The state of Texas has been reported to have the second-largest economy in the United States when looking at the gross domestic product (GDP). At the end of 2021, Texas managed to have a GDP of two trillion dollars, making it one of the best and most beneficial economic climates not just in America, but in the whole world.
Such a bustling economy is fuelled by the gargantuan efforts made by top companies that are pioneering a variety of industries in the Lone Star State. Thanks to all of the great opportunities Texas provides to new and established business owners, so many unique and innovative businesses are operating in the state, which ensures that a plethora of different business industries are creating large amounts of economic growth.
From agriculture to information technology, Texas is home to it all, and there are some key industries that have driven Texas’ economy to become what it is today.
An area of work that requires hard work, dedication, and a lot of physical effort, the construction industry is one of the most crucial areas of business, especially in Texas. As Texas is constantly growing and developing, the construction industry is there to facilitate said growth through the building of houses, office spaces, retail stores, and more. With so many people making the move to Texas, there is always a need for construction work.
This industry employs over 700,000 people and it is one that does not require a plethora of tertiary education and degrees. The open nature means that the industry is free to grow quickly and swiftly, as it is in Texas.
When it comes to agricultural commodities, Texas is one of the leading producers in the entire state. The farms there are the top producers of hay, dairy products, sheep, and horses. Alongside that, the state is very well-known for its top-quality fruits, vegetables, and grains. The entire country relies heavily on Texas, thanks to their agricultural expertise and exportation.
Contributing trillions of dollars to the United States’ GDP, the agricultural industry in Texas is continuously growing and there seems to be no end in sight as this type of business is one of the cornerstones in the entire state and country as a whole.
Texas is a tourism hotspot, and for this reason, the state managed to employ over a million people. Thanks to this industry, job creation is at an all-time high in Texas, when with lockdown tensions easing, more peace of mind is established, and people are finally free to travel again.
Over 7 million wildlife tourists visit Texas every single year. The hospitality industry gives business opportunities to hotels, restaurants, bars, wildlife parks, and more. This industry is able to cater to the needs of som nay different business owners, making it one of the best and most well-received in the state
Information Technology (IT) Industry
The future is here and now, and it comes with so many digital advancements that allow businesses to operate both in the physical space, as well as on the internet through online markets. Businesses are also using a variety of different tech devices and applications from tablets, laptops and WiFi, to social media, websites and different online programs and functions.
Thanks to this digital revolution, the IT industry is bursting with new and innovative businesses that can help with data analytics, tech repairs, providing the best and newest equipment and more. With over 17,000 tech companies in Texas, big and small businesses are making a mark in the state, creating jobs for over 200,000 talented individuals.
Business is clearly booming in Texas, the state is open to entrepreneurs who belong to all walks of different unique and exciting industries that are positively contributing to the economy. If entrepreneurs are wanting to start a limited liability company (LLC) and are wondering how to form an LLC in Texas, there are so many great online resources to aid potential new business owners on their exciting journey in one of the best business states.