Texas’s strengths put it at the center of US growth

The US economy has been undergoing a southward shift and Texas is at the heart of this transition. Over the last five years, it has had one of the fastest-growing economies in the country, and nearly 20% of all new jobs in the US were created there—in particular, in technology, finance, and high-value manufacturing. 

The latest analysis on Texas highlights how the state’s diverse strengths continue to drive US economic growth. Explore these key takeaways and more in the full briefing:

• Texas is at the heart of the southward shift in the US economy – Texas has consistently outpaced the US for both GDP and population growth over the past two decades.
• Texas is a center for tech and high-value manufacturing – Tesla and Oracle have joined Dell in Austin, while HPE has moved operations to Houston.
• Finance and corporates have turned Dallas into Wall Street South – The growing finance sector has even spurred a campaign to nickname Dallas “Y’all Street”.
• In-migration is boosting population growth – Graduates and skilled workers are attracted by the state’s attractive tax regime, affordable housing, low cost of living, and year-round warm weather.
• Housing in Texas is relatively affordable – Build costs are lower than California thanks to less regulation and lower wages, while a constant supply of housing helps retain skills in the sector.
• Oil remains key in some metros, but local strengths abound – Economic diversity across a range of high-value sectors is cementing Texas’s strong outlook.