< Previous26 TEXAS ECONOMIC DEVELOPMENT GUIDE cutting-edge innovations that highlight the state’s leadership as a top energy producer. The event also featured remarks from TxEDC investors, and Governor Abbott’s Chief of Staff, Toby Baker — further demonstrating Texas’ “all hands on deck” approach to driving progress and collaboration across sectors. A good example of our progress in these advanced industry sectors came in June 2024 when Crusoe Energy Systems began construction on a 200-megawatt data center at the Lancium Clean Campus near Abilene. This initial phase includes two buildings totaling about 980,000 square feet, with operations expected to begin in the first half of 2025. In March 2025, Crusoe announced the next phase of expansion, adding six more buildings and increasing the facility’s total capacity to 1.2 gigawatts across about 4 million square feet. This development is projected to significantly boost the local economy, with the Development Corporation of Abilene estimating a direct and indirect economic impact of approximately $1 billion over 20 years. The data center aims to support advanced artificial intelligence workloads, positioning Abilene as a key player in the evolving tech landscape. How do you plan to keep growing the space exploration industry in Texas? DEMERSON: Texas remains committed to advancing its space industry by investing in space-related infrastructure, fostering strong public-private partnerships and supporting cutting-edge research initiatives. With industry leaders like SpaceX, Blue Origin and NASA already established in the state, Texas has a solid foundation for continued innovation. Established in March 2024, the Texas Space Commission is a state agency dedicated to promoting innovation and leadership in space exploration and commercial aerospace opportunities within Texas. The commission administers the Space Exploration and Aeronautics Research Fund (SEARF), providing grants to businesses, nonprofits and governmental entities engaged in space exploration research or the aeronautics industry. Notably, in February 2025, the commission awarded grants totaling $47.7 million to companies such as Blue Origin, Firefly Aerospace, Intuitive Machines, SpaceX and Starlab Space, supporting various aerospace projects across the state. Governed by a nine- member board appointed by Gov. Abbott, the commission includes industry leaders like Gwen Griffin, CEO of Griffin Communications Group, serving as chair, and Kathy Lueders, general manager of Starbase at SpaceX, as vice chair. Additionally, in June 2024, Norman Roy Garza, Jr. was appointed as the commission’s first executive director, bringing extensive experience from his tenure with the Texas A&M University System. If people are concerned about weather events and power outages in Texas and potential business interruptions, what do you tell them? TxEDC President & CEO Aaron Demerson moderatng a panel that included former Secretary of State Hope Andrade and former board members Massey Villarreal, and Nancy Windham. Photos courtesy of TxEDCTEXAS ECONOMIC DEVELOPMENT GUIDE 27 DEMERSON: Texas has made significant improvements in grid resilience and disaster preparedness. Investments in energy storage, grid modernization and diversified power generation sources, including renewables and natural gas, have strengthened reliability. Businesses can also take advantage of microgrid technology and local backup power solutions. The power grid is designed to withstand outages, but for the first time in history, the state experienced a widespread freeze that put unprecedented strain on the system. Since then, significant improvements have been made to strengthen the grid and help prevent such an event from happening again. Texas is the No. 1 exporting state in America. How will Texas sustain that momentum as new trade tariff s come into play on all sides? DEMERSON: Texas will continue to lead in exports by expanding global trade relationships, leveraging its vast port network and advocating for pro-growth trade policies. Ongoing investment in logistics, infrastructure and market diversification will ensure the state remains resilient in the face of global trade challenges. Sustaining this level of success requires a unique and collaborative approach — one that Texas has long embraced and will continue to champion. As a steadfast supporter of free trade, Texas remains committed to policies that drive economic opportunity at home and abroad. Will Texas see more onshoring and reshoring projects as we move forward? What are the factors driving this? DEMERSON: Texas is well- positioned to attract a growing wave of onshoring and reshoring projects. Key factors—such as supply chain resilience, geopolitical shifts, state and federal incentives for domestic manufacturing and a pro-business climate — make the state a top choice for companies seeking to relocate or expand operations in the U.S. Simply put, there’s no better place to do business than Texas, as Texas is the safest investment. Panelists from the “Innovation & Opportunity” discussion at the Powering the Future: Texas Energy Summit — Moderator Glenn Hamer (President, Texas Association of Business), Kelly A. Tomblin (President, El Paso Electric), and Bill Hulsey (Patent Attorney, HulseyPC) shared insights on the future of Texas energy. Photos courtesy of TxEDC “ Texas has made significant improvements