In order to do what it takes so that businesses can be successful, the State of Texas has made investment in Texas and assisting Texas manufacturers with exports, economic development priorities. In short, the program is to market Texas and assist communities to maximize economic development opportunities in a global economy.
Products from the State of Texas are shipped around the globe and reach more than 200 countries each year. From 1997 to 2004, the State of Texas has exported more than $748.6 billion in manufactured products to countries around the world, with Mexico, Canada, Taiwan, Japan, and the Singapore as the top exporting partners during that same period. In 2004, Texas exported approximately $117.2 billion worldwide, which included in the top 5 exporting countries, Mexico, Canada, South Korea, China and Taiwan. Southern Business & Development Magazine (Fall 2004) stated the Texas Foreign Trade Zones led the U.S. with more than $3.5 billion in exports in 2003.
Foreign investment in Texas over the last two years (2002-2003) has remained constant at approximately $85 million per year, and in the last seven years foreign investment in Texas has been $659 million.
STEP BY STEP OPENING A BUSINESS IN TEXAS
Starting a business in Texas requires four primary steps:
1- Choose a Business Structure: Learn about the seven primary business categories and select the one most appropriate to your endeavor. (http://business.texasonline.com/guide/businessstructure.jsp?lang=en)
2- Get an Employee Identification Number (EIN): The IRS issues EINs to identify businesses and non-profit organizations. (http://business.texasonline.com/guide/ein.jsp?lang=en)
3- Set up Tax Information: Learn about sales tax permits and other tax information, then follow the links to obtain permits and fill out necessary tax forms. (http://business.texasonline.com/guide/texastaxes.jsp?lang=en)
4- Prepare for Employees: Find out about worker's compensation considerations, wage and hiring practices, and unemployment taxes. (http://business.texasonline.com/guide/employees.jsp?lang=en)
According to the most recent population projections from the Texas State Data Center, Texas' population was 23,047,143 in January 2006 and is expected to reach 35.76 million by 2040. Hispanics will account for most of this growth and are expected to outnumber Anglos in Texas by 2020. In 2005, Texas became the fourth "majority-minority" state, with a minority population comprising 50.2% of its total population, according to U.S. Census Bureau population estimates.
The 2000 Census indicates that 82.5 percent of Texas' population lives in metropolitan areas. Growth has occurred primarily in the large metropolitan areas of Austin, Dallas, Houston, and San Antonio. Austin added 403,536 people during the 1990s, increasing its population by nearly 50 percent. Houston, San Antonio, Dallas, Austin, Fort Worth and El Paso are all on the Census Bureau's latest nation’s top 25 largest cities list.
Texas employment gained 153,500 total nonagricultural jobs in 2005 for an annual growth rate of 1.6 percent. Texas employment growth exceeded national employment growth rates in 2005, had significant growth in every industry sector, and showed the best job growth performance since 2000. Reviewing the Texas labor market, Education and Health Services ranked first in job creation with a gain of 33,200 jobs in 2005 for an annual growth rate of 2.9 percent
For the first quarter of 2006, venture capitalists in Texas invested primarily in the Texas electronics/instrumentation, software, semiconductors, financial services, and industrial/energy industries. The BIDC Industry Portfolio area has detailed information about the motor vehicle, communications, computers, pharmaceuticals, petroleum & coal and other Texas industry breakouts.
The state’s two largest airports, Dallas-Fort Worth International (DFW) and George Bush Intercontinental in Houston (IAH), serve as major hubs for connecting flights within the domestic air system. International border crossings between Texas and Mexico rank among the busiest in the United States. In 2005, Texas handled over 2.68 million incoming and 2.68 outgoing trucks. Over 44 percent of these crossings, incoming and outgoing, were through Laredo. In 2005, Texas handled 256,695 incoming and 357,278 outgoing rail crossings. In 2005, Texas handled 32.59 million incoming and 30.91 outgoing personal vehicles.
In 2005, for the fourth year in a row, Texas was ranked as the number one state by export revenues. Texas exports for 2005 totaled $128.7 billion, which is $11.5 billion more than 2004 and represents a 9.82 percent increase. Recent Texas exports information indicate small but steady increases in exports in 2005. The state's top value-added Texas exports in 2005 were Computer & Electronic Products, Chemicals, Machinery (not electrical), Transportation Equipment, and Petroleum & Coal Products. Total 2005 exports for the United States increased to over $904.3 billion from $817.9 billion in 2004.
