growth in the energy sector, construction, manufacturing, retail, health care, and hospitality. With over 11 million people currently working in Texas, this number is higher than in 2008, before the recession even started. Texas has recovered all jobs lost and then some.
Job growth continues in almost all Texas metro areas. With lower costs of living and lower wage structures, Texas is more equipped to compete in the global market and the state is able to keep jobs in the US instead of shipping them overseas. Most of the job growth and population growth in Texas has occurred within a defined area some refer to as the Texas Triangle.
The Texas Triangle consists of the 4 major cities Houston, Dallas/Fort Worth, Austin, and San Antonio. In a sense, these economies function together complimenting each other to form a “megaregion”. Each city has their own economic strengths and together, Texas is able to complete in the global markets better than one lone city can. There are other known megaregions in the country, but what makes the Texas Triangle unique is that it’s all under one state government jurisdiction, making it easier to nurture and grow this economic force of the future.
The world is becoming flatter every day, and local economies have to compete on a global level like never before. I think Texas is positioned well moving forward in these changing times. If you are thinking about relocating here and have questions about Texas real estate, call Jarrod Frenzel with The North Star Group @ 281-658-7389.