New York and California are ceding their economic power categories to cities like Houston and Dallas. These Texas towns are becoming more attractive every day for the technology industry, as well as the energy industry, as well as for people who see opportunities in them, since they offer a higher quality of life, at a lower cost, as well as fewer taxes and facilities for entrepreneurship.
Coastal cities are no longer the business hubs they once were in the late 1990s and early 2000s. The U.S. economy has changed, and this is reflected in the opportunity that Texas cities like Houston and Dallas representwhich are becoming business powers.
“Before there were two coastal power zones in which you could live as well as possible,” explained historian Niall Ferguson, to the financial media. Barron’s. “Now we have much more of a multipolar America than a bipolar America. That reflects taxes, quality of life, cost of living, ability to build, and incredibly striking differences in quality of governance”said the Stanford analyst.
Why is Houston becoming an economic powerhouse?
Houston is already home to 26 companies that appear on the list Fortune 500, which highlights the largest publicly held US companies. In addition, 40% of this city’s economy is linked directly or indirectly to oil and gas, as highlighted Business Insideras it is home to companies such as ExxonMobil and ConocoPhillips.
The destination known for being NASA’s operations base also presents opportunities for the space industry; as well as for renewable energies, since, according to a report by timecarried out with data from McKinsey, for 2040 Houston could receive US$250,000,000,000 in annual investments linked to the emerging energy industry.
What is the business outlook for Dallas?
For its part, Dalla, which between 2021 and 2022 experienced the largest population increase in the country, according to the Census office, adding more than 17,000 people to its residents, could be positioned as a town of technological industries, since it has a notable population in these areas. It stands out that more than 175 companies have already set up their main offices in north Dallasin a migration movement that began in 2010.
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