Texas Ranks Number One in the Country for Business & Economic Growth but No. 36 for Economic Opportunity

//Texas Ranks Number One in the Country for Business & Economic Growth but No. 36 for Economic Opportunity

Texas Ranks Number One in the Country for Business & Economic Growth but No. 36 for Economic Opportunity

Texas is a multi-faceted state with a culture that promotes business and economic growth while eschewing policy that supports individual economic opportunity or social safety nets of any sort. Below are a few facts we found interesting while exploring the tool the State Comptroller’s office provides:

– Texas is the best state for business in 2015, according to a survey by Chief Executive Magazine of the U.S.’s top CEOs. Texas has taken the top spot every year since the beginning of the survey in 2005. Key factors in the ranking include taxation and regulation, workforce quality and living environment.
– Average annual wages in Texas were $51,917 in 2014, placing Texas 12th among all states and above the U.S. average of $50,123.
– Texas businesses pay relatively low taxes, a fact that drives hiring, expansion and investment.
– Texas ranked at or near the bottom of states on several key measures of household financial security, including consumers with subprime credit (47th), unbanked households (41st), student loan default rate (44th), high school degree attainment (50th) and low‐wage jobs (40th).
– The USDA classifies food-insecure households as those that are unable to acquire adequate food because of insufficient finances or other resources. Ranked 48th, Texas has more than 9 million households deemed food-insecure. Texans may have access to grocery stores, but that doesn’t mean they can afford to feed their families — 18 percent of Texas households lack the financial means to keep the refrigerator stocked.
– Because calculations used to determine property tax rates can vary widely from county to county, Tax-rates.org uses each state’s median rates to rank them on property taxes as a percentage of home value. With a median property tax of 1.81 percent of home value ($2,275 per year for a home worth the median $125,800), Texas has the nation’s third-highest property tax rate by this measure.

 

State Comptroller Demographic Tool | https://www.comptroller.texas.gov/economy/50state/.

By | 2016-12-21T22:24:51+00:00 December 21st, 2016|News|0 Comments

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