What drew high-tech firms to Texas? The state’s business-friendly environment, skilled workforce, and low taxes have all been cited as reasons why companies have chosen to locate here.
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The Low Cost of Living
In the 1980s, when the first wave of high-tech firms began moving to Austin, it was the low cost of living that was the primary attraction—and it remains so today. Texas has no state income tax, and its property taxes are among the lowest in the nation. In addition, the cost of living in most Texas cities is lower than in comparable California cities.
The cost of living is lower than other states in the US
The cost of living in Texas is notably lower than other states in the united states especially when compared to California, New York, and Illinois. The median household income in Texas is $59,206, which is about $7000 lower than the national average of $66,759. However, the cost of living in Texas is only 3.3% higher than the national average. This means that your dollar will go further in Texas than it would in most other states.
The low cost of living is one of the main reasons that high-tech firms have been relocating to Texas in recent years. These companies are drawn to the state by the promise of lower overhead costs and a talent pool that is closer to the rest of the country than Silicon Valley.
The cost of living is lower than other countries
The cost of living in Texas is lower than in many other states, especially when it comes to housing. The state has no personal income tax, which also helps to keep living costs down. Combined with a relatively low cost of living, this makes Texas an attractive destination for high-tech firms.
The Pro-Business Climate
In the late 1990s, the high-tech industry in the United States began to experience a period of unprecedented growth. This was driven in part by a number of factors, including the commercialization of the internet, the expansion of the dot-com industry, and the rise of the personal computer. But one of the most important factors was the increasing cost of doing business in California.
The state has a business-friendly environment
The state has a business-friendly environment, with low taxes, reasonable regulation, and a skilled workforce. These factors have helped to attract many high-tech firms to the state. In addition, the state has a number of incentive programs that provide financial assistance to businesses that locate or expand here.
The state has a lower tax burden
The state has a lower tax burden, which is attractive to businesses. The state also has a pro-business regulatory environment, which makes it easier for businesses to operate.
The Skilled Workforce
In the 1980s, high-tech firms began moving to Texas in search of a skilled workforce. The state’s universities were producing graduates with the technical skills these companies needed, and the state’s business climate was favorable to businesses. Today, Texas is home to many high-tech firms, and the state’s economy is thriving.
The state has a large pool of skilled workers
In recent years, Texas has become a hub for high-tech firms. One of the reasons these companies have chosen to locate in Texas is the state’s large pool of skilled workers.
Texas has a number of universities that produce highly-skilled graduates in fields like engineering and computer science. These graduates often stay in Texas to work, providing a ready supply of workers for high-tech firms.
In addition, many of the state’s workers are already skilled in the latest technologies. This is due to the presence of other high-tech firms in the state, which helps to create a “feedback loop” of sorts. As new firms come to Texas, they bring with them new technologies that existing workers then learn. This makes Texas an attractive location for even more high-tech firms, and the cycle continues.
The state has a high concentration of engineers
The state has a high concentration of engineers, compared to other states, and that’s one of the key reasons many high-tech firms have set up operations in Texas, according to the CEO of one such company.
“The big difference between Texas and other states is the combination of skilled workforce with a lower cost of living,” said Austin Hamilton, CEO of semiconductor manufacturer Samtek Corp., which is headquartered in Plano.
According to the most recent data from the U.S. Bureau of Labor Statistics, Texas had the fifth-highest number of engineers in the country as of May 2016, with almost 86,000. California had the most with just over 241,000, followed by Virginia, Massachusetts and Washington state.
The Quality of Life
When it comes to luring employers, cities and states typically compete on the basis of tax breaks, training programs and other financial incentives. But the Texas metros of Austin and Dallas have been especially successful in recent years in recruiting high-tech employers by selling them on another key asset: quality of life.
The state has a high quality of life
The state of Texas is known for its high quality of life. This is evident in the state’s economy, which is the 12th largest in the world and 4th largest in the United States. The state is also home to many Fortune 500 companies, as well as a large number of startups. In addition, the state has a low cost of living and a diverse population. These factors have all contributed to making Texas a desirable destination for high-tech firms.
The state has a diverse population
Not only is Texas the second most populous state in the nation, but its population is also one of the most diverse. According to the U.S. Census Bureau, more than 36 percent of Texans are Hispanic or Latino, and nearly 13 percent are African American. The state’s Asian American population has grown significantly in recent years and now stands at nearly 6 percent.