Texas' growth story has been the envy of the country. The Lone Star State has long touted the fact that it is the fastest growing state in the U.S., and that it contributes substantially to the national economy. While this may be the case, Texas still faces many challenges that hinder its ability to sustain such lofty levels of growth. One of the most formidable hurdles for the Lone Star State comes from the fact that oil and gas have been a major force behind its economic success, but new sources of energy and natural gas are quickly becoming accessible.
While Texas has benefitted greatly from the boom in drilling and development that these two industries have spurred, new energy sources like wind and solar power continue to grow in popularity across the state. While these alternative energies have yet to fully take hold, Texas homeowners and businesses are starting to explore the opportunity that they present. This means that the Lone Star State continues to face a serious dilemma as it attempts to balance its budget, but continues to enjoy a strong economy.
Texas has long touted an effective business climate. With companies from throughout the world establishing headquarters and manufacturing plants here, the business that chooses to call Texas home will find that there are many ways to tap into this economy. Low unemployment rates, affordable wages and great infrastructure all contribute to Texas' ability to attract and retain employees. As a result, the state continues to experience job growth, and even though it lags behind most other states when it comes to overall population growth, it does remain one of the fastest-growing states in the U.S.
One of the reasons why Texas continues to remain competitive is the abundance of natural resources that make up the state. Water, land and oil are all found in great quantities in the Lone Star State, which helps to make it one of the most economically viable places to live. Because of this, there are a number of industries that have begun to boom in Texas, making it one of the most technologically advanced regions in the country. Because of these resources, the population continues to grow, leading to a growing demand for workers in the construction industry, in Texas oil fields, and in the related fields.
Because of the growth and demand for workers, jobs in the health care industry are among the hottest in the state. There are a number of hospitals in Texas, making it one of the most geographically diverse medical hubs in the nation. Doctors can take advantage of the state's excellent workforce by relocating to Dallas or Houston, where they can perform advanced surgeries. Because this has created a shortage of doctors in the state, some private practices have opened their doors in Texas as well. This has resulted in a surge of medical professionals looking for work in this booming industry. Because Texas offers so many job opportunities, the residents of the state continue to see economic development and job growth as being among the best in the nation.
One of the reasons why Texas has continued to lead the way in economic growth is . . . . . . the fact that it has one of the best education systems in the country. With some of the best colleges and universities in the country, students from around the world enroll at the nation's top colleges and universities. Many graduates go on to become some of the nation's top business professionals, heading companies like Schlumberger, Conoco, and Halliburton, just to name a few.
The number of people working in the Texas oil fields continues to climb every year because of the state's dependence on those natural resources. In fact, the drilling and production of natural gas and oil continue to create more jobs for workers in the Lone Star State. Another area that benefits Texas economically is the tourism industry, which is another element of Texas' economic growth. Dallas attracts a huge percentage of the tourists in the country, which helps the city earn millions in tourism tax dollars each year.
As one can see, Texas' economic growth is both expansive and dynamic. As long as the state remains vibrant and retains its current prosperity, the residents of Texas will continue to enjoy the fruits of their labor. If the state's future looks dim, however, it is important for residents to take stock of their current situation and determine what steps they need to take to improve the economy. One of the most direct answers to this question is to move to another Texas city or invest in a business in the Lone Star State. There are many reasons why living in the Lone Star State is a sound investment.