Seizing the Moment in Texas
Texas has continued to defy the ravages of the recession in terms of job gains. Why have Houston, Dallas, and other major Texas cities been able to do what other major cities in the United States have not? One reason is obvious – oil and gas. But in addition to this, it is a business-friendly state with policies that favor business. The topography and geography are also a part of the reason. During the worst part of the recession, over a hundred foreign-owned companies relocated, expanded or started new.
One fascinating fact is Houston relies on history. They have learned from their mistakes. This is especially true in the energy and real estate sectors. Houston and other Texas cities do not lay off veteran workers before they have time to pass their skills down to younger generations. As a result, the region has not suffered the job loss that other states have experienced.
Houston developers ignored waning demand in the ’80s, but the city avoided the housing bubble altogether by tightening lending and home construction in the early years of the crisis.
While the energy industry contributed the most to economic growth in Texas, durable goods manufacturing — which includes the making of machinery for oil and gas fields — was also an important factor for the state. The gross domestic product — the total value of all economic activity within a state that is adjusted for inflation — increased 4.8 percent in Texas in 2012, according to the Bureau of Economic Analysis. That gave Texas the second-highest economic growth rate in the nation.
Houston is an undisputed leader in domestic and international business, with economic and cultural ties reaching across the globe. It offers an array of services to businesses wishing to expand or relocate in the area. The region benefits from a skilled workforce, making it an ideal location for companies seeking the right employee to do the jobs of today and the future. Houston also has one of the world’s greatest concentrations of engineering talent generated from its energy, aerospace and medical clusters.
For this reason, job candidates come from all over the United States to seize opportunities. The economy is stable. The housing market is promising. Everything is big in Texas and that includes the job market.
Source: “Oil Driving Economic Booms.” San Antonio Express-News. Web. 16 June 2013.
Houston Called America’s No. 1 Job Creator and a Juggernaut by National Magazine.” Culture Map Houston. Web. 16 June 2013.