Texas’ recent economic progress is something most other areas can only dream about achieving. Despite the fact that a lot of analysts still have doubts about its sustainability, Texas continues to grow at a faster pace than almost any other place across the nation. With the recent surge in oil prices and booming oil production, the state has seen the number of residents double over the last decade. What’s even more impressive about this feat is that the majority of this population increase is actually coming from new residents moving in from out of state.
There are plenty of reasons why Texas has experienced such impressive growth as an area of state economic development. One major reason is the huge influx of population from neighboring regions, which is expected to continue over the next few years. In addition, whatever its boosters might say, Texas isn’t a particularly useful model for growth for the rest of America. Yes, the state has more jobs and population than the national average, but it doesn’t really provide the kind of job opportunities most people in the United States are used to. True, the current number of jobs and population growth in Texas has been increasing steadily, making other areas wonder if Texas holds lessons for other state policies that could create similar growth elsewhere.
Another reason why Texas has been able to sustain such strong economic growth is the fact that it’s actually been doing relatively well economically in recent times. While the overall economy is still experiencing slow growth, especially compared to the recovery from the Great Recession, there are plenty of positive signs to point to. One of them is the fact that the local housing market in Texas has managed to avoid a major collapse, despite the negative
press that it received over the past year or so. Another positive sign is that Texas unemployment numbers are slowly beginning to fall, while many other states continue to struggle with an extremely high unemployment rate. Finally, Texas still continues to be the single largest state employer in the entire country, which allows for more local jobs to be created each year. If there are other areas in the United States that need a lesson in economic growth, the Lone Star State is certainly one of them.