Why Businesses in Texas Are Growing
Recently, many companies both large and small have decided to move their operations to the state of Texas.
This is largely due to the significant growth potential and the many other factors that are compelling companies to set up shop in the Lone Star State.
In the following article, we will outline the reasons why the Texas economic growth has become so attractive to businesses and individuals.
Business is Booming in Texas
Impressively, the state of Texas ranks in the top ten for largest economies in the world. Furthermore, Texas is host to nearly 15 million workers. These statistics, along with the other incredible data such as having the highest Gross Domestic Product in the country, serve to demonstrate just how much of a powerhouse Texas has become.
Tax Incentives in Texas
Unlike most other areas of the world, Texas does not impose any personal or business income tax. This fact alone enables many small businesses with goals of expansion to take bigger risks and enjoy improved growth.
Better yet, entrepreneurs can rejoice in the fact that Texas has been consistently voted the best state in which to start a business.
Incentives Are Numerous
If you’ve been researching the benefits of moving your operations to Texas, you may have come across a unique incentive known as the Texas Enterprise Fund. Essentially, this service is available to businesses to encourage them to create projects that will lead to growth and the creation of jobs.
Other incentive programs available in Texas include:
- The Events Trust Fund. When it comes to large scale sporting events, concerts, or similar gatherings, The Events Trust Fund allows event organizers to enjoy the incentives inherent in alcohol taxes, in order to pay for certain parts of the event.
- Incredible Grant Initiatives for Researchers. The state of Texas wants to attract as much high-quality talent as possible to their universities. Therefore, there are compelling grant initiatives in place to tempt research into moving their operations to a Texas university.
- Texas Enterprise Zone Program. When it comes to less-well-off parts of the state, the Texas government wants to do everything they can to help. This program is in place to accelerate job creation and economic assistance for those going through difficult times.
The Top Exporter in the Country
Truthfully, few other states even come close to Texas in terms of their exporting capability. By being positioned in the dead center of the country, the state can easier send and receive goods by train, truck, boat, and plane.
Why Else Do People Love Texas?
Interestingly, it’s not just businesses who are being drawn to Texas. Rather, many workers and young entrepreneurs love the state for its incredible scenery, consistently gorgeous weather, hip, new restaurants, as well as the option to participate in hundreds of different activities that are available year-round.
If you’re considering moving to Texas for personal, financial, or any other reason, you’re unlikely to regret it!
Texas is one of the most impressive states in the U.S. and has breezed past the competition in terms of many economic markers. There’s no telling how much more Texas will grow in the future. It seems like the sky is truly the limit for economic opportunities in this great state.