As a native Texan, I thought it was time to join the conversation on the “reported” energy crash and its impact on Houston and Texas, so I authored a follow-up article to my Forbes piece last year. With many headlines suggesting gloom and doom, the “Texas Model” continued to propel our state with positive job growth, best-in nation housing numbers and a deeper roster of blue-chip companies.
In my research for this article, I found the following interesting facts that went unreported by most of the media:
- The Texas Triangle, compromised of Houston, Austin, San Antonio and Dallas-Fort Worth, added more people last year than any other state in the country, growing by more than 400,000 residents, or roughly the population of Minneapolis.
- Job increases from 2010 – 2015 in oil and gas producing companies comprised less than 10 percent of the job increases in Texas.
- The Monthly Review of the Texas Economy, published by the Texas A&M Real Estate Center, rank the top five Texas industries by employment growth rate as leisure and hospitality, education and health services, construction, financial activities and trade.
While energy is certainly important to Texas, it is nowhere near as dominant as it was in the 1980s. A large, diversified and business-friendly economy is the successful way of the future. I want to thank our friends at Forbes for allowing Rockspring to contribute to the conversation once again and I look forward to continuing the dialogue in the future.
Click on this page for access to my Forbes article.