Over the past few weeks, as a result of the NCAA basketball championship campaigns, we learned a lot about the various schools that participated and the caliber of young men and women who represented those institutions. Most of us were probably pretty familiar with the majority of the universities involved, but some institutions were less well known.
Perhaps that’s true for many of us with regard to the Lone Star State. We know a few facts, but on other matters we are not quite as conversant. I thought a quick mention of some of the pertinent areas in which Texas is in the top tier might help us understand and appreciate the state a bit more.
It’s probably common knowledge that Texas was first in adding new jobs last year, but perhaps not as well known is the fact the state has the 11th largest economy in the world, with about the same annual gross domestic product as Brazil. Our output is now well in excess of $1 trillion per year!
The state is also a top-ranked destination for foreign direct investment due in major part to the Texas Enterprise Fund and the Texas Emerging Technology Fund. As a result, Texas ranked third nationally in 2006 in the number of jobs created by foreign-owned businesses. Moreover, for the third year in a row, many of the nation’s leading executives, as noted in the Chief Executive Magazine, named Texas the best state to do business.
Furthermore, Texas is the second most populous state in the US with the number of residents expected to increase annually at a 1.88% rate over the next five years, almost double the anticipated rise in the population of the US. If Texas were a country, it would rank in the top 50 of all nations in population. Currently, there are approximately 6.6 million Texans living and working abroad. If just that number were taken into consideration and made into one state, “Texans abroad” would be the 17th most populated state and rank in the top 100 among all the countries in the world.
Of the 10 most populous cities in the US, three are in Texas—Houston, Dallas, and San Antonio. In fact, the Dallas-Fort Worth metroplex aggregate population is more than the total number of residents in 31 of the nation’s states.
Just as a way of noting the size of Texas, its largest county in land area, Brewster, is almost as large as the combined square mileage of Connecticut and Rhode Island. Just the King Ranch, located near Corpus Christi, encompasses more acreage than Rhode Island.
Texas has always been a land of immigrants. From its earliest day, people have come to this area from across the US, Mexico, and Europe. That trend continues and, since 2004, Texas has been a minority-majority state, one of four in the US at that time.
The year 2007 marked the sixth consecutive year that Texas has led the nation in exports with a value of more than $168 billion. Overtaking California in 2002, the gap between the two states has been growing annually. In 2002, the difference was about $3.18 billion. Last year, the Lone Star State’s exports exceeded those of California by more $34.01 billion. (It is only fair to note that an experimental method of defining the point of origin of exports could, if adopted, return Texas to second place.) According to the US Census Bureau in 2007, some 108,900 Texans were employed in manufacturing goods for shipment outside the US. California led the nation with 206,100. Ohio was third with 95,600, followed by Michigan with 79,800. Overall, approximately 2.2 million jobs in Texas are associated with various aspects of international trade.
Credit for Texas’ ongoing success in so many areas must be given to the state’s positive business climate, low taxes, its “right to work” status, limited regulations, highly educated and trained workforce, quality of life, and infrastructure. As a result of these and many other positive factors, Texas certainly has a competitive edge and is well prepared to continue its advancement as the 21st century progresses.