Recent economic downturn has not stopped Texas from making jobs, improving the housing market, and establishing itself as a global player in the manufacture of goods. Surprisingly, Texas petroleum industry is not the driving force behind its turnaround; it is its impeccable ability to jump-start new industries, including renewable wind energy, which provide more jobs and income to Texans prepared to overhaul the housing market crisis.
Compared nationally, Texas is a job maker with an unemployment rate lower than national average. Its low mortgage deliquincy rate (vs. national rate) and financial restraint and strong regulation has helped its housing market fair better than most states. Its energy industry which produces crude oil, natural gas, wind energy, and independent electricity grid allow Texas to make quick descions about transmission lines, provide its citizens hundreds of thousands of jobs, and attract foreign companies and investors. Texas is the nation’s largest exporting state of electronics, chemicals and machinery (not just oil). Combined with its strong manufacture industry, Texas energy industries create millions of jobs and establish Texas as a major player in the global economy, the key to a recession-proof economy.
Continue reading about Texas as a global power in Newsweek’s article here.
Interested in living in Texas? Search all homes in Austin, Texas on Realty Austin’s Austin real estate website.
