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Yes I had to calculate Texas' growth rate a few times just to make sure I wasnt mistaken. The state has been very successful at crafting an image of growth and responsive leadership when it comes to luring in high profile business from other states that I presumed at the outset that it would at or very near the top-but I was very surprised to see it actually below average for the last 5 years.
Im certain much of it is due to the global energy slowdown that occurred during this time period.
Any idea what it looks like if you do the Texas Triangle vs. the rest?
My guess (based only on hunch) is that the Texas Triangle has done as well as advertised, but the rest of the state drags down the overall numbers. Texas is larger and contains more rural areas than many of the states ahead of it. It's no secret that cities are growing and rural America is struggling.
Yes I had to calculate Texas' growth rate a few times just to make sure I wasnt mistaken. The state has been very successful at crafting an image of growth and responsive leadership when it comes to luring in high profile business from other states that I presumed at the outset that it would at or very near the top-but I was very surprised to see it actually below average for the last 5 years.
Im certain much of it is due to the global energy slowdown that occurred during this time period.
If you follow politic enough you would not be surprised. It disgusts me Greg Abbott (TX governor) shamelessly, keeps bragging how good TX economy on Facebook every day despite all the numbers say otherwise. Sadly many people decide to trust a politician instead of numbers from BEA.
If you follow politic enough you would not be surprised. It disgusts me Greg Abbott (TX governor) shamelessly, keeps bragging how good TX economy on Facebook every day despite all the numbers say otherwise. Sadly many people decide to trust a politician instead of numbers from BEA.
Texas does well, obviously, but the amount it does is IMO overplayed. I think it's actually most Dallas that gets a lot of the press these days. The growth rate is good, but the total GDP growth of the Dallas MSA in the last either 5 years or 8 years was almost identical to the Chicago MSA (which people believe is slacking even though it's not technically).
These areas do offer a lot but there are some companies that have expanded or will be expanding in Dallas which are getting a nice amount of jobs, but those same companies are actually fulfilling new higher paying jobs in a few other cities.
Still, I don't want to crap on Texas as it does really well, but some of the media makes you believe that every single company in existence is moving out of the Bay Area and going to Dallas which is just not true.
Any idea what it looks like if you do the Texas Triangle vs. the rest?
My guess (based only on hunch) is that the Texas Triangle has done as well as advertised, but the rest of the state drags down the overall numbers. Texas is larger and contains more rural areas than many of the states ahead of it. It's no secret that cities are growing and rural America is struggling.
I'm not sure what you mean by Texas Triangle but I'm assuming Dallas, Houston, and Austin? If so, then between 2010 and 2018, those areas gained $359.7B in GDP which was a 46.3% increase. By comparison, the areas of Los Angeles, San Francisco, and San Jose combined gained $703.7B between 2010 and 2018 which is a 57.5% increase. Both are amazing, but those 3 areas of CA did even better than those 3 areas of Texas.
Here's the kicker - San Francisco and San Jose areas combined resulted in a GDP increase of $388.8B from 2010 to 2018, which is nearly $30B more than the increase of the Dallas, Houston, and Austin areas combined in the same time period. That increase was 79.2% for San Francisco+San Jose areas between 2010 and 2018.
I'm not sure what you mean by Texas Triangle but I'm assuming Dallas, Houston, and Austin? If so, then between 2010 and 2018, those areas gained $359.7B in GDP which was a 46.3% increase. By comparison, the areas of Los Angeles, San Francisco, and San Jose combined gained $703.7B between 2010 and 2018 which is a 57.5% increase. Both are amazing, but those 3 areas of CA did even better than those 3 areas of Texas.
Here's the kicker - San Francisco and San Jose areas combined resulted in a GDP increase of $388.8B from 2010 to 2018, which is nearly $30B more than the increase of the Dallas, Houston, and Austin areas combined in the same time period. That increase was 79.2% for San Francisco+San Jose areas between 2010 and 2018.
I mean it's not news that tech has exploded. No city compares to the Bay area or Seattle in GDP growth.
I'm not sure what you mean by Texas Triangle but I'm assuming Dallas, Houston, and Austin? If so, then between 2010 and 2018, those areas gained $359.7B in GDP which was a 46.3% increase. By comparison, the areas of Los Angeles, San Francisco, and San Jose combined gained $703.7B between 2010 and 2018 which is a 57.5% increase. Both are amazing, but those 3 areas of CA did even better than those 3 areas of Texas.
Here's the kicker - San Francisco and San Jose areas combined resulted in a GDP increase of $388.8B from 2010 to 2018, which is nearly $30B more than the increase of the Dallas, Houston, and Austin areas combined in the same time period. That increase was 79.2% for San Francisco+San Jose areas between 2010 and 2018.
And it's even more amazing knowing that CA metros economy growing faster despite population slowing down significantly compares to TX metros. Where I live Santa Clara county (Silicon Valley) GDP per capita growth were around 9% per year It's crazy when I went to a cinema at 10 pm and the parking still 100% full. Going to a mall on holidays at 4 pm(slowest time for a restaurant) and ended up going home after spending half hour looking for parking (don't want to block traffic) I often make jokes with friends that we live in a bubble.
And it's even more amazing knowing that CA metros economy growing faster despite population slowing down significantly compares to TX metros. Where I live Santa Clara county (Silicon Valley) GDP per capita growth were around 9% per year It's crazy when I went to a cinema at 10 pm and the parking still 100% full. Going to a mall on holidays at 4 pm(slowest time for a restaurant) and ended up going home after spending half hour looking for parking (don't want to block traffic) I often make jokes with friends that we live in a bubble.
Yeah, I mean only laymen think that GDP growth is tied directly to population growth 100%. Chicago area barely gained any population from 2010 to now and the change in GDP is basically the same as the Dallas MSA and more than Houston MSA's. People need to stop basing their entire view of any place on population and almost nothing else.
Well Dallas, Austin, and San Antonio grew faster than Boston since 2013. Actually Austin grew faster than Seattle. But Houston and the rest of Texas held the state gdp growth rate back. And no one grew like the Bay Area.
Wow. Thanks for compiling all of this information. You're an asset to this forum!
California is such a beast! Wow!
It's also interesting to see that IL and PA continue to be such close peers. PA is slightly growing in terms of population while IL is slightly declining in terms of population. IL and PA are both growing by similar percentage amounts in terms of GDP, albeit IL will likely retain its comfortable lead over PA for the foreseeable future. Chicago GDP is still greater than Philadelphia + Pittsburgh GDP's combined.
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