Texas Employers Add Big to Their Payroll
Texas is big in plenty of ways, especially in terms of job creation.
While much of the country has been struggling to shake off the recession, Texas has been busy, adding 37% of the new jobs to America’s payroll, according to the Wall Street Journal.
Economists with the Federal Reserve Bank of Dallas studied payroll data from the Bureau of Labor Statistics. Texas added 265,300 of the 722,200 net jobs created in the U.S. since the recession officially ended in June 2009. New York was a distant second with 98,200 jobs and Pennsylvania with 93,000. Nine states created fewer than 10,000 jobs, and Maine, Hawaii, Delaware, and Wyoming created less than 1,000. Eighteen states lost jobs during that period.
While construction, manufacturing, and information jobs declined in the Lone Star state, Texans added to their payroll in several business sectors, including professional and business services, health care, and trade and energy. The Texas economy has grown by an average 3.3% annually over the last two decades, compared to 2.6% for the nation (currently a lackadaisical 1.8% growth.)
So what’s Texas have that other states don’t? According to the article, Texas offers ample opportunities for business growth and an especially friendly business climate, plus a free market, no state income tax, and a small, responsible state government.