Business Insights: Business in Texas
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Rising very recently Texas has become a metropolitan hub for international businesses. Companies from around the world have been aiming to hit it big in Texas. Business in Texas has been growing vastly since the last decade and continued to grow even throughout the pandemic. But what makes Texas so enticing for these international companies from Europe all the way to Asia to consider it for future business investment?
What is Texas known for?
Texas is known for the massive amount of oil reserves that vastly outnumber that of any of the other states. Texas has also over the course of history kept itself separate from the rest of the states and has protected its conservative thought process even today. If you hear cowboys you automatically think of Texas. Nevertheless over the years Texas has grown from a barren land of few cowboys to an expansive state that has created metropolitan hubs in three major cities that put it on the map. Let’s dive deeper into the dynamics of business in Texas.
What are these three cities?
Let’s begin with the city that houses the Texas Capitol Building alongside the governor’s mansion. Austin is a city well known for its annual music festival called Austin City Limits festival and hosts various other minor music concerts and festivals over the year. Economically speaking Austin is perhaps best known for encouraging startups and small businesses, especially in the central location of downtown.
Another city on the map of Texas that catches much attention is Houston. It’s known for its higher education featuring many well established private universities such as the William Marsh Rice University. In business terms this means that numerous well educated vicenarians who are ready to enter the job industry. Therefore, a business need not have to worry about labor competition. Additionally the Houston is not only close to the Gulf of Mexico, the state also houses the NASA headquarters. Houston is known for having a robust working industry and constant labor supply and demand.
Last but not least on the top three cities of Texas is Dallas. Better known as the Dallas Fort Worth region it encompasses two cities that are fairly recently gaining economic presence and intriguing interest from businesses. Dallas is the hub for American Airlines, Toyota, and Texas Instruments. This city is perhaps best known in the international perspective because of the expansive and ever growing airport they have present in the middle of the two regions: Dallas and Fort Worth. Additionally since it’s a new region gaining businesses the land and space available for headquarters, factories and even manufacturing plants is easily accessible and large in supply.
What would be a company’s success rate in Texas?
The success rate might be hard to quantify given the qualities and ever growing characteristics of the economic and business climate in Texas. Airports are expanding, large expanses of land are for sale and far more affordable in comparison to other states, taxes aren’t as high as other states as well, and the international competition is slowly climbing at an unprecedented rate. Business in Texas is practically booming and the success rate will definitely not disappoint even in the upcoming decades.
What are some industries that Texas has future growth in?
When looking towards long term future growth there are various industries in Texas that are predicted to grow immensely. The electric automobile industry is rapidly seeing an increase in not only demand but also supply in Texas. The state is known for cheap oil and gasoline because of its own supply regardless the large land size of the cities make it ideal for electric car companies and since Tesla moved headquarters to Austin there has been a boom in Tesla purchases not only in the same city but in the entire state as it’s fast and easy to ship them. Cars are cheaper to recharge than cars are to refuel given the inflation in gas with recent political events.
Another industry that is predicted to grow really well is start ups. Austin may be the hub for such industry but all across Texas there has been a rise in new startups and the demand from a customers perspective has risen parallel to the rise. Perhaps because of this rise in startups and small businesses, there is a predicted rise in the digital marketing industry. In particular, marketing agencies in Dallas have seen a huge jump in demand and will continue to do so. Any small business or startup requires a strong online presence essentially on social media or elsewhere to be able to generate initial interest in their product and thus digital marketing has had a huge demand.
Lastly, another industry that is expected to grow over the next few years is the chemical manufacturing industry. Without going into the technicalities, the chemical industry is what majority of other industries rely on. Nevertheless, high standards of safety and the need of an expansive plant have made Texas the ideal location to expand this industry in. Nevertheless, only time will tell the true size of the growth that is currently only predicted.
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