This red state is strengthening its grip as America's next economic heavyweight
The race to become America's next economic heavyweight may already have a frontrunner.The latest Internal Revenue Service (IRS) migration data show billions of dollars in taxpayer wealth flowing into Texas, while Census figures show the state's largest metropolitan areas continue to outpace much of the country in population growth, strengthening a decades-long shift in America's economic center of gravity.What's more, Texas isn't relying on a single boomtown. Dallas-Fort Worth added more residents than any metropolitan area in the country over the past year, while Houston, Austin and San Antonio also ranked among the nation's fastest-growing metros.That unusual breadth gives Texas multiple engines of economic growth, providing businesses with larger labor pools, diversified industries and a broader customer base than states anchored by a single dominant city.BILLIONS IN TAXPAYER INCOME ARE LEAVING TWO ICONIC STATES — AS A NEW ECONOMIC MAP EMERGESThe population boom has been accompanied by an influx of wealth.
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The race to become America's next economic heavyweight may already have a frontrunner.The latest Internal Revenue Service (IRS) migration data show billions of dollars in taxpayer wealth flowing into Texas, while Census figures show the state's largest metropolitan areas continue to outpace much of the country in population growth, strengthening a decades-long shift in America's economic center of gravity.What's more, Texas isn't relying on a single boomtown. Dallas-Fort Worth added more residents than any metropolitan area in the country over the past year, while Houston, Austin and San Antonio also ranked among the nation's fastest-growing metros.That unusual breadth gives Texas multiple engines of economic growth, providing businesses with larger labor pools, diversified industries and a broader customer base than states anchored by a single dominant city.BILLIONS IN TAXPAYER INCOME ARE LEAVING TWO ICONIC STATES — AS A NEW ECONOMIC MAP EMERGESThe population boom has been accompanied by an influx of wealth. IRS migration data analyzed by the Tax Foundation show the Lone Star State gained more than $5 billion in adjusted gross income from interstate movers, while California and New York recorded multibillion-dollar losses."Capital follows where there is confidence," Texas Association of Business Chief Policy Officer Gabriela von zur Muehlen previously told Fox News Digital. "And right now there is a tremendous amount of confidence in Texas."Von zur Muehlen said Texas' tax structure and predictable regulatory environment continue to attract businesses and investment from other states, helping reinforce the state's economic momentum.While Florida attracted the nation's largest influx of taxpayer wealth and South Carolina posted the strongest inbound migration rate, Texas stood out by combining billions in new taxable income with rapid growth across Dallas-Fort Worth, Houston, Austin and San Antonio.Economists say that combination matters because higher-income households bring spending, investment, entrepreneurship and tax revenue that can accelerate job creation, fuel commercial development and attract even more businesses.
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- What's the story?
- The race to become America's next economic heavyweight may already have a frontrunner.The latest Internal Revenue Service (IRS) migration data show billions of dollars in taxpayer wealth flowing into Texas, while Census figures show the state's largest metropolitan areas continue to outpace much of the country in population growth, strengthening a decades-long shift in America's economic center of gravity.What's more, Texas isn't relying on a single boomtown. Dallas-Fort Worth added more residents than any metropolitan area in the country over the past year, while Houston, Austin and San Antonio also ranked among the nation's fastest-growing metros.That unusual breadth gives Texas multiple engines of economic growth, providing businesses with larger labor pools, diversified industries and a broader customer base than states anchored by a single dominant city.BILLIONS IN TAXPAYER INCOME ARE LEAVING TWO ICONIC STATES — AS A NEW ECONOMIC MAP EMERGESThe population boom has been accompanied by an influx of wealth.
- How widely is it covered?
- 1 outlet, average source rating 6.0/10.
- When was it last updated?
- 8m ago.
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This red state is strengthening its grip as America's next economic heavyweight
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