Texas Leads Best States For Future Job Growth

DALLAS (TIP): Rick Perry ascended from Lieutenant Governor to Governor of Texas in December 2000 when thengovernor George Bush resigned after being elected the 43rd President of the United States. Perry will retire in January with the tenth longest gubernatorial tenure in U.S. history. Perry made job creation one of his principle mantras, and he has overseen remarkable employment gains under his watch with 2.1 million jobs added during his tenure.

The total represents 30% of the jobs added in the U.S. since 2000 and more than twice as many as any other state. The so-called “Texas miracle” does not show any signs of slowing either with 413,000 jobs added over the last 12 months. Texas is expected to have the nation’s fastest annual job growth rate at 2.7% over the next five years, according to data from Moody’s Analytics. Texas has low taxes and light regulation, but Perry’s record also has benefited from the headwinds at his back regarding energy. Oil prices hovered around $30 a barrel between 1986 and 2002 before a stunning climb that peaked at $145 in 2008. Prices plummeted during the Great Recession and over the past month, but oil is still trading around $80 a barrel. The higher prices have propelled massive investments in Texas both financially and in regards to human capital. “Texas has done well primarily because it is an energy center.

You really can’t get around that,” says Edward Friedman, an economist who tracks Texas for Moody’s Analytics. “Every major energy and oil company has realized over the last 15 years that the only place to be is Houston.” Texas’ prosperity and pro-business environment have led companies outside of the energy sector to flock to the state in recent years. Toyota announced plans to move its North American headquarters from California to a new campus in Plano that will create 4,000 jobs. The Texas Enterprise Fund granted Toyota $40 million to sweeten the pot.

San Francisco brokerage firm Charles Schwab is moving hundreds of jobs out of California with Austin and El Paso targeted for company expansion. Apple is undergoing an expansion that will roughly double its Austin workforce by hiring 3,600 new employees. Texas ranks first for both its current economic climate and growth prospects in our annual study on the Best States for Business. There are 118 of the largest companies in the U.S. based in Texas, including heavyweights like AT&T ,Exxon Mobil and Dell .

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