Texas is known for attracting companies whose leaders are tired of being hassled by state business laws and exorbitant taxes. From fees to compliance regulations, the pressure was enough for many companies to tackle the not-so-easy task of picking everything up and moving halfway across the country. We’ll look at what this has meant for business, homeowners and the larger state of Texas. 

Reputation & Reality 

Companies like AT&T, Dell and American Airlines have found their place in the Lonestar state, and it’s inspired many others to do the same. Texas has a reputation for making it easy to run a business (both practically and financially) and its laissez-fairre attitude is practically built into the state’s mystique.

But the reality is that Texas is actually fairly regulated when compared to other states (especially when it comes to the chemical and food industries). Part of the reason why it may be billed as incredibly friendly is simply due to the outsized success it’s had over the years. 

Despite the rule book, the state has done a lot to bring businesses into the fold, coming in just behind Virginia for business rankings. Its economic growth in 2018 was 3.2% and its unemployment in the spring of 2019 was just 3.5%. The state’s performance has been exceptionally consistent, driven by a diverse economy and an equally diverse workforce. 

Texas Housing Market 

Businesses in Texas have kept unemployment at bay and created a serious demand for quality housing. Yet the average cost of a home in Texas is just over $200,000, lower than the national average of $226,800. Dallas and Houston are both slightly under the state average, while Austin has skyrocketed to $384,400 for the average cost of a home. 

While the actual prices for homes are still relatively reasonable, it’s worth noting that home prices in Texas have risen at a faster rate than that of the national average. This trend has been consistent since 2011, reflecting the economy’s steady improvements.  

Aside from the demand for housing, another factor pushing up the housing market is the lack of qualified workers. When construction workers were laid off en masse during the Great Recession, not all employees chose to come back. 

Looking Ahead 

One thing that can’t be denied is that Texas has effective marketing when it comes to coaxing businesses to set up shop there. With their track record, it’s not difficult to picture their home prices hitting a solid growth spurt in the not-too-distant future.