Travel Reference
In-Depth Information
The Economy & Oil
Historically oil and gas exploration and production was the only factor in the success or
failure of Texas fortunes. But the boom-and-bust cycle of the 1980s taught the state a
thing or two about diversifying. Today the Texas economy is based on numerous bread-
winners - including a strong tech sector around Austin and a large bio-medical industry in
Houston. Oil no longer tops the list.
During the global recession and slow national recovery, the Texas economy continued
to expand, with an average growth rate of 3.1% compared to the nation's 1.6%. Texas has
created more private-sector jobs than any other state over the past decade and of the 10
largest states has the lowest unemployment rate. So the mood tends to be justifiably up-
beat about the future.
Reasons cited for Texas' success include the absence of income tax, low average hous-
ing prices and strong consumer-protection laws that prevented a 'housing bubble' crisis.
Meanwhile, the oil industry still plays a big role. Among the 52 top Fortune 500 compan-
ies calling Texas home, in addition to Dell and AT&T you'll find names like Exxon-
Mobile and Chevron. And the development of Eagle Ford Shale in south-central Texas is
setting all kinds of records. So while the majority of people may no longer work directly
in the oil industry, it'd be impossible to say it's not a factor.
Population Growth
Texas has been the fastest-growing state in the USA during the 2000s, adding more than
five million people during the first 13 years of the decade. According to the US Census
Bureau, eight of the nation's 15 fastest growing cities and towns are in Texas. While some
of the population growth is attributable to the strong economy and domestic immigration,
a portion is due to natural increase. A shrinking and aging Anglo (or Caucasian) popula-
tion and a growing and young Hispanic one has produced a marked demographic change,
especially in urban areas. The Texas State Data Center estimates a shift to a Hispanic ma-
jority will happen between 2015 and 2020.
And that's only discussing the population that's been counted. Illegal immigrants in
Texas, mostly Hispanic, number approximately 1.65 million according the Pew Hispanic
Research Center. Many provide manual labor as a part of the Texas workforce. Critics ar-
gue that the population is a drag on state resources such as social services for the poor and
tuition assistance. Immigration reformers cite the United States' historical tradition of
welcoming all. Phrases like 'seal the border' or 'path to citizenship (amnesty)' can send
