There are so many places to consider for US business expansion that it can be challenging to narrow down the list. Look for a location in the US that matches its business climate to your growth needs. More specifically, pay particular attention to key factors such as the state’s economic status, top industries, and quality of workforce to help shorten your list of states for prospective expansion. Consider the state of Texas for business expansion, which has plenty of potential rewards for US domestic and international business markets. Fortunately, Texas’s strong economy is still growing, industrial growth is diversifying and booming, and there are great investment opportunities across the vast state. With all of this in mind, it may be a good idea to move Texas to the top of your target US destinations list.
The state’s population growth in turn has caused job growth by fueling demand for housing, goods, and services such as education. This increased demand has spurred the expansion of businesses, schools, and so on, creating jobs in both the private and public sectors. Texas is rare in its economic model- other states that are not close to Mexico and that have lower birth rates cannot easily replicate the population growth of Texas.
Texas’s economy has diversified in recent decades, but it is still the state’s abundant oil and gas resources that remain the major assets supporting the economy. Throughout the post-2009 economic recovery, the strongest growth industries were related to energy, construction, and technology. Now, there are nine major industries driving GDP growth in Texas’s post-covid economy. These growing and diverse industries include the Supersector (trade, transportation, and utility), business services, education and health, leisure and hospitality, manufacturing, financial services, construction, energy, and information and technology.
Texas’s high-quality workforce and stable assets make it a top state for business expansion. Good climate, southern culture, diversity, education, and low cost of living are the perfect ingredients for a high inward migration rate, bringing more workers here to realize “the American Dream.” In fact, Austin, Texas made the U.S. News & World Report’s top 25 best places to live in 2022-2023.
In addition to the Texas business climate being very hot for domestic and international business, this diverse culture with affordable living is also personally inviting.
If you’re interested in entering a market filled with plenty of potential, Texas might be your next destination. For more information, please download our Destination Guide: Texas below and imagine what Texas can do for your business.