Dear Texas Economic Development Stakeholders,

On September 1, we celebrated a new fiscal year, and Fiscal Year 2023 is starting off strong! We are happy to report that the Texas unemployment rate, now at 4%, has fallen to its lowest level since before the pandemic in February 2020. It's important to note that not only is unemployment continuing to drop, but the Texas job market is simultaneously expanding with job gains for the ninth consecutive month in July.

With more Texans working that ever before in our state's history, we look forward to working with our local community and state partners, businesses and all economic development stakeholders to help ensure continued prosperity for all Texans.

In the September Texas Business Bulletin, you will find an economic snapshot, recent project announcements, upcoming events, an overview on financial services, insurance and real estate in Texas, and you'll get to meet some of our newest team members (plus much more)! 

As always, please visit our website, follow us on social media, or reach out to a member of our team if we can be of any assistance. Thanks for all you do for our great state!

Wishing you and yours a happy upcoming Labor Day holiday weekend!

-Adriana Cruz, Executive Director, Texas Economic Development & Tourism

TEXAS ECONOMIC SNAPSHOT

Unemployment Rate:?4.0% 

Jobs Added in July: 72,800

Job Recovery Rate: 138%

Workforce: 14.6 million

View the full economic snapshot ›

Current Application Window:
Category 2 - Arts, Entertainment & Recreation (NAICS 71)
September 1 - September 22, 2022

The second category of potential applicants for the Texas Travel Industry Recovery Grant Program (TTIR) opened September 1, 2022. Category 2 includes businesses and non-profits in the Art, Entertainment & Recreation industry (NAICS 71).

EDT launched the new recovery program on July 6, 2022. The TTIR Program was established to provide one-time reimbursement grants of up to $20,000 for the recovery of Texas businesses in the tourism, travel and hospitality industries that were negatively impacted due to COVID-19. These one-time grants are to reimburse eligible costs to these qualifying businesses.

Due to the size of the industry and the high number of potential applicants, applications are being accepted in phases by industry sector identified by NAICS code.

For eligibility and grant application details, deadlines, FAQs and a video tutorial, click the link below, or download the TTIR Program one-pager.

Learn more ›

Welcome Our New Team Members!

Jack Herrell joined the Business & Community Development team as a Business Assistance Specialist in August. Originally from North Texas, Jack is happy to be back in the great state of Texas after graduating with a bachelor’s degree in Entrepreneurship/Venture Management and Marketing from the University of Oklahoma. He is excited to use his passion for entrepreneurship to help small businesses grow and assist aspiring entrepreneurs to get started while inspiring them to chase constant innovation. When Jack isn’t in the office, he loves watching football, being outdoors and traveling with friends and family. He is looking forward to exploring more of Austin—in search of some great golf courses, breakfast tacos and Tex-Mex. We are excited to have Jack on board! You may reach out to him through our online staff directory.

Sean Ferguson joined the Business & Community Development team as a Program Specialist in August. Previously, he worked for the Southwest Housing Compliance Corporation, performing compliance for Section 8 and low income housing throughout all of Texas and Arkansas. Prior, Sean worked as a Disability Determination Specialist for Texas Health & Human Services where he adjudicated disability cases for the Social Security Administration. Prior to that, he was both a Team Lead and Quality Auditing Associate in the field of Provider Enrollment, working with hospitals, clinics, tribal and federal Indian health services, and providers such as Family Foster Care. Sean is originally from Philadelphia, but moved to Texas by way of Minnesota, where he received a bachelor’s degree in Political Science. Sean lives in Austin with his fiancé, Caitlin, and two regal cats, Duke and Duchess. We are excited to welcome Sean to the team! You may reach out to him through our online staff directory.

Texas: Frontrunner in Financial Services, Insurance & Real Estate

Texas is a popular location for expanding and relocating corporate operations and headquarters for businesses in the financial services, insurance and real estate sectors.

This is thanks to a combination of unmatched competitive business advantages—a large and diverse workforce, lower operating costs, and robust infrastructure, not to mention a pro-business regulatory environment and one of the lowest tax burdens in the country.

Not only is Texas is a top state for establishments and employment in financial services and insurance, but is also the second largest insurance market in the nation and the seventh largest in the world based on total premiums (source).

The state maintains its dominance in this sector by attracting major operations for the world’s largest financial services and insurance companies. In 2021 alone, nearly $103 million in capital investment activity and more than 3,000 new jobs were announced by expanding and relocating finance and insurance firms in the state.

In April 2022, the Teachers Insurance and Annuity Association (TIAA) announced it would establish a new corporate center in Frisco, creating 2,000 new jobs and nearly $58 million in capital investment. TIAA was extended a Texas Enterprise Fund grant of $18 million for their investment. 

Fortune 500 commercial real estate and investment firm, CBRE, and financial services giant, Charles Schwab, both announced the relocation of their headquarters to Texas in recent years.

Other major financial services and insurance companies with corporate operations in the state include Merrill Lynch, Wells Fargo, Morgan Stanley, Goldman Sachs, USB Financial Services, USAA, State Farm, Allstate and Fidelity Investments, among many others.