The countries Mexico and Canada, followed by Asian and Pacific Rim countries, were the leading destinations for Texas exports in 2005. The state’s largest export market continued to be its NAFTA trading partners, which accounted for just over 50 percent of total state exports during 2005. Mexico continued as the top export destination with $50.1 billion in Texas exports, representing an almost 10 percent increase from $45.7 in 2004. Canada ranked second with almost $14.6 billion, representing a 18.28 percent increase from $12.4 billion in 2004. China ranked third at almost $5 billion, representing a 10 percent increase from $4.4 billion in 2004.
2005 Texas Imports for the top 10 countries of origin accounted for $181.3 billion. NAFTA trading partner, Mexico, was the top country of origin for Texas imports with approximately $166.3 billion in imported goods – or 50% of Texas imports.
NAFTA trading partner, Canada, ranked 20th for Texas imports, in striking contrast to its number two ranking for Texas exports in 2005. Energy, machinery, and telecom & high technology equipment were top ranked for the 2005 Texas Port Level imports by commodities. Energy imports, including petroleum, gas, coal, and power generating machinery, accounted for $87.8 billion or 37% of 2005 Texas Port Level imports.
Various City offices and Chambers of Commerce host international visitors on a daily basis, contact these offices to learn how you can become involved with their programs:
International Center of Austin
Tel: 512-505-4071, Fax: 512-505-4073
Greater Dallas Chamber of Commerce
Tel: 214-746-6600, Fax: 214-746-6799
Free Trade Alliance, San Antonio
Tel: 210-229-9036, Fax: 210-229-9724
Greater Houston Partnership
Tel: 713-844-3600, Fax: 713-844-0200
TEXAS ECONOMIC DETAIL:
CALENDAR YEARS, 1990 2006 2010 2020 2030
Total Agricultural Cash Receipts (Mil $) 47,164 78,639 81,190 102,110 128,903
Cash Receipts from Crops (Millions of $) 16,140 32,379 35,753 49,521 68,079
Cash Receipts from Livestock (Mil. $) 31,024 46,260 45,437 52,589 60,823
ENERGY AND MINING
Oil Production (Millions of Barrels) 639.7 302.8 255.0 166.1 108.1
Natural Gas Production (Millions of MCF) 5,403.3 3,673.2 3,163.7 2,200.2 1,563.0
Average Taxable Oil Price ($/Barrel) $22.43 $51.88 $43.25 $46.28 $63.30
AverageTaxable Natural Gas Price ($/MCF)$1.47 $6.20 $6.13 $7.57 $9.93
Rig Count 348 671 560 563 582
Total Housing Starts (Thousands) 52.2 175.6 167.2 173.8 173.8
Single-Family (Thousands) 43.9 145.4 127.3 138.8 138.9
Multi-Family (Thousands) 8.3 30.2 39.9 35.0 34.9
Nonresidential (Area) (Millions of Sq. Ft.) 63.8 131.4 142.0 208.8 282.9
Nonbuilding (Value) (Millions of Dollars) 3,390 10,248 12,859 23,910 45,169
Retail Sales, Excluding Automobiles 67,648 158,687 195,471 344,095 605,853
(Taxable, Millions of Dollars)
Automobile Sales (Thousands) 960.8 1,359.5 1,412.6 1,534.1 1,702.6
Cars 565.4 520.7 514.0 535.7 589.2
Trucks 395.3 838.8 898.6 998.4 1,113.4
Texas Exports (Billions of Dollars) 37.40 142.91 207.35 455.98 907.77
FIRMS IN TEXAS
Minorities 1997 2002
Hispanic-owned firms 240,396 319,339
Black-owned firms 60,427 88,769
Women-owned firms 381,453 469,049
Asian-owned firms 59,318 78,018
Native American-owned firms 15,668 16,863
Pacific Islander-owned firms 908 1,543
Minority-owned firms 1,525,972 1,734,648
Source:BIDC, Texas State Web Site
TEXAS COMPANIES WITH OPERATION IN TURKEY
Baker Hughes INTEQ http://www.bhi-net.com/inteq/
Compaq Computer http://www.compaq.com/
Conoco Inc N/A
EEX Corporation www.eex.com/
Friday's Hospitality Worldwide
Gray Line Worldwide
HCC Insurance Holdings http://www.grayline.com/
Huffco Group Inc
International Trade Link
SEBA International Inc
Staubach Company http://www.staubach.com/
Weatherford Enterra http://www.weatherford.com/
Source: BIDC, Texas State Web Site
* Provided by the Office of Trade and Industry Information, Manufacturing and Services, International Trade Administration, U.S. Department of Commerce.
(January 2007, 23rd Issue)