In an interview with Texas Standard Radio, Rockspring Capital President and CEO, Jim McAlister IV described why the oil downfall isn’t as concerning as naysayers are claiming it to be and how the diverse Texas economy and high job growth is unwavering.
Houston, Texas is no fluke and the naysayers can go to bed. According to a recently contributed article by Rockspring Capital’s President and CEO, Jim McAlister IV, Houston is at the forefront of economic prosperity, job growth and industry diversity in America and isn’t slowing down anytime soon. The city is the most ethnically diverse in the nation, median household income is well above the U.S. average and not to mention growth in its job base has lead the nation since 2008. It will take a lot more than falling oil prices to halt the momentum of Houston.
According to a Texas Workforce Commission report released recently, Texas added just above 20,000 jobs to the economy in October 2015. This is the eighth straight month of job growth for the state. Overall, Texas has added 203,000 jobs so far in 2015.
To view the KVUE-ABC coverage of the report, click here.
Texas had a valuable learning experience about 20 years ago when the first major oil crisis struck the U.S. In 2015, Texas’ economy proved it is much more than oil. This, along with a few other factors, has positively affected the real estate industry in Texas immensely as its major metros are consistently topping housing charts.
To view the Financial Times coverage of the event, click here.
Over the past seven years almost 9,000 California-based businesses relocated to another state, according to a recent report. Texas was the number one destination for these California companies all seven years of the study. The Austin and Dallas-Fort Worth areas have received a majority of this relocation action.
To view the Dallas Business Journal coverage of the report, click here.
Dallas is the economic center of the Sunbelt in terms of retail, wholesale, finance and transportation, according to Texas economist, Ray Perryman. He and Texas Comptroller, Glenn Hegar recently presented on how Texas, and more specifically, Dallas is becoming an economic powerhouse at a Dallas Regional Chamber luncheon.
To view the Dallas Business Journal coverage of the event, click here.
Chris Helman with Forbes recently posted an article that sums up how America is handling the oil downturn. NGP Energy Capital Management CEO as well as other oil experts weigh in on the 2015 year and although companies have had to downsize, the industry will be better for it in the end. Companies are still drilling thousands of new wells and are becoming more productive and innovative.