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Home | Features | Feb/Mar 11 | State focus: Texas
State focus: Texas
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View Brochure Every month, The American Business Journal turns the spotlight on a state of this great country to investigate its business and successes, its culture and uniqueness—and its goals for the future. This month, we cast our sights on Texas, which thanks to its booming economy has kept reasonably stable during the recent economic downturn.
The American Business Journal takes a look at the Port of Houston, a major commerce hub in the U.S.., and speaks with the Greater Houston Partnership about the port’s critical role in business. We highlight one of Texas’ oil and gas players that are once again making waves in the financial markets. We take a tour through the Texas wine regions and learn some surprising facts. And finally, we talk with the Mayor of Houston, Annise Parker, about the city’s economic forecast for 2011.
Resisting recession in the Lone Star State
From its traditionally booming business climate to its hospitable southern culture, the Lone Star State is famous even beyond America’s borders. From a history entrenched in oil to the crucial commerce hub in the Port of Houston, Texas is well-known for favorable economic conditions. No state in the U.S.. has been recession-proof—but compared to many, Texas has actually experienced quite a boom. This month at ABJ we ask the question: How?
Diversified economy
First and foremost, Texas has reaped the benefits of a highly diversified economy that includes agriculture, biotech and healthcare, manufacturing, tourism, and of course—energy. For many, Texas is synonymous with oil, and rightfully so. The oil and gas industry accounts for a considerable part of the economic vitality, but a solid backbone of diversified industry (which indeed interacts with the oil and gas sector) has been a crucial component in the state’s stability.
Texas has long hinged on its vital oil resources. Even today as the oil sands in Canada and the Middle East provide essential petroleum to the U.S.., Texas still wears the moniker of “the energy capital of the world”. Oil and gas have a firm place in the heart of the Texas economy, and Texas still leads the American pack for both crude and natural gas. Nearly a quarter of total U.S.. oil reserves come from this state—the Permian Basin of West Texas alone contains 21 of the nation’s 100 most productive oilfields.
Texas is also country’s number one refiner of oil and gas products. Many of America’s major oil companies have their headquarters in Texas, including Marathon Oil, Exxon-Mobil, Tesoro and Valero. It is not only production of this profitable resource, it is the entire supply-chain process. The major cities in Texas hold the offices, refineries, logistics hubs and other critical elements. Oil, it seems, truly does keep the economy flowing
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