in grid resilience and disaster preparedness. Investments in energy storage, grid modernization and diversified power generation sources, including renewables and natural gas, have strengthened reliability. ” — Aaron Demerson, President & CEO, Texas Economic Development Corp.28 TEXAS ECONOMIC DEVELOPMENT GUIDE T exas maintains a unique public-private partnership that serves as the primary economic development marketing and promotion arm for the Lone Star State. The Texas Economic Development Corporation (TxEDC), whose board is appointed by Governor Greg Abbott, is an independently funded and operated 501(c)(3) nonprofit organization responsible for marketing and promoting Texas, both domestically and internationally, as a premier business location. Along with the Governor’s Texas Economic Development & Tourism Office, these two highly focused organizations comprise the foundation of Governor Greg Abbott’s economic development agenda. Serial entrepreneur and textile executive chairs the TxEDC Board of Directors. by RON STARNER Giving Texas a Voice LEADERSHIP INTERVIEW: ARUN AGARWAL Global Global Governor Abbott, Arun Agarwal and members of the Texas delegation meeting with Adani Group executives on a economic development mission trip in New Delhi. Photo courtesy of Office of the GovernorTEXAS ECONOMIC DEVELOPMENT GUIDE 29 Through national and international investment attraction missions, industry events, media relations, advertising and other programs, TxEDC spreads the word of Texas’ business advantages to a target audience of corporate decision makers and site selection consultants. TxEDC markets the state through four primary means: • Establishing a statewide network of business leaders to stimulate job-creating investment in Texas. • Executing a plan to market Texas across the U.S. and globally as the destination of the future. • Expanding the state’s presence with national and international trade visits. • Elevating and promoting economic growth of existing business and regions throughout Texas. Financial support for TxEDC comes from a broad range of organizations, Fortune 500 companies and privately held enterprises throughout the state. At the helm of the Board of Directors of TxEDC is Chairman Arun Agarwal, an accomplished entrepreneur and textile executive who moved to Texas in the 1990s to build a successful career and launch multiple companies. The Dallas-based Agarwal is the CEO of Nextt and has business interests in textiles, cotton trading and real estate. He is chair of the India American CEO Council, president of the Dallas Parks & Recreation Board and a board member of the U.S. India Friendship Council, U.S. India Chamber of Commerce DFW, and the Texas Tech Innovation HUB at Research Park. He is a volunteer and board member of Gift of Life and a volunteer for CHETNA and the Living Dreams Foundation. In addition, Agarwal received a master’s degree in business administration from IMT, Ghaziabad, a master’s degree in computer information systems from Southern New Hampshire University and a master’s degree in international business from Harvard University. We recently caught up with Agarwal for the following discussion on his career in business and his leadership role in promoting economic development in Texas. Many people and companies continue to flock to Texas from all over the world, but you have your own unique story. Can you share it with us? ARUN AGARWAL: I like to tell people that I was born in India but made in Texas. I went to school in the 1990s before moving to Texas and eventually started my own company in textiles here in 2000. We created one of the largest textile companies Photo courtesy of TxEDC30 TEXAS ECONOMIC DEVELOPMENT GUIDE before we got into other businesses like technology investment. And now I have been involved in founding a professional cricket league and working on developing new facilities and arenas for that sport in Texas. How did you get involved with the state and the TxEDC? AGARWAL: I was honored when the governor asked me to lead economic development. I wasn’t actively seeking the role, but when the Governor of Texas calls on you to serve, the answer is a resounding yes. I had the honor of chairing Governor Abbott’s international business missions to both Europe and India. He is deeply committed to strengthening Texas’ global ties, particularly with India, and entrusted me to lead the efforts in building a robust and strategic partnership between our two regions. How does the Texas Economic Development Corporation support the growth of business in Texas? AGARWAL: Texas is known for its strong fiscal responsibility, evidenced by a significant budget surplus. TxEDC stands out as one of the most effective public-private partnerships in the country. We proudly serve as the marketing arm while also playing a key role in supporting its economic efforts. Our commitment is reflected in our funding model — we are fully backed by private-sector contributions, ensuring zero burden on taxpayers. What do you feel are the best attributes of the Texas business climate? AGARWAL: Texas is the epitome of the business success story. People outside of Texas always had this very narrow point of view as Texas only being oil and gas. We’re proud of that success—but Texas is so much more. We’re rapidly emerging as the semiconductor capital of the world and a rising powerhouse in global finance. More