Texas is a big state with a diverse economy. While it is doing well overall, there are some areas that are doing better than others. If you’re thinking about moving to Texas, it’s essential to understand what the economy looks like in different parts of the state. We’ll take a look at the Texas economy and answer the question: is it suitable for people who want to move there?
The Texas Housing Market
Texas makes up for about eight percent of the United States’ total economy. The state’s GDP is $1547 billion, which is second only to California. When it comes to job growth, Texas has seen steady growth since 2010. The unemployment rate in Texas was at a low of three and a half percent in February 2019—this is significantly lower than the national average of four percent.
The Texas housing market is strong and has been for several years. The median home price in Texas is $195,000, which is lower than the national average of $217,000. Additionally, the rate of home appreciation in Texas has been higher than the national average for the past few years; in Bellville, Texas alone, home prices have increased by over 12 percent in the last year.
The Living Costs in Texas
In Texas, it’s not just the big cities that are doing well—small towns and rural areas are also seeing positive economic growth. In fact, many people are moving from larger metropolitan areas to smaller towns because of the lower cost of living and the ability to have a better quality of life. The cost of living in Texas is lower than the national average—in fact, it’s about five percent lower. Additionally, the state has no income tax, which means that you get to keep more of your hard-earned money. Lastly, housing costs are also relatively low in Texas when compared to other states.
The Job Market in Texas
Texas offers a variety of job opportunities for those who are looking to move there. The state’s economy is diverse, with a strong focus on energy, healthcare, technology, and manufacturing sectors. The Texas job market has been booming in recent years—the state has added over 300,000 jobs in the last year alone. Additionally, the state’s unemployment rate is significantly lower than the national average, so there are plenty of opportunities for those looking to move to Texas.
The Verdict
So, is Texas a good state to move into? Overall, the answer is yes—the Texas economy is strong and continues to grow. The state has a diverse range of industries, a low cost of living, and plenty of job opportunities. If you’re thinking about moving to Texas, it’s a great choice. Have you ever considered moving to Texas? What do you think about the state’s economy? Let us know in the comments below.
The post The Texas Economy: Why It’s Good for People Who Want to Move There first appeared on Seattle Finance.