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Why Texas Is The Future: Economy and Moving To Texas - YouTube
Channel: The Inner Economy
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two centuries ago texas was a special
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populated and desorate area of the
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waning spanish empire
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some decades away it was one of the best
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imaging growing nations that created the
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that in british colonies on the eastern
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shore of north america
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today more and more americans are
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realizing that texas is the future
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the lone star is attracting inflows of
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the population from all over the country
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being held by its vast land area
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thriving cities ample resources and
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cosmopolitan diversity
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is the story moving i'm out of here when
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do you leave
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soon texas or yeah i'm gonna go to texas
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turns out i didn't do a very good job
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explaining things
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and i also don't have a ton of bad
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things to say about new york
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so it just doesn't make sense to people
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when when i talk about it
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in recent years the lone star state has
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been narrowing the gap which california
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had created
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but if it is going to overtake the
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golden state texas will have to make
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changes
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in this video we are going to cover the
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economy of texas and what to consider if
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you are moving to texas
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if you are enjoying this video hit the
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like button for the video to be
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recommended to other people
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and don't forget to subscribe texas is
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the second largest in landmass after
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alaska
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and population behind california it also
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trades behind california in terms of
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annual gdp
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but behind these statistics texas does
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not lag when it comes to its economy
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from its sky high oil production to its
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surprisingly massive wine industry and
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the booming tech industry
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these are only the tip of the ice block
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that supports the texas economy
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in the years following the 2009
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recession texas was one of the most
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economically resilient states
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experiencing very high growth of seven
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percent between 2009 and 2014.
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throughout the economic recovery the
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strongest growth industries were related
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to energy
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construction and technology
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in the energy sector texas produces
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almost 40 percent of america's oil
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like in 2017 texas accounted for that
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seven percent of america's crude oil
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production
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according to the us energy information
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administration
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the lone star state was also responsible
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for 24 percent of the nation's marketed
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natural gas production
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all these hebs takes us to have the 10th
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largest gdp on earth
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in 2019 texas had an economic output of
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1.8 trillion dollars
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putting its slightly ahead of canada and
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slightly behind brazil
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due to its vast land bath this state has
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more miles of roads
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and rails than any other state in the us
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they built more than three to ten
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thousand two hundred miles of fabric
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roads
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to help keep up with the massive volume
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of goods being produced and shipped out
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of texas
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texas also has 16 seaports in more than
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380 airports
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some of these roads lead to the 400
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wineries around texas which generate
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over that 10 billion dollars annually
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this has made it to become the 5th
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largest producer of wine in the us
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texas is in the top five states for
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american wine production
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and wine has been produced here since
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the 1600s
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despite the recent power crisis and
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outage texas windmills produced around
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21 000 megawatts secondary only to
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iowa the recent winter storm caused the
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freezing of these sweet meals
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which led to a power outage in the whole
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of texas
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and because they agreed is independent
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they could not borrow power from the
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neighboring states
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this high economy of texas has made some
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people rich
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who tend to settle in albany texas where
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the average per capita income is about
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162
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300 dollars that is 3.3 times higher
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than the national average
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all these goods that texas produces are
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mainly exported
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in 2015 texas exported 11.5 billion
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dollars worth of goods to china
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and 25.5 billion worth of products to
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kanada
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that same year it sent more than 92.4
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billion dollars worth of exports down to
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mexico
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some of these goods exported are being
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held by the nearly 1 million women owned
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businesses
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with nearly 150 growth in female
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establishments over the last two decades
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lastly about the texas economy it
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accounts for 10 percent of total
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manufacturing in the united states
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in 2017 its output was 226 billion
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dollars
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a one-tenth of the manufacturing dollars
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generated in america
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this was set by the 865 000 people
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employed by the manufacturing industry
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this is expected to grow with all these
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new tech companies building new offices
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and headquarters in texas such as
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tesla.com talking about elon musk moving
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to texas
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a number of people have said well has he
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really moved to texas
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as more people move to the lone star
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state its population is catching up to
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california
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dysfunctional california politics have
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made housing unaffordable
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causing people to flee to texas this is
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mainly due to the cheap sabbababs and
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low tax rates
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recent recites then found out that texas
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is home to an outside amount of new
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homeowners compared to the rest of the
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country
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seven of the top 25 cities nationwide
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for new home ownership are in texas
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one of the seven areas in non-star state
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is frisco which has a record of 43.6
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percent of home owners who have lived in
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the city for less than 10 years
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other areas are rousting round rock
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which had a net migration of the raid 55
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000 between 2010 and 2019.
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midra texas is also high on the list
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with a population change of 17.3 percent
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in the last decade
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but if texas is going to provide housing
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jobs
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and high quality of life to those who
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are moving in ensure the boom continues
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it is going to have to improve its
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energy infrastructure technology policy
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universities and urbanism
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one of the reasons shortcomings was
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demonstrated in the recent winter storm
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which left millions of texans without
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heat or electricity
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in freezing temperatures that killed at
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least 58.
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it was texas failure to winterize power
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plants and natural gas infrastructure
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as well as being cut off from the rest
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of the country's power grid
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fortunately after a long drought of
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investment technology companies are
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tracking a renewed interest in texas
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led by elon musk company spacex and
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tesla
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as of november that five companies had
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relocated to or opened new facilities in
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the austin area in 2020 alone
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according to the data from the austin
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chamber of commerce
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some other companies that arriving the
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bay area include hp enterprises
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which are moving its headquarters to
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texas oracle is also moving its
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headquarters to austin
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hvc foil trail disadvancing
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florida is also another option for tech
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farms and ceos
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but it is mainly attracting people from
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new york such as goldman sachs and
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broomburg
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wall street still hang on to its core
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position in new york because of a data
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labor market
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expensive relocation cost and a shortage
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of available luxury homes in florida
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the high housing cost high taxes and
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street regulations of california have
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made it a challenging place to live
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work and do business for texas to become
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the next city country
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it has to start by burning and complete
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employment courses that stifle
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innovation and limit available talent
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for companies
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and complete contract seems like a pro
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business policy
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because each company would like to keep
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its workers away from competitors
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but this ends up hurting the old tech
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industry because talent and ideas are
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prevented from flowing between companies
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the university system is another area
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texas should consider if you want to
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attract small businesses
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currently lone star state has two big
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flagship public schools which at the
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university of texas at austin
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and texas a m university as well as some
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decentrally ranked private schools
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but its schools are well behind
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california's and the rankings
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and they are just aren't enough of them
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universities play a major role for a
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region in economic development
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even if undergraduates will still move
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away after graduation
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many will still stay in the same state
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adding to the pool of human capital that
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attracts businesses to an area
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upgrading schools might cost a lot but
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in a long time it is worth it
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the last problem to consider before
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moving to texas is that it might fall
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into the great tragedy of california a
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recent report by manhattan institute
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found out that land use restrictions are
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driving up housing costs in texas big
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cities like austin
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it is now one of the country's president
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electro policies but that of all zone in
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dallas has also been rising
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to avoid that california program texas
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need to rip arrest land use regulations
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to allow greater density
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public transport should also be improved
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to cater for the new people
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so if the exhaust is going to become the
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next california it has to step
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up on some tools thanks for watching
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hit the like button and subscribe
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