and more, people are recognizing the unmatched opportunities Texas has to offer. That became the story of Texas: what Texas is and what Texas can offer; and the growth we have all across this state. When we travel on business missions, people are often amazed to learn that Texas has no state income tax. Once they witness our commitment to economic growth and development, their interest in Texas only deepens. At TxEDC, our mission is clear: to bring the world to Texas—and to show them why there’s no better place to invest, innovate, and live. Why do you think so many companies continue to choose to move to Texas? AGARWAL: We’re led by the most driven and effective CEO in the world—Governor Greg Abbott. He doesn’t just talk about economic growth; he lives it. From early mornings to late evenings, he’s actively engaged—meeting with CEOs across the globe and connecting with small businesses right here at home. Governor Abbott is hands-on, deeply committed, and consistently shows through his actions what true leadership looks like. Governor Abbott takes an active leadership role in supporting the businesses we serve—and that commitment is reflected statewide. One of Texas’ greatest strengths is our pro-business policy “ Texas is the epitome of the business success story. People outside of Texas always had this very narrow point of view as Texas only being oil and gas. We’re proud of that success— but Texas is so much more. ” — Arun Agarwal, Chairman of the Board, Texas Economic Development Corporationenvironment and the collaborative spirit behind it. Here, economic development is truly a team sport. It flows from the state level down to the local communities, where the real work takes place. And when it comes to driving growth, party lines don’t matter—Democratic and Republican representatives alike stand united in their support for economic development in Texas. What are your organization’s top goals and priorities for the coming year? AGARWAL: Reaching the top is one thing and staying there is another. Texas has earned the Site Selection Governor’s Cup for an unprecedented 13 consecutive years, a testament to our unmatched economic momentum. Our goal is to maintain that leadership position, keep up that project momentum and keep closing deals. We will also focus on continuing to diversify our economic portfolio. For example, we’re launching the Texas Stock Exchange and establishing its operations in Dallas. And then, finally, as new businesses come here, we look at how we can provide an ecosystem of support for them. Under the new initiative of President Trump to bring more jobs and industry back to America, there will be a surge of companies wanting to move to Texas. What else would you like people to know about TxEDC? AGARWAL: Aaron Demerson, President and CEO of TxEDC has done an amazing job. I have never seen such a seamless work relationship between the Office of the Governor’s Texas Economic Development & Tourism Office and TxEDC. That relationship keeps the magic happening. Governor Abbott announcing the launch of the Texas Stock Exchange (TXSE) during a press conference at the Governor’s Mansion in Austin. Photo courtesy of Office of the Governor32 TEXAS ECONOMIC DEVELOPMENT GUIDE STATISTICAL PROFILE TEXAS by the NUMBERS TOP PROJECTS OF 2024 COMPANYCITYSECTORCATEGORYINVESTMENT ($ MILLIONS)JOBS SUBSTRATEBRYANELECTRONICSNEW10,0001,800 EDGECLOUDLINKHOUSTONIT & COMM.NEW8,000750 CORE SCIENTIFICDENTONIT & COMM.EXPANSION6,100 ELEMENT FUELS HOLDINGSBROWNSVILLECHEMICALS & PLASTICSNEW3,0001,000 ENERGY TRANSFER EQUITYNEDERLANDCHEMICALS & PLASTICSNEW1,800200 PRIME DATA CENTERSFORT WORTHIT & COMM.NEW1,585 EDGECONNEXBASTROP CNTY.IT & COMM.NEW1,40060 PRIME DATA CENTERSGARLANDIT & COMM.NEW1,388 EASTMAN CHEMICAL CO.LONGVIEWCONSUMER PRODUCTSNEW1,200200 CORMORANT CLEAN ENERGYPORT ARTHURCHEMICALS & PLASTICSNEW1,20050 8 RIVERS CAPITALPORT ARTHURBUSINESS & FINANCIAL SERVICESNEW1,000 DATANOVAXWICHITA FALLSIT & COMM.NEW1,000 TERRAVOLTA RESOURCESTEXARKANAELECTRONICSNEW1,000125 BLUEPRINT CONST. COUNSEL / BLUEPRINT PROJ.TAYLORIT & COMM.NEW1,000 ENTERPRISE PRODUCTS CO.ORANGEENERGYNEW85029 AIR LIQUIDE BAYTOWNCHEMICALS & PLASTICSNEW850 SOULBRAIN CO.TAYLORCHEMICALS & PLASTICSNEW57550 TOYOTA MOTOR CORP.SAN ANTONIOAUTOMOTIVEEXPANSION532411 COLOVORE HUTTOIT & COMM.NEW500 MICROSOFT CORP.CASTROVILLEIT & COMM.EXPANSION483 PROJECTS BY TYPEPROJECTS BY SECTOR 19% Mach. 30% Office 29% Dist. W.H. 24% Manf. 16% Bus. & Fin. 11% Transp. SECTORPROJECTS MACHINERY, EQUIP. & CONST.316 BUSINESS & FINANCIAL SERVICES268 TRANSPORT & LOGISTICS173 IT & COMM.146 FOOD & BEVERAGE111 ENERGY90 ELECTRONICS87 CHEMICALS & PLASTICS86 CONSUMER PRODUCTS82 LIFE SCIENCES73 METALS54 OTHER144 TYPEPROJECTS OFFICE564 DISTRIBUTION WAREHOUSE545 MANUFACTURING440 HEADQUARTERS240 DATA CENTER54 RESEARCH AND DEVELOPMENT24 CALL CENTER5 Conway Data AnalyticsTEXAS ECONOMIC DEVELOPMENT GUIDE 33 MILLION U.S. EXPORTER FOR 23 YEARS IN A ROW IN 2024 15.7 PEOPLE IN THE CIVILIAN LABOR FORCE # 1 8 TH LARGEST ECONOMY IN THE WORLD TEXAS IS THE LEADING DESTINATION FOR CORPORATE RELOCATION & EXPANSION PROJECTS 26 22 58 23 35 367 Commercial Airports Interstate Highways Freight Railroads Sea Ports Foreign Trade Zones Miles of Coastline Texas has dominated the nation in population growth over the last two decades. U.S.Census MORE THAN All data courtesy of the Texas Economic Development & Tourism OfficeNext >