Texas remains a favorite for most global investors when it comes to yielding great returns successively. Most of these investors have been to various parts of the globe and are aware of the pitfalls of bulk investments.
Check out the main reasons behind the success of Texas in trumping most economies:
Texas is a powerhouse in the manufacturing industry
Texas is doing great in many fields. Manufacturing is one of the key commercial areas that this state is leading. The manufacturing output of Texas was worth $226.16 billion in 2017. As per the Federal Reserve Bank of Dallas, it constitutes about 10% of the entire volume of commercial goods manufactured in the US. About 7.1% of the whole workforce of this industry or a little over 865,000 jobs has been created in Texas. The manufacturing industry yields an annual compensation worth $82,544 as against all non-farm jobs worth a turnover of $46,642. It really helps in pacing up the GDP of this state. This is a single commercial sector in Texas that continues to grow at a time when the manufacturing pace is slackening across other US states.
Texas proves to be the largest exporter among all US states
Among all US states, Texas is considered to be one of the leading exporting states in the US. Exports from Texas constitute about 20% of the U.S. exports. The rate of experts in this state is still growing quite impressively. The rate of exports in Texas has come up by 16% during the current year in sharp contrast to the 5.2% increase of the overall exports in the U.S. The gigantic gas and oil industry has contributed much towards the growth of this state. As per the EIA report drew in August, the volume of crude oil exports in Texas has surpassed its imports for the very first occasion in April.
Texans enjoy the fastest income growth in the U.S.
During the Q1 and Q2 of the current year, Texans have enjoyed pacing up their income growth. This has been an outcome of facts concerning Texas being one of the four states that don’t charge corporate income tax and has a supportive business environment. In comparison to an income expansion of average US citizens worth 4.2%, the income of Texans came up by a substantial amount (6%) in the Q2. The rate of income growth in Texas is certainly the best among all of the US states. The technological, scientific, and professional service providers in the US are leading this income growth since the beginning of this year.
Texas is the global superpower in oil production
Texas accounts for over 40% of the entire oil output in the US. Being the biggest producer of crude, Texas happens to be the oil country. It’s a boon for the overall economy of the state. Among all leading production sectors, the oil and gas sector contributes largely towards the creation of new employment. The state accumulated over $45 billion by claiming an 18% share of the oil and gas exports of the country. It reflects a 5.2% rise in exports since the eradication of the ban on export of crude oil. Texas is even expected to claim the number three spot among all global leading oil producers after surpassing leading OPEC countries like Iraq and Iran.
The US state of Texas has been named the best business state of 2018 due to its economic strength worth $1.6 trillion. Twelve years have passed since the first time after CNBC started ranking them. And Texas has won the award of the best state economy for four times during these twelve years.