< Previous16 TEXAS ECONOMIC DEVELOPMENT GUIDE economic growth than the nation for six quarters in a row. Today, we lead the nation in exports and high-tech exports. And here in the state where the microchip was first born, the future of America’s semiconductor industry is already building for tomorrow as Texas ranks as the top state for semiconductor manufacturing and exports.” The Proof is in the Rankings: • Chief Executive magazine said that Texas was the Best State for Business in 2022. • Lendio said Texas was the Best State to Start a Business in 2023. • Both Site Selection and Business Facilities said Texas had the Best State Business Climate in 2023. • Texas has ranked as the No. 1 exporting state for a record 22 years in a row. Abbott went on to list the reasons for this record of sustained success: “When choosing where to relocate or expand their businesses, more innovative industry leaders find themselves at home in Texas,” he told Site Selection. “They recognize the competitive business advantages found only in Texas. Industry-leading CEOs cite our pro-growth economic policies — with no corporate income tax and no personal income tax — along with our strong and growing workforce, easy access to global markets, robust infrastructure, and business-friendly regulations.” Abbott also mentioned something that you don’t — Texas Governor Greg Abbott “ Texas offers innovative entrepreneurs and job creators the freedom to succeed and hardworking Texans the tools to prosper. ” The “Austintatious” mural was created by Kerry Awn, Tommy B. and Rick Turner in 1974. Photo by Chris Zebo/Courtesy of Travel TexasTEXAS ECONOMIC DEVELOPMENT GUIDE 17 often hear other governors discuss: You don’t have to be a big business to leave your mark in Texas. “Texas offers room for businesses of all sizes to grow and their employees to succeed, to afford a home, and to enjoy a high quality of life in communities across our great state,” he said. In other words, you don’t have to invest a billion dollars, or even $10 million, to make a difference in Texas. While there are plenty of examples of multi-billion-dollar investments shaping the future of Texas — from Cheniere Energy’s LNG plants on the Gulf Coast to Samsung’s chip plants in Austin and Taylor — there are also plenty of examples of smaller firms creating meaningful jobs and making impactful investments on a smaller scale. Texas added nonfarm jobs in 2023 — most in the U.S. 326,700 326,700 Source: U.S. Bureau of Labor StatisticsSmall But Mighty Firms Pack Punch Case in point is The Amherst Group, LLC, a vertically integrated real estate investment, development, and operating platform, which announced the grand opening of its first StudioBuilt ™ manufacturing facility in Cuero, Texas. The grand opening took place April 5 and featured a ribbon- cutting ceremony, factory tour and celebratory lunch. Amherst plans to invest over $12 million in the Cuero factory, which will enable it to produce more than 600 new housing units per year. As part of its commitment to solving this nation’s housing supply crisis, Amherst will place hundreds of units produced at this factory in cities across Texas and neighboring states annually. Amherst has around 1,500 employees and currently serves 92,000 residents across the U.S. Today, the company manages 44,000- plus homes across 32 markets in 19 states. A combination of state and local incentives is frequently the deal closer in Texas. “In Texas, economic development is a team sport,” Governor Abbott told Mark Arend back in March. “It takes the work of many economic development organizations — both at the state and local level — working together to ensure Texas continues to lead the nation in relocation and expansion projects. Together, we are building a bigger, better Texas.” Texas has ranked as the No. 1 exporting state for a record 22 years in a row.20 TEXAS ECONOMIC DEVELOPMENT GUIDE STATISTICAL PROFILE Texas by the Numbers COMPANIESCITYSECTORCATEGORYINV. (US$M)JOBS NEXTDECADE CORP.BROWNSVILLEENERGYNEW18,000 SEMPRA INFRASTRUCTUREPORT ARTHURENERGYNEW13,000 ENBRIDGE / YARA INTERNATIONAL ASACORPUS CHRISTICHEMICALS & PLASTICSNEW2,900 EXXON MOBIL CORP.BEAUMONTENERGYEXPANSION2,00050 LINDE