Texas job markets continue to grow and expand. Houston and Austin both have seen a substantial increase in new jobs. The job growth in these cities can be attributed to the energy sector (Houston) and the technology sector (Austin). Texas is a great state for business because of the number of companies starting businesses in these cities.
For example, Exxon is building a large complex on 385 acres in the Woodlands (just north of Houston). This will bring 10,000 new jobs to the Houston area. There are also businesses in Fairfax, Va. and Akron, Ohio that plan on moving to the Exxon complex. Employment in Houston increased 3.7 percent from 2008.
Moreover, commercial real estate sales continue to increase. A 1.8 million square foot office complex (The Shell Plaza) recently sold for $550 million. Enterprise Products Co. (EPCO) bought the building: EPCO’s CEO, Richard H. Bachmann 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.”
Austin was named the 3rd best job market in the world by Forbes in 2011. More recently, the Austin Business Journal reported that the job market is still booming. The increase in new businesses in Austin can be attributed to the major convention center and the fact that Austin is the capital of Texas.
Additionally, the University of Texas will be adding a new medical school. Healthcare sector growth will increase significantly as a result. New companies will open in the health care field and bring more jobs to the area.
In Tuesday’s state of the state address, Texas Lt. Governor, David Dewhurst said, “Texas is number one in almost every business and financial index in the country.” In addition, Governor Rick Perry made some key business points in this address:
- 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 Texas economy is strong and continues to be moving in a growth-oriented capacity. Current businesses are expanding and new businesses are being opened. Texas will continue to be a business friendly state.
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