DALLAS, April 11th, 2018- A new report from the Federal Reserve Bank of Dallas takes a look into the growing state of Texas and the role migration and population retention plays in positioning the area for continued growth.
Detailing a strong connection into the record breaking population increases sustained in Texas in recent years to domestic and international migration to the state, the report identifies the distinct factors attracting such transplants to the area and how they’re enticing residents to stay.
Released earlier this month, the report notes the domestic population increases that are relocating to Texas from other US areas at a rate that is double the national average since 2000. In addition to domestic transplants, the state also attracts its fair share of international residents helping the area distinguish itself and maintain its spot as a top 10 most successful economy in the nation.
“With an average cost of living lower than that of the nation’s other top states and a rapidly growing job market; the state’s allure has continued to gain external domestic and international interest.” shares leading Texas property developer Marcus Hiles, CEO and owner of DFW-based Western Rim Properties.
This influx in new residents is attributed to the state’s economic growth which the Dallas Federal Bank’s report notes has been the key factor attracting people to Texas throughout the last four decades.
Just as these new residents are looking for opportunities in the state, the success of Texas has also relied heavily on this large scale migration to populate its expansive landmass and power its economy.
According to the report, out-of-state transplants make up nearly half of the Texas workforce.
Texas entrepreneur Mr. Hiles goes on to share, “With its appeal through maintaining nationally low taxes and regulations, the overall accommodating business climate of the state also continues to entice new residents – and businesses – to stay” a point also backed by the Dallas Federal Bank’s report.
Taking a look at the other side of the population who were born in Texas, the report details over 82% of these residents remain in the state it dubs as one of the “stickiest” in the nation.
And as the area plans to maintain its spot as a leader in the US economy, this retention of new and existing populations will play a critical role. With a trajectory that puts Texas in line with the overall US population to, by 2050 have 20% of its residents at the ages of 65 and older, this leveled out population age range holds importance when determining the growth of the state’s workforce and thus the speed of its economy.
Providing a full rounded look at the forces driving growth in Texas, the report shares evidence that the state’s success will come down to its ability to retain the residents it attracts as well as the factors that brought them there.
Learn more about the growing Texas economy and how it’s distinguishing itself as a leading place to reside on here