Multiple business-linked reports issued recently underscore Texas’ prominent placement as a national economic powerhouse. The conclusions in those studies certainly provide ample information to consider for business principals seeking to establish or expand commercial operations in the state.
First, there’s this: The Houston Chronicle cites a U.S. Department of Commerce report from last week indicating that Texas was the leading American state during the second quarter of this year in terms of economic activity. Notably, business growth expanded at a rate more than two times greater than the national average during the April – June timeframe.
That spells economic muscle, which regulators and commentators stress was mostly provided by the oil and gas sector. That is of course a flatly huge industry in Texas. Reportedly, oil production hit a stunning five million barrels per day over the measuring quarter.
The upside is tempered, though, by data from another report suggesting that an energy sector slowdown of sorts might now be in its early innings. The Chronicle notes that “investors are pulling back from the sector.”
Although any such news always spells worries, of course, economic pundits can point to yet another report from the online group FitSmallBusiness that spotlights Texas’ comparative resiliency among all state, notwithstanding the performance of any given business sector.
In fact, FitSmallBusiness lists Texas as the country’s safest state for weathering any economic downturn on the horizon. An article discussing the “safe states” report notes its conclusion that no state is better placed than Texas “to ride out the next recession.”
A number of factors centrally contribute to the Lone Star State’s enviable placement, including these:
- Notably high number of diverse industries spanning the state
- Third-highest exports per capita among all states
- Second-lowest debt/income ratio in the United States
- Demonstrated history of good economic performance during prior recessions
Proven legal teams in established Texas business law firms intimately know the state’s business climate, as well as the challenges and great opportunities that exist for both startup and established commercial entities. Attorneys from the Houston-based Stephenson Fournier law firm welcome contacts from business owners and managers concerning any business-related matter.