By: Adam C. Uzialko, Business News Daily
They say everything is bigger in Texas, and that includes the state's economy. The Lone Star State boasts a gross domestic product of $1.77 trillion – the second largest in the nation. The state is home to 2.7 million small businesses, which employ 4.7 million people. That's more than 45.1% of Texas' private sector workforce. Last year, the state's economy grew at a rate of 3.2%, outpacing the nation.
Like in most other states, the unemployment rate in Texas has plummeted since late 2011 and today stands at 3.4%, which is even lower than the national unemployment rate (3.6%). While low unemployment is a clear indicator of Texas' economic health, it's a double-edged sword: An employee's market means small businesses can expect to pay more for top talent and face fierce