Why Texas Economy Outpaces the US and What It Means for Greenville, TX

It’s long been said that “Everything is bigger in Texas,” and that goes for the economy too. Texas has enjoyed a thriving economic landscape for years. In her heavily researched book, “Ten Gallon Economy: Sizing Up Economic Growth in Texas,” economist Pia Orrenius compiles decades of data that show how Texas has consistently outperformed the national economy in multiple categories. 

The Greenville Board of Development has worked to strategically position Greenville, TX to benefit from this statewide economic strength.

What are the main factors that indicate a healthy economy?

Two of the most important factors that economists use to evaluate the economy of a given region are the employment rate and the Gross Domestic Product, or GDP, of the area.

According to Orrenius’ research, Texas employment has grown faster than the rest of the U.S. dating back to the 1970s. Texas has historically added jobs at about one percentage point faster than the national average year after year. That may not sound like a significant amount, but for businesses and investors considering communities to move to or expand within, this can make a huge impact.

Since the mid-1990s, the Texas economy has also outpaced the U.S. GDP. This GDP growth is spread out over a variety of businesses and industries, which is also an important detail as industry variety indicates better chances of continued growth.

Greenville also enjoys a diverse mix of industries, which contributes to a healthy local economy in our community and the surrounding area.

Why does the Texas economy continue to outpace the rest of the U.S.? 

There are several factors that contribute to an area’s economic vitality. The state of Texas as a whole and the city of Greenville in particular have the following distinctions that create a thriving economic backdrop.

• Business-friendly Environment- This is created through a competitive tax structure, low cost of living, flexible regulations, healthy banking systems, and strong investment in infrastructure
• Industry Diversity- The state of Texas enjoys a diverse industry makeup including energy, advanced manufacturing, technology, transportation/logistics, finance, and business services.
• Population Growth- Texas has enjoyed strong population growth year over year. More specifically, Greenville, TX was also named one of the fastest-growing cities in Texas.
• Manufacturing and global trade- These remain pillars of the state’s economy
• Energy production and advanced manufacturing- These industries continually create high-value jobs

What does this data mean for Greenville, TX?

Orrenius’ research is composed of 248 pages of data all pointing to the same conclusion: the Texas economy is by and large one of the strongest in the nation, but what does that mean specifically for Greenville, TX?

The City of Greenville, TX has unique competitive advantages within the already booming Texas economy. Some of these advantages include:

• Strategic location along the Interstate 30 corridor
• Access to the Dallas-Fort Worth metroplex 
• Lower cost of doing business within the metroplex
• Strong manufacturing heritage
• Growing aerospace and defense sector
• Available industrial land and business-friendly leadership

What truly sets Greenville apart, however, is the Greenville Board of Development. This team of economic development professionals is committed to providing a seamless investment, expansion, or opening experience for business owners while continually striving to build a community that both investors and residents can be proud of. 
Contact us today to learn more about the many ways the Greenville Board of Development can help your business start its journey in North Texas.