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Why deal-makers are flocking to the Lone Star State
States such as New York, California and Illinois—often considered the economic powerhouses of the nation—have lost headcount during the past decade, according to the U.S. Census Bureau’s latest figures. Texas did just the opposite, thanks to an influx of people and businesses that are, in turn, putting the state on the map as a hub for M&A.
Census Bureau figures show Texas gained nearly 4 million residents from April 2010 to April 2020, bringing the state’s population to 29,145,505. The Lone Star State’s population grew so much between 2010 and 2020 that it roughly swallowed the state of Oklahoma, whose entire population totaled 3,959,353 as of April 2020.
Texas led the nation for the sheer number of residents added over the last decade. It holds the No. 3 position for percentage population growth from 2010 to 2020, according to Census Bureau data. The state’s population shot up by 15.9% during that period, behind only Utah (18.4%) and Idaho (17.3%).
While this may surprise some, it’s a trend Texans and deal-makers have been watching for years.
“Texas has been a hotbed of activity. The state has a welcoming environment for a number of reasons,” says Ryan Irby, a partner in the Transaction Advisory practice of Dixon Hughes Goodman, a U.S.-based professional services firm.
For one, the state’s economy has developed beyond the industries historically associated with Texas, such as ranching and energy. It’s not tied to one or two industries anymore, according to Irby, and that breadth makes it attractive to all kinds of people and businesses. Additionally, there is a pro-business environment with a strong talent pool. “You are seeing more and more businesses and people move to Texas to take advantage of the great things the state has to offer,” Irby adds.
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This article is partially reprinted here with permission from Middle Market Growth.