Texas is Looking Good for Continued Growth
The overall news is still good. Economic growth in Texas is estimated to continue. On the most recent update, the future of Texas is steady growth for another 30 years. This past July, the state’s population reached 23,904,380. This population growth gives Texas three of the largest cities in the nation. Out of the top 10 in the U.S., Houston was no. 4, San Antonio, no. 7 and Dallas in 9th place. Dallas is actually bigger if you consider the entire Dallas-Fort Worth area. According to CNNMoney.com, more people moved to the DFW area in the past year than any other metro area in the U.S. The population increased by 162,000 plus in just a year’s time. The Houston area population grew by an extra 100,000 itself.
Texas is expected to continue at a growth rate of 1.5% each year, reaching a population number of over 35 million by the year 2040.
The employment rate has gone well for Texas. There were 218,600 seasonally adjusted non-ag jobs in 2007, which equaled an annual growth rate of 2.1 percent. That was more than double the national growth rate of 1.0 percent. I read somewhere that the Federal Reserve thought the Texas growth rate was a little higher.
What does this mean for the Houston area and the rest of Texas? With such a great climate for business creation and relocation, Texas should continue to expand. The housing market has taken somewhat of a hit, but should come back strong, once the excesses are cleaned out. The cost of doing business as well as the cost of living are definitely favorable for companies moving in or expanding. Business Facilities Magazine gave Texas the 2007 “State of the Year” award for having the greatest company projects in the works together with the greatest job creation due to those projects. (Other sources: Texas One program, Business Facilities magazine)
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