Discover a new world in
New opportunities. New business. New resources. Companies big and small
are flocking to the Lone Star state, one of the fastest growing states
in the nation. Why?
Texas has become a hub for technical engineers and
No state or corporate income tax
An abundance of natural resources
A center of transportation, including the
second-busiest US airport and the largest road network in the
Home to many Fortune 500 companies
The heart of the oil and gas industry
Texas Facts At A Glance
Formidable Resources for Business Growth
Population - over 20 million residents
Popularity - second in the nation with three of the largest U.S. cities,
Force - over 10.4 million people, and growing by 200,000 each year
Personal Income - in excess of $493 billion, with a faster growth than
the U.S. average
State Product - third in the U.S. with over $649 billion
Average Hourly Manufacturing Wage - $12.15, almost 10 percent lower than
Unemployment Rate - 4.2 percent
Research and Development - over 400 public research centers and site of
the nation's most famous research institutes
Pro-business Environment Creates Opportunities
Right-to-work state with low unionization
personal income tax
Business Taxes - third lowest in the nation as a percentage of total
state tax revenues
Economic Development - annual sales tax revenues for business are over
Worker Training Programs - Smart Jobs Fund Program
Energy Costs - fourth in the nation for the lowest energy costs
Export Business - exporting more than $86.9 billion, Texas ranks second
in the nation
Diversified Economy - defense, electronics, aerospace, automotive,
manufacturing, telecommunications, oil and gas, commerce,
communications, distribution, agriculture, farming, ranching and service
Incentives Encourage Site Location and Expansion
Financial Incentives - Texas Capital Access Fund; Texas Capital Fund
Infrastructure Development Program; Texas Capital Fund Main Street
Improvements Program; Texas Capital Fund Real Estate Development
Program; Texas Enterprise Zone Program; Texas Leverage Fund; Industrial
Revenue Bond Program; Texas Linked Deposit Program
Incentives - Tax Increment-Financing Districts; Tax Reimbursement Plans;
Jobs and Investment Tax Credits; Research and Development Tax Credits;
and Sales Tax Exemptions are a few of the incentive programs offered by
Enterprise Zones - 174
Foreign Trade Zones - 28
Quality of Life Assures Long-Term Value
of Living - affordable cost of living with the median sales price of a
single-family home in major metropolitan areas competitive with, or
below, the national average
Education - first-rate education system with more than 140 public and
Recreation - 125 state parks, two national parks, a national seashore,
18 national wildlife refuges, four national forests, over 200 major
lakes and reservoirs, and over 700 golf facilities
Cultural Amenities - more than 700 museums, 5,000 arts organizations,
numerous history and science exhibitions and annual cultural events
around the state
Professional Sports - two Major League Baseball teams, three National
Basketball Association teams, two National Football League teams and one
National Hockey League team
Tourism - second most popular travel destination in the nation
Texas has 21.8 million residents (2002 est.), an
increase of 4.8 million since 1990.
Texas became the second most populous state in 1994.
Three of the 10 largest U.S. cities are in Texas:
Houston, Dallas, and San Antonio.
Texas has a civilian labor force of 10.5 million
people, which is growing by almost 100,000 annually.
The number of persons employed in Texas manufacturing
industries surpassed 1 million in 1994. Texas has added more new
manufacturing jobs since 1990 than any other state.
Texas personal income totaled $607.5 billion in 2001
and has grown faster than the U.S. average in recent years.
The gross state product of Texas was an estimated
$807.4 billion (current $) in 2002, third among the 50 U.S. states.
Texas' geographic position provides convenient access
to expanding markets in Mexico and Latin America.
Two-thirds of all trade between the United States and
Mexico passes through Texas, which shares a 1,248-mile border with
Texas surpassed California during the first three
quarters of 2002 to become the leading exporting state in the
Texas is a right-to-work state, with low unionization
of the manufacturing work force.
Texas has instituted major reforms in workers'
compensation, which have lowered employers' costs substantially over
the past several years.
Texas has no personal income tax.
Among the fifteen most populous states, Texas ranks
as one of the lowest in business taxes as a percentage of total
state tax revenue.
The average manufacturing wage in Texas was $12.57 an
hour in 2001 which is 15 percent below the U.S. average of $14.83.
Texas value added per production worker hour in
manufacturing is 17 percent higher than the U.S. average.
Total energy costs in Texas rank among the lowest in
Leasing costs for Class A office space in Dallas and
Houston are priced far below those in Chicago and Boston on a square
foot basis, and are half the cost of office space in New York City
Texas is home to the third highest number of
companies on both the Fortune 500 and Forbes 500 listings for 2002.
More than 90 percent of the state is in the Central
Time Zone, making nationwide and international business easier to
Texas has the largest road network of the 50 U.S.
Texas' international airports are among the busiest
in the world: Dallas/Fort Worth ranks third in total passenger
traffic; George Bush Intercontinental in Houston is one of the
Non-stop flights to Canada, Mexico, Europe, South
America, and the Far East offer Texas businesses ready access to
Texas has 27 commercial airports in 24 cities. More
than 90 percent of the state's population lives within 50 miles of
Fort Worth's Alliance Airport is the first industrial
facility of its kind to be planned, designed, and built specifically
to serve the needs of businesses.
Of the state's 29 coastal and inland water ports, the
Port of Houston is the largest in size and handles more foreign
cargo than any other port in the United States.
Forty railroads operate on almost 12,000 miles of
mainline track in Texas. More than 300 million tons of freight are
shipped by rail throughout the state each year.
Texas has 29 general-purpose foreign trade zones.
A Leader in High Tech, Research, and
Houston's Johnson Space Center is one of the
country's largest space-related research facilities.
Richardson's Telecom Corridor has the nation's
highest concentration of telecommunications firms - more than 350
within a two-square-mile area.
Austin is home to Sematech, which is one of the
nation's premier research consortiums.
Texas is the nation's second largest producer of
The Texas State Technical College in Waco is home to
one of the nation's largest state-run aerospace training facilities.
The Texas Agricultural Experiment Station in College
Station is a world leader in the application of biotechnology to
The Texas Medical Center in Houston is the world's
largest medical complex. More than 125,000 pass through it daily and
it employs more than 51,000.
The Texas higher education system is one of the
strongest in the nation with 146 public and private institutions. In
Fiscal Year 2001, Texas public universities awarded over 21,000
The renowned Houston Advanced Research Center in
Houston focuses on scientific research and applied technology
development. Some 150 companies benefit annually from its research.
The Southwest Research Institute in San Antonio is
the country's third largest independent, nonprofit, applied research
and development institute.
Rural Texas In Transition