It’s a great time to be doing business in Texas. We’re enjoying some of the best weather possible for closing deals, and we continue to receive positive news about our “Texaplex” markets—Dallas-Fort Worth, Houston, Austin and San Antonio. Here are a few examples:
• All four of the major Texas cities are enjoying higher rates of immigration than Chicago.
• Texas now has more Fortune 500 companies—58—than any other state, besting even longtime corporate powerhouse New York.
• Texas ranked No. 3 for percent change in total state personal income in 2011, with an increase of 6.54 percent, according to new data from the U.S. Department of Commerce.
• It is estimated that we will have 40 million residents in Texas by 2030; we’re currently at 26 million.
Those numbers are staggering to me. It’s no wonder our professionals are having a hard time keeping with the activity level they’re seeing right now.
So what’s causing this incredible interest and growth in Texas? I believe that some of our success stems from the troubles of other states, like California, whose workers and companies are finally fed up with the lack of coordination and movement on a growing list of issues such as unemployment, cost of living, and politics, and are heading to more business-friendly climates.
But much of our success is homegrown. We have that entrepreneurial spirit of doing business that I have grown to admire over the years. We think big, and then even bigger, and we welcome all kinds of ideas, cultures, and people. We have pro-business policies, low taxes, and continue to encourage the physical infrastructure needed to support the growth.
So now the question is, how are we going to keep up with the incredible demands ahead of us? For one; a lot of hard work! It’s going to take a continued pro-business attitude from our government and an incredible amount of creativity from the commercial real estate industry. We need to continue thinking outside the box and keep the vision alive. I think Texas is up to the challenge.