BEAUMONTCHEMICALS & PLASTICSNEW1,800 COREWEAVEPLANOIT & COMM.NEW1,600 BOREALIS / TOTALENERGIES / BAYPORT POLYMERSHOUSTONCHEMICALS & PLASTICSEXPANSION1,400 WAAREE ENERGIESBROOKSHIREELECTRONICSNEW1,0001,500 GRAPHIC PACKAGING HOLDING CO.WACOPAPER, PRINTING & PACKAGING NEW1,000230 PLANT AGRICULTURAL SYSTEMSLUBBOCKFOOD & BEVERAGENEW670900 GOOGLERED OAKIT & COMM.NEW60030 PLANT AGRICULTURAL SYSTEMS / AMARILLO EDCAMARILLOFOOD & BEVERAGENEW510700 THE GOLDMAN SACHS GROUPDALLASBUSINESS & FINANCIAL SERVICESNEW500 GENERAL MOTORS CO.ARLINGTONAUTOMOTIVEEXPANSION500 GCC OF AMERICAODESSAMACHINERY, EQUIP. & CONST.EXPANSION4005 GRUPO CORPORATIVO PAPELERA, S.A. DE C.V.NEW CANEYPAPER, PRINTING & PACKAGING NEW400200 RICHARDSON PDC 2SAN ANTONIOIT & COMM.NEW400 TESLAROBSTOWNAUTOMOTIVENEW375162 MCMASTER-CARR SUPPLY CO.FORT WORTHMACHINERY, EQUIP. & CONST.NEW360250 CEVA LOGISTICSBAYTOWNTRANSPORT & LOGISTICSNEW350 TOP PROJECTS OF 2023 PROJECTS BY TYPEPROJECTS BY SECTOR TYPEPROJECTS DISTRIBUTION WAREHOUSE484 OFFICE457 MANUFACTURING367 HEADQUARTERS173 DATA CENTER28 RESEARCH AND DEVELOPMENT26 CALL CENTER3 SECTORPROJECTS MACHINERY, EQUIP. & CONST.273 BUSINESS & FINANCIAL SERVICES171 TRANSPORT & LOGISTICS150 FOOD & BEVERAGE96 IT & COMM.81 ENERGY78 ELECTRONICS73 CONSUMER PRODUCTS72 CHEMICALS & PLASTICS71 AUTOMOTIVE48 METALS47 OTHER126 21% Mach. 31% Dist. WH 30% Office 24% Manf. 13% Bus. & Fin. 12% Transp.TEXAS ECONOMIC DEVELOPMENT GUIDE 21 TEXAS ECONOMY LARGER THAN RUSSIA & CANADA THE TEXAS ECONOMY HAS EXPANDED FASTER THAN THE NATION 6 QUARTERS IN A ROW $2.4 T 55 6 QUARTERS THE TEXAS ECONOMY 8TH-LARGEST ECONOMY IN THE WORLD FORTUNE 500 HQS TOP STATE FOR FORTUNE 500 HQS AT 55 FOR BEST-IN-NATION BUSINESS CLIMATE AND JOB GROWTH RANKED BEST BUSINESS CLIMATE TEXAS PRODUCES 9% OF U.S. GDP AND 22% OF ALL U.S. EXPORTS STATE OF THE YEAR BEST STATE FOR BUSINESS FOR 19 YEARS TOP STATE FOR CORPORATE RELOCATION AND EXPANSION PROJECTS, GOVERNOR’S CUP WINNER 12 YEARS IN A ROW TOP STATE FOR HIGH-VALUE BUSINESS INVESTMENTS WITH SIGNIFICANT JOB CREATION $22 TEXAS ECONOMIC DEVELOPMENT GUIDE TEXAS INDUSTRIES MADE IN TEXAS: A POWERFUL GLOBAL BRAND EXPORTS, SEMICONDUCTOR EXPORTS, & TECH EXPORTS IN EXPORTS #1 TEXAS PRODUCES 9% OF ALL U.S. MANUFACTURED GOODS OF 9% TOP STATE FOR FARMS, CATTLE, CORN, AND MORE TOP STATE FOR FARMS NO. 1 RANKING FOR SEMICONDUCTORS A LEADING STATE FOR CYBERSECURITY, AEROSPACE, FINANCIAL SERVICES, MANUFACTURING, STARTUPS, HIGH TECH, TOURISM, AND OTHER INDUSTRIES TOP STATE FOR OIL AND GAS PRODUCTION, FOR WIND- POWERED GENERATION AND NOW FOR UTILITY-SCALE SOLAR HOME TO 15 MAJOR MILITARY INSTALLATIONS AND THE ARMY FUTURES COMMAND HQ FOR AEROSPACE MANUFACTURING ATTRACTIVENESS MANUFACTURED GOODS NO. 1TEXAS ECONOMIC DEVELOPMENT GUIDE 23 TEXAS PEOPLE TEXAS EDUCATION Texas educates more than 1 in 10 U.S. public elementary & secondary students 29 BLUE RIBBON SCHOOLS IN 2023 11 OF THE TOP 100 PUBLIC HIGH SCHOOLS 4 OF TOP 50 STEM PUBLIC HIGH SCHOOLS OUR GROWING LABOR FORCE IS YOUNG, SKILLED, & DIVERSE 15.2 M STRONG 82%1.7 M MORE THAN 82% OF THOSE BORN HERE STAY HERE HOME TO MORE THAN 1.7 MILLION VETERANS AND SERVING MILITARY TOP STATE FOR POPULATION GROWTH FOR 18 YEARS IN A ROW 30.5 M TOTAL POPULATION NO Personal or Corporate Income Tax TAX24 TEXAS ECONOMIC DEVELOPMENT GUIDE O ne of the most striking characteristics that the economy has recently demonstrated is resilience. About a year ago, everywhere you looked there was another prediction of a recession (possibly a major one). Although I always thought (and said and wrote) that the fears were overblown, the environment was characterized by rampant inflation and the Federal Reserve was taking aggressive actions to increase interest rates and slow down price increases. The path toward a “soft landing,” where inflation is tamed without fostering a recession, is always difficult. Last January, it appeared to many as if the chances of avoiding a downturn were next to nil. However, there has been month after month of expansion despite ongoing challenges, and avoiding by M. RAY PERRYMAN ECONOMIC OVERVIEW The Outlook for the Texas Economy Whether on Main Street or Texas Street, the Texas economy is firing on all cylinders. Photo courtesy of Travel TexasNext >