The Lone Star State’s strategic geographical location, job-ready professional and corporate services talent, as well as affordable and available space, make Texas an ideal location for corporate operations in finance, insurance and real estate.

For more information, download our Financial Services Snapshot.

RECENT PROJECT ANNOUNCEMENTS

Texas' success in attracting the highest number of corporate expansions and relocations is thanks to a unique combination of competitive business advantages that no other state can claim. For more on these business advantages, visit our Why Texas? webpages. Here are some of Texas' recently announced projects in regions across the state:

• Producer Owned Beef in Amarillo: Producer Owned Beef announced a new facility in Amarillo, expected to create more than 1,500 new jobs and $670 million in capital investment. The company was extended a Texas Enterprise Fund grant of $12.2 million.
• Morgan Steel in Greenville: Carbon steel distributor, Morgan Steel will bring 110 new jobs to Greenville with a new industrial facility, expected to be operational early 2023.
• Toshiba in Frisco: Toshiba Global Commerce Solutions will establish a strategic presence in Frisco with a new innovation and incubation hub. The project will initially bring 50 new jobs to the area in 2022.
• Franics Innovation Operations in Lufkin: Nitrile glove manufacturer, Franics Innovation Operations, announced plans to build and operate a new state-of-the-art manufacturing facility in Lufkin, expected to create $30 million in capital investment and 100 new jobs.
• WL Plastics in Lubbock: WL Plastics is planning to add a second manufacturing plant to its location at the Lubbock Rail Port, which would create around 95 new jobs and $40 million in capital investment.

More project announcements ›

Recent Meetings & Events

H-E-B's Quest for Texas Best
The Governor's Small Business Assistance Team attended H-E-B's Quest for Texas Best event on August 24, 2022, in Dallas. Now in its ninth year, the program has expanded its search for the finest foods, beverages and general merchandise in the Lone Star State. In addition to food creators and innovators, Texas-based purveyors of beauty items, toys, home goods, household necessities, gardening supplies, coolers and everything in between were up for consideration. Visit H-E-B's website to see the 2022 finalists.

Governor's Small Business Series - Lubbock
The Office of Small Business Assistance, in partnership with the Texas Workforce Commission, hosted the Governor's Small Business Series in Lubbock on August 25, 2022. The event helped connect more than 100 area small business owners and aspiring entrepreneurs with local, state and federal resources to help them grow, sustain and start their businesses.

Upcoming Events

Governor's Small Business Series - Laredo  I  September 21, 2022

The Governor’s Small Business Series - Laredo will connect small business owners and aspiring entrepreneurs with the resources and information needed to start, strengthen and grow a business. The event is an opportunity to network with other business owners and meet experts who can share timely, relevant, actionable advice on a multitude of small business topics.

Save the Date

U.S. Department of Commerce Export Assistance Events

The U.S. Department of Commerce leads a number of trade missions throughout the year designed for businesses to connect with prospective partners in markets across the globe. Texas businesses are invited to apply to participate in these upcoming trade missions to gain knowledge and assistance in exporting their products to international markets.

More Information

TEXAS TOUTS

“It ain’t bragging if it's true!” Here are some of the recent accolades Texas has received:

- Texas dominated the leaderboard on Business Facilities' 2022 State & Metro Rankings. The Lone Star State took home a total of 56 awards, including eight #1 titles in Semiconductors, Foreign Direct Investment (Capital Investment) and Installed Wind Power Capacity (MW).

- Three Texas cities ranked among the top 10 in the country to start an online business: Austin (#3), San Antonio (#5) and Dallas (#7). This ranking was based on quality of life, tax rank, economic rank, average internet speed and broadband and government tech grade. (CenturyLink Business)

Join Our Team!

Interested in working with the best state economic development team in the country? The Office of the Governor is hiring! There are multiple positions for experienced professionals in Business & Community Development and other divisions. Here's a select sampling of open positions:

• Regional Representative
• Business Assistance Specialist
• Program Specialist

For more information on available positions, visit gov.texas.gov/employment.

IN THE NEWS

Dallas College Lands Federal Biotech Grant
Dallas College was awarded a U.S. Economic Development Administration grant to help underserved communities access living-wage jobs in biotechnology, a sector that is in need for additional highly skilled employees in North Texas. With approximately $8.8 million in funds, the grant will help solidify North Texas as a growing major biotech hub in the nation.

World's Largest Solar Roof Manufacturing Facility Breaks Ground in Texas
GAF Energy celebrated the groundbreaking for new solar roof manufacturing facility in Georgetown, Texas—which is slated to be the largest in the world once complete. The facility is expected to create hundreds of new clean energy manufacturing jobs in the area.

Texas Universities Partner to Advance Aerospace Manufacturing
The Texas A&M Engineering Experiment Station (TEES) and The University of Texas at Arlington (UTA) will establish a framework for increasing collaboration to expand the aerospace defense manufacturing community in Texas. The universities will utilize cooperative agreements with industry partners to empower the Texas manufacturing industrial base.