Texas is and has always been open for business, said Texas Secretary of State John Scott at a Metroplex Civic and Business Association (MCBA)* members luncheon Tuesday.
MCBA is a non-partisan, non-profit business promotion organization committed to the success and prosperity of the Dallas Fort-Worth Metroplex. The organization focuses on increasing charitable and civic engagement among member companies.
“Texas’ $2 trillion economy is currently ranked the ninth-largest economy in the world and is responsible for exporting more products and services than New York and California combined,” said Scott. “Texas has also been a top state for corporate relocations over the past decade.”
In the last few years, corporate giants like Tesla, Oracle, and Hewlett Packard have relocated their headquarters to Texas for the state’s business-friendly environment.
U.S. companies are not the only ones relocating to Texas; many multi-national corporations have put down roots in the Lone Star State. Einride, a Swedish autonomous electric freight vehicle company, recently established its headquarters in Austin.
Scott noted that Finland is exploring relocating some of its businesses to Texas after Russia invaded Ukraine earlier this year.
During his speech, Scott highlighted many of the growth metrics that have transformed Texas into such a bustling metroplex for business.
Texas has long been known for its oil and gas industries, but the Lone Star State has diversified. The state is now a leading tech hub and has a number of top-rated medical facilities and a growing financial sector.
“We fail if we leave people behind; then our state fails,” he stressed during a 25-minute presentation.
When asked during a Q&A session which sector has the greatest promise in Texas, Scott answered that there is growing interest in carbon capture.
He described a recent business trip to Europe where officials questioned Texas leaders on what the state is doing about carbon capture, a process of removing carbon dioxide from streams and industrial operations and storing it underground or recycling it into new products.
Texas’ oil and service industries support the environmentally friendly process, Scott said, describing carbon capture as the “next field of dreams.”
He said Texas has the shoreline capacity to create a carbon-capturing hub.
Scott acknowledged that he is still relatively new on the job but expressed enthusiasm and excitement for the future job opportunities that will come to Texans and the Metroplex.
*Disclosure: The Dallas Express Publisher Monty Bennett is the CEO of Ashford, Inc. which is a contributor to and member of MCBA.
