How Texas Is Winning When It Comes to Economic Growth
Tuesday, March 14, 2017
Despite the sharp decline in oil prices at the start of 2016, Texas' economy continues to find innovative ways to grow and continues to lead the nation in drawing business. In the last few weeks, here is how Texas has come out on top:
1. #1 Governor's Cup Award with Site Selection. For the 5th straight year, Texas won the Governor's Cup Award from Site Selection Magazine in recognizing top performing states for capital investment attraction based on number of new and expanded corporate facilities. "Site Selection's yearly analyses are regarded by corporate real estate analysts as 'the industry scoreboard.' The magazine's circulation base consists of 48,000 subscribers, most of whom are involved in corporate site selection decisions at the CEO/President/COO level."
2. Texas named Business Facilities’ 2016 State of the Year. Texas climbed to the top "from a diverse mix of growth sectors, including facilities for Charles Schwab, Amazon, Lockheed Martin and two top pharma players. In addition to multi-billion-dollar investments in petrochemical expansions, the top five for capex in TX included $2.2 billion in spending commitments from Samsung and Lockheed Martin." Lockheed Martin upgraded its Fort Worth faculties as it gears up for the F-35 Fighter jet program.
Governor Abbott says that, "Texas remains the brightest beacon of free enterprise in the nation, and Charles Schwab’s decision to expand its operations in North Texas is yet another testament to the Lone Star state’s promising economic climate.”
Another move that boosted Texas' economy was landing "a major tech prize in 2015." Facebook will be building a "mammoth new data center in Fort Worth. The social media giant’s recently opened $500-million data center houses computer servers and equipment on a 110-acre plot of land in the 14100 block of Park Vista Boulevard just north of Texas 170."
3. #7 of Best States for Business by 24/7 Wall Street. "The GDP of Texas grew at an average rate of 4.8% each year between 2010 and 2015," states 24/7 Wall Street. Another article focused exclusively on why, "The Texas Economy Keeps Recovering and Looks Better for 2017." They wrote that Texas has a "gross domestic product (GDP) change of 4.8% was the second highest in the nation [and] the average salary of $53,769 was the 12th highest in America." Also noted, Texas garnered the 2nd highest among patient gains. To add to that, employment is forecasted to have a 1.9% growth in jobs.
Category: Texas, economic growth, Awards and Recognition