Time Magazine Cover: THE UNITED STATES OF TEXAS

Front Cover of Time Magazine Oct. 28 Issue:  THE UNITED STATES OF TEXAS, Why the Lone Star State is America’s Future.

This article is an excellent reference for all Realtors in Texas.  Here are a few pointers from the article that are worth mentioning:

“The real reason Americans are headed to Texas is much simpler.  Migrants are being pushed (and pulled) by the major economic forces that are reshaping the American economy as a whole: the hollowing out of the middle class, the increased costs of living in the U.S.’s established population centers and the resulting search by many Americans for a radically cheaper way to live and do business."

“Along with the affordable housing and a warm climate, newcomers are drawn by the notion that in the case of Texas, jobs are plentiful.  Texas’ unemployment rate is currently 6.4% - high for Texas but below the national rate of 7.3%.”

“Over the past 20 years, more than 4 million Californians have moved to Texas, according to Weinstein.  “That’s two cities the size of Houston,” he notes.

“Jed Kolko, chief economist for San Francisco – based real estate website Trulia, says that from 2005 to 2011, 183 Californians moved to Texas for every 100 Texans who moved to California. “Home prices, more than any other factor, cause people to leave,” Kolko says.

“IT’S NOT JUST CHEAP LIVING that draws people to Texas.  It’s also jobs.  In the past 12 months, Texas has added 274,700 new jobs – that’s 12% of all jobs added nationwide and 51,000 more than California added.   In a Moody’s Analytics study, seven of the top 10 cities for projected job growth through 2015 will be in Texas.   Four Texas cities topped the list:  Austin, McAllen, Houston and Fort Worth.”

“In fact, from 2002 to 2011, with 8% of the U.S. population, Texas created nearly one-third of the country’s highest paying jobs.”

“From 2001 to 2012, the number of lower-middle-income jobs in Texas grew by 14.4%, and the number of upper-middle-income jobs grew by 24.2%.  If you look at the U.S. without Texas over the same period, the number of lower-middle jobs grew by an anemic 0.1%, and the number of upper-middle jobs shrank by 6%.  …… If you pull Texas out of the puzzle of the United States, the rest of the country falls down!”

My parents and I are originally from Taiwan.  They moved to Texas in the 80’s to seek better opportunities and a better future for me and my brother.  Although I love being Chinese and fortunate enough to experience dual cultures, I know my parents made the right choice.  I am able to give my children the kind of opportunities and education my parents worked so hard for.  

Reference: Time Magazine / October 28, 2013

Article by: Tyler Cowen