In an article highlighting the top 11 reasons why anyone would want to move to Texas, LinkedIn has recently shared the insights of US Global Investors CEO and Chief Investment Officer, Frank Holmes, as he indicates what many people outside of the Lone Star State may be as yet unaware of with respect to what entices people to our fair state. It’s not all cowboys, the great American West, oil, and money (ok, yes, oil has a little bit to do with it.) In fact, there are some phenomenal economic incentives that just plain make sense if you’re looking to uproot and want to make Texas your new home away from home.
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Top Reasons For a Move to Texas Highlighted in Popular Business Social Networking Forum
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Holmes noted that Texas has the second-largest gross domestic product (GDP) in America, only behind California. In comparison, as a country, we would have an economy similar in size to that of Canada at present (sighting the IMF and the US Bureau of Economic Analysis as his sources). This bodes well for not only individuals that wish to move here, but for startup companies as well. In fact, Texas is set to rival Silicon Valley itself in terms of tech companies – a sector which presently employs over 270,000 people in firms ranging from startups to massive Fortune 500 companies such as Facebook (whose new data center is close to completion in Fort Worth). Couple this with the fact that Texas has no state income tax, and you’re primed to pluck talent off the vine! As well, in 2015, $4 billion in tax cuts were approved for businesses and homeowners, making this state an even better place to start and grow your nest egg.
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Speaking of nest eggs (in a manner), our population is booming. Holmes identified that between 2014 and 2015, Texas added close to half a million new residents, which was the most of any state by a substantive margin. This was also reflected in the fact that five of the fastest-growing US cities by population are found in Texas, with the Hill Country’s own New Braunfels ranking as number two in the nation!
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Its progressiveness in natural resource development was also recognized by Holmes as being appealing to those that wanted to make Texas their new home. Specifically, the generation of power through wind energy was rather attractive. Competitive Renewable Energy Zones (CREZ) and billions of dollars of investment have situated the state at number one in the nation for installed wind capacity and number of megawatts generated through wind. Citing the American Wind Energy Association as a source, Holmes noted that in 2015, almost 10 percent of Texas’ electricity production came from wind. And the added benefit to this is the employment sector and training base it creates within the state. Holmes recognized an estimated 17,000 Texans were presently employed in the industry, and it shows no signs of slowing as the state moves forward with the installation of an additional 5,200 megawatts.
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And finally, fossil fuels, of course, came into play for wealth creation and generation in the state of Texas. Holmes noted that Oslo-based company, Rystad Energy, shared a report that indicated for the first time that the US was ahead of Saudi Arabia and Russia in reserves of recoverable oil. He felt that if it weren’t for Texas’ contributions in the mix, the outcome might be completely different, noting that the Lone Star State is number one in crude production, with over one-third of total American output. For this, he acknowledged fracking in such places as Sprayberry Trend and the Eagle Ford Formation, putting the state in a position to rub shoulders with major OPEC nations such as United Arab Emirates, Kuwait, Iraq, and Iran.
Photo: Facebook/Gianluca Sitta
These were just some of the highlights on Holmes’ 11 original reasons why anyone would want to move to Texas. He may have missed some glaringly obvious reasons such as friendliness, natural beauty, and above all else, it’s TEXAS! What do you think?
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