The following was posted to D Magazine Real Points real estate blog on Nov. 3, 2011. Economist Michael Cox provided expertise for this story.
November 4, 2011
By Sarah Erickson
Recently, I had the privilege of hearing Dr. W. Michael Cox, director of the O’Neil Center and former chief economist of the Federal Reserve Bank of Dallas, speak on why companies are relocating to Texas. In real estate, our commissions are based on square footages, which are directly related to jobs. Because our industry and incomes thrive on jobs, I found Dr. Cox’s presentation to be fascinating.
From 2004 to 2008, he said, Texas added 500,000 people—more than any other state. The overwhelming majority came here from within the United States. The biggest loser was California, which saw 148,000 people move to Texas.
Why are so many people and companies relocating to the Lone Star State? Read below for six factors directly contributing to two-thirds of net migration among states. (Texas’ national ranking is in parentheses next to each category.)...