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Guides Texas Economic Development Guide 2021-22 Download Population: 195,342 Workforce: 496,793 No State Personal Income Tax No State Corporate Population Growth Bachelor’s Degree Income Tax (99-19) 327% or Higher: 45% 5900 S Lake Forest Dr. McKinney, TX 75070 972-316-7076 CONTENTS ECONOMICTEXAS DEVELOPMENT GUIDE 2021-22 Edition | Volume 12 BUSINESS CLIMATE 10 Cover Story: Gone to Texas Three key motivations lead companies to move their operations to Texas. 14 Economic Overview Economic expert M. Ray Perryman shares his insights into the state’s continued growth in a wide range of industries. 18 Interview: Gov. Abbott A candid interview with Gov. Greg Abbott regarding the pandemic and the state’s windfall year. 22 Interview: Adriana Cruz As a key leader in Texas’ economic development efforts, Adriana Cruz explains what makes Texas the land of opportunity and freedom. 26 Interview: Aaron Demerson Texas Workforce Commissioner Aaron Demerson discusses how the state provides workforce development services available to employers and job seekers across the state. 28 FDI & Exports FDI in Texas creates new jobs and opportunities across industries. 31 Texas By the Numbers The Lone Star State according to facts and fi gures. 34 Entrepreneurship & Innovation Innovation abounds in Austin’s Silicon Hills as multiple new tech leaders enter the fi eld. 2 TEXAS ECONOMIC DEVELOPMENT GUIDE 46 INVESTMENT PROFILE: Terrell, Texas Several family-owned companies 38 Higher Education have recently located to Terrell Texas’ six university systems offer unique advantages for for its pro-business climate and industry and employees alike. skilled workforce. 42 Workforce Resources Higher education leaders across the state are helping Texans reskill and upskill following the pandemic. 50 Corporate Headquarters A slew of tech giants have relocated their corporate headquarters from Silicon Valley and other tech clusters in favor of Texas. INDUSTRY PROFILES 53 Renewable Energy & Electric Utilities Key signs point to Texas’ leadership in the renewable energy sector. 58 Oil & Gas Texas is the No. 1 state for petroleum — by a long shot. 60 Automotive Manufacturing Tesla’s massive Gigafactory outside of Austin is just one of many vehicle manufacturers recently driven to the Lone Star State. 63 Logistics & Distribution Amazon’s deep footprint in Texas leaves a meaningful impression about the state’s logistical advantages. 66 Advanced Manufacturing 68 INVESTMENT PROFILE: Manufacturing titans like GM, 3M, Samsung, Toyota, Ericcson, Abilene, Texas Lockheed Martin, Raytheon — and now Tesla — all call Texas home. With room to grow and access to metro markets, Abilene draws 70 Cybersecurity companies to Northwest Texas. Port San Antonio expands its campus to accommodate a wave of new cybersecurity and technology fi rms. 72 Biotechnology Thanks to the presence of Texas A&M, the Brazos Valley is quickly becoming a key cluster for biotechnology. 76 Technology Tech leaders choose Texas for locations over traditional coastal tech hubs. 78 Agribusiness & Food Processing As more employees work from home, food producers see increased demand for products. 80 Aerospace, Aviation & Defense With its legacy in aerospace and aviation, the Lone Star State is home base for space exploration. 4 TEXAS ECONOMIC DEVELOPMENT GUIDE 100 INVESTMENT PROFILE: REGION PROFILES Round Rock, Texas A diverse community in Central 82 Community Profi les Texas, Round Rock offers an ideal With unique regional advantages, Texas offers something location for corporations and for all industries and lifestyles. employees. LIFE IN TEXAS 110 Sports & Recreation From football and soccer to hockey and golf and virtually every other sport, Texans take great pride in being the best and in winning championships. 114 Quality of Life 7 reasons to move to Texas. 128 Index to Advertisers Publisher/Director LAURA LYNE Executive Vice President RONALD J. STARNER VP of Publications & Editor in Chief MARK AREND Managing Editor of Custom Content SAVANNAH KING Managing Editor ADAM BRUNS Senior Editor GARY DAUGHTERS Art Director SCOTT LARSEN Production Manager BOB GRAVLEE Lead Designers SEAN SCANTLAND RICHARD NENOFF The publishers believe that the information contained in this publication is accurate. NEGIN MOMTAZ However, the in formation is not war ranted, and neither Conway Data, nor Texas Economic Development Guide, assumes any liability or responsibility for actual, consequential Vice President of Sales CHARLES FITZGIBBON or incidental damages re sulting from inaccurate or erroneous information. Regional Director Custom Content MARGARET ROSE Regional Director CATHY McFARLAND Circulation Manager JULIE CLARKE PHONE: (770) 446-6996 • FAX: (770) 263-8825 • TOLL FREE: (800) 554-5686 email: [email protected] web: siteselection.com/cc/texas DIGITAL TECHNOLOGY TEAM Texas Economic Development Guide is published by Conway Data, Inc. Webmaster BEN YAWN 6625 The Corners Parkway, Suite 200, Peachtree Corners, GA 30092 USA. Director of Programming & Analytics DANIEL BOYER PRINTED IN USA. ©2021 Conway IT Coordinator MARK BERTRAM 6 TEXAS ECONOMIC DEVELOPMENT GUIDE DIGITAL EDITION TAKE THIS GUIDE WITH YOU ENJOY Read the digital edition on your tablet or phone. Click on links within articles for even more information. SHARE Share the magazine on social media with your friends and community. LINK Cover design by Negin Momtaz Feature the magazine on your blog, website or newsletters with a link or one of our easy-to-use tools. siteselection.com/cc/texas 8 TEXAS ECONOMIC DEVELOPMENT GUIDE COVER STORY 3 reasons why so many fi rms are choosing to relocate to the Lone Star State. Austin, TX Photo: Getty Images by RON STARNER one to Texas. Moving is never easy. Neither is Three simple words that the decision to move, especially when puck a lot of punch. Perhaps you’ve planted roots in a place that a gut punch to the state nurtured your growth. Whether for being left behind, but more personal reasons or corporate ones, importantly, a fistful of choosing to leave your hometown dollars for the state rolling out the to find greener pastures is often Gwelcome mat. complicated and fraught with risk. 10 TEXAS ECONOMIC DEVELOPMENT GUIDE Austin, TX Photo: Getty Images Never in U.S. history have so many Americans elected to change addresses. You weigh the pros and cons. You the same period in 2019. The spring evaluate your potential new home and summer months brought the against the merits of your current most relocations, but the traffic jam one. And you consider the impact of moving vans that began in March of the move on everyone else — not 2020 never truly subsided. just the people going with you, but American households, however, perhaps more importantly, the people were not the only entities engaging you’re leaving behind. in a mass exodus. As the pandemic That’s why what happened in 2020, wore on, companies followed suit. and continued happening in 2021, is What started as a trickle of relocating so remarkable. Never in U.S. history firms over the summer turned into have so many Americans elected to a tidal wave in the fall and winter change addresses. as corporate executives did the According to the National math and found it didn’t add up to Association of Realtors, 8.93 million remain in high-tax, high-cost, high- people relocated between March regulation places. and October of 2020. That marked As Site Selection Editor-in-Chief an increase of nearly 94,000 people Mark Arend chronicles in his story changing addresses, compared to about corporate headquarters the 8.84 million who moved during relocations in this publication, once a 12 TEXAS ECONOMIC DEVELOPMENT GUIDE few high-profile names made the me, “Businesses have almost total switch to Texas, others found it freedom to run their company the easy to follow. Digital Realty Trust way they see best. We can’t run moved its headquarters from San their businesses better than they Francisco to Austin. Rex Teams left can. We get out of their way and Seattle for Austin. Wesco Aircraft let them do what they do best.” relocated from Santa Clarita, Finally, Texas never quits California, to Fort Worth. And the trying to be the best state at granddaddy of them all, Oracle, attracting jobs and industry. Not said goodbye to Silicon Valley and even after a decade of dominance hello to Austin. in the prestigious Site Selection Moves like these were a big Governor’s Cup competition. That’s reason why Texas won the why Gov. Abbot and lawmakers coveted Site Selection Governor’s in Texas continue to tinker with Cup trophy for a record ninth tax and regulatory policy to make consecutive year. Texas claimed the state even more competitive. the crown by securing 781 And it’s why Texas continues to corporate facility projects in 2020, fund government-led economic nearly doubling the output of development better than any other second-place Ohio. state in the nation. Why do so many companies In other words, get ready to make this decision? It’s easy to see those three words — Gone to cite the statistical foundation for Texas — a whole lot more in 2021, these capital-intensive moves, but 2022 and beyond. in reality, the decisions go much deeper than accounting. Citing cost of living, tax rates, incentives and regulatory environments makes for a compelling case that satisfies the CFO and shareholders. But doing that alone ignores three fundamental factors: an aggressive governor; an overall philosophy of governance; and a state that refuses to concede to the competition. Gov. Greg Abbott took a lot of heat in early March when he announced his decision to fully reopen Texas, but business leaders loved him for it. The Texas Restaurant Association spoke for many when it said: “For the thousands of local restaurants on the brink of closure and the 167,000 Texans that remain unemployed in our industry alone, there’s finally a light at the end of a very long and dark tunnel.” Abbott made that bold move because of his bedrock belief in the power of freedom to unleash the best that Texans have to offer.
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