Texas had eight of the 15 fastest growing large U.S. cities
and towns according to the latest census data released in 2013. Texas also
stood out in terms of the size of population growth with five of the ten cities
that added the most people over the year.
Large population centers like Houston,
San Antonio and Dallas still account for over 75% of the Texas population;
however, the fastest growth is coming from municipalities from the High Plains
of West Texas along the I-35 corridor with San Marcos leading with the highest
growth among all U.S. cities and towns with at least 50,000 people.
The Texas Comptroller reports that Texas’ growth of 12.7%
nearly doubles the national growth of 6.4%. Part of Texas’ high growth rate is
due to a boom in oil and gas. Another large driver behind the growth patterns
in Texas is the strong growth in the health care industry which has recently
created over 300,000 jobs.
Traditionally, these population patterns are a leading
indicator in large infrastructure investments. With migration to urban centers
you will typically see a boom in housing starts followed by infrastructure
projects like schools, roads and sanitation projects.
By looking at the 2010 census map below you can see where
this growth is likely to occur. The mantra in real estate is “location,
location, location”, and the same is true for being well positioned for
business growth.
Texas has been handed not only an energy windfall in the form
of new fracking technology but also a population boom which will have a long-term
economic impact. Being well-placed to take advantage of this will have a
material impact on your business’s growth.
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