5 Ways Economic Liberty Makes Texas Great
With some of the best unemployment numbers, cost of living, and economic growth in the country, here are five ways that economic liberty has made Texas a great place to live:
1. No state Income Tax
At the moment, Texas is only one of seven states within the United States that does not impose a state income tax on its residents. An additional income tax, on top of the federal income tax, means that there is more of a responsibility on taxpayers as they have to file separate returns to separate governments. It also means that more of your hard earned money is taken by the government and mostly likely to be used on wasteful bureaucracy.
2. Limited Government intervention
Limited government bureaucracy is at the heart of economic liberty in Texas. In comparison to the rest of the United States, Texas ranks third best in regards to economic freedom, which is a result of limited government intervention. Relatively speaking, Texas has low taxes and low barriers to entry for private businesses. This has not only led to excellent economic growth and job creation, but it has created an environment that promotes innovation.
3. High economic growth
Given the hands off approach the government has taken, Texas as a whole has seen excellent economic growth within the last ten years. Three of the top ten fastest-growing metropolitan areas by numeric growth in the United States are in Texas, which includes Dallas, Houston and Austin. Two of the top ten fastest growing metropolitan areas by percentage are in Texas, which includes Midland and Odessa. Simply put, the Texas economy is booming and attracting companies from all over the nation.
4. more jobs and less unemployment
With a booming economy of course comes lots of jobs. The Texas economy benefits from a variety of industries ranging from energy to tech, and is attracting talent at an astonishing rate. As of September 2019, Texas has an unemployment rate of 3.4%, which is below the national average. In comparison, California, which is relatively the same size but more regulated government, has an unemployment rate of 4%. In short, Texas might be the best state to find a job.
5. High standard of living
With a combination of high economic growth, low unemployment, and a relatively hands off government, the standard of living in Texas is quite high. Each top Texan city has projected job growth rates that are double the national median, and despite lower national mobility rates, people continue to move to Texas. The cost of living is also quit affordable. When comparing housing prices in similar sized states and economies, Texas is much more attractive to those in the market to purchase their accommodation.