A recent report from the Bureau of Labor Statistics showed that Texas added 660,000 jobs in 2022. That’s a truly staggering number! Over the course of the COVID-19 pandemic, Texas lost around 1 million total jobs, but through the economic recovery of the last two years, we’ve built back every one—plus 700,000 more.
The biggest figure? The country at large has seen net growth of 1.2 million jobs since the onset of the pandemic, which means the 700,000 jobs created represent sixty percent of nationwide net job growth.
In terms of economics, Texas has a winning formula: our economy is well-diversified and our burdens to business are relatively few. The economy of Texas, parceled out from the rest of the United States, ranks as larger than Canada, South Korea, Russia and Australia. We have the 9th largest economy in the world.
In terms of economic diversity, consider the following:
- Texas is the largest state producer of energy in the United States, both in fossil fuels (coal, oil, and natural gas) and in renewable wind power.
- Houston’s M.D. Anderson Cancer Center is regarded as the global leader in cancer research—oh, and Houston has NASA.
- Dallas / Fort Worth is one of the country’s most extensive transportation, technology, and logistics hubs. It is rapidly growing into a center of commerce in the heartland of America.
- Killeen and El Paso are home to two of the U.S. Army’s largest bases.
- San Antonio is home to tech giant Rackspace and the U.S. Air Force’s Lackland AFB.
- Austin has become a significant filmmaking hub, as well as a center for technology companies like Tesla.
The list could go on and on, but this economic diversity adds up to a highly stable, healthy economy that continues to build upon itself. Add to this diverse mix a regulatory environment built around preserving economic liberty (we’re one of seven states with no personal state income tax), and you’ve got the foundation for serious economic firepower.
Let’s talk about the elephant in the room for a minute. To borrow a line from Douglas Adams, Texas is big. Really big. You just won’t believe how vastly, hugely, mind-bogglingly big it is. In this case, though, it’s not really about size. It’s about how Texas uses the dizzying array of geographic features at our disposal to build our economy.
Just a few examples:
- We’re a leader in wind power because we’ve peppered the open, relatively flat landscape stretching hundreds of miles with wind generation equipment.
- We’re a leader in marine logistics and shipping because we’ve used the unique geography of areas like Houston and Corpus Christi to build infrastructure for shipping and energy.
- We have the most farmland in the United States, both by count and by acreage, and we use the diversity of the land to grow everything from rice to citrus fruit. Plus, we also have more heads of cattle than any other state.
Lastly, Texas’ culture plays a significant role in our state’s success—but it can be tough to nail down exactly who we are. There are demographic attributes we could name, like the diversity of our ethnic backgrounds, our political leanings, our unique dialects, or our obsession with cultural fixtures that only Texans can understand. Ultimately Texans of every stripe can be summed up by the ethos of competition embodied in the flag used at the Battle of Gonzales during the Texas Revolution—”Come And Take It.”
Texas is, above all else, competitive, and that’s great for business. Whether you’ve got a better idea, a better product, a better football team or a better brisket, the invitation of Texans of every ethnic, political or geographic background is one grounded in honest competition.
Happy Texas Independence Day from the 4C Team.
If you’re ready to come and take it with a team that knows Texas, reach out to us today.