With COVID-19 cases increasing across the U.S., many states are pausing their economic recovery plans while leaders contemplate new or increased measures to restrict the virus’s transmission.
Leaders in the Lone Star State continue to work on measures to protect businesses and the economy, so Texas and its citizens can get back to work.
Industries vital to a healthy business climate
Texas is a network focused on helping businesses relocate, grow and expand in the Lone Star State. The organization’s CEO, Ed Curtis, said in a recent editorial in the Austin Business Journal that five industries will pave the way for economic recovery in 2021:
- Technology: While tech opportunities existed before the pandemic hit, the coronavirus has shown that large companies do not need to be located in New York City or San Francisco. Many of these businesses say they plan to keep significant numbers of employees working remotely, opening up growth opportunities for more companies to relocate to Texas.
- Transportation: The state is well-positioned for growth in logistics and exports. The Dallas-Fort Worth area is a hotbed for corporate relocations and home to nearly 50 Fortune 1000 companies, leading DFW Airport to be named as the busiest airport in the nation. Ports near Houston are gateways to maritime commerce, and the state’s rail and highway systems offer increased connectivity.
- Auto manufacturing: In July, Tesla announced it will open a massive factory in Austin, creating 3,000 jobs and expanding housing developments in the area. The move is expected to increase economic growth statewide for years.
- Real estate: Despite the COVID-19 pandemic, real estate growth has remained strong as housing sales have increased by more than 17% in the past two months. Sustained growth is expected to continue as new businesses bring more workers to the state, largely thanks to no corporate or state income taxes.
- Distribution: Commercial property owners continue to reassess how to offer properties that meet current demands for companies. While some larger office spaces may sit unused, landlords are actively looking to repurpose some of those properties to meet the needs for a surge in e-commerce, both temporarily and long-term.
Diversity is a key to recovery
While the pandemic promises to affect everyone for months to come, it has forced people and companies to adapt, and many continue to prosper. Whatever challenges remain, these five diverse industries promise to help lead the way for the state’s – and nation’s – recovery in 2021.