Texas 1, Great Recession 0
August 5, 2010
Even in the middle of the Great Recession, Texas is faring well compared with the rest of the nation, racking up an ever-growing list of accomplishments, says the Atlantic.
- In addition to ranking fourth in the country with the least amount of debt, Texas has four cities in the Milken Institute's Top Five Best Performing Cities Index, four among Forbes' list of top 10 "Cities Where the Recession is Easing," and four in last year's top 10 in homebuilding.
- Texas is home to three of the top five most resilient major metro areas for employment, with McAllen first, Austin third, San Antonio fifth and El Paso and Houston not far behind in the top 15.
- The Lone Star State also claims 64 Fortune 500 companies -- more than any other state -- in addition to being dubbed the top state for business for the second time in three years by CNBC.
The Atlantic says these accomplishments are because Texas' major cities have chosen comparatively stable industries -- Houston is the nation's energy hub, Austin leads in education and technology, and San Antonio dominates the health care and education sector in addition to military spending.
"Our research shows that the more tax incentives and less regulation you have, and the less likely businesses are to get sued, the more likely it is they'll want to come and prosper in your state," says Brooke Rollins, president of the Texas Public Policy Foundation.
These factors support Texas' position as a global economic leader, having the 15th largest economy in the world, says the Atlantic.
Source: Derek Thompson, "How Texas is Dominating the Recession," The Atlantic, July 31, 2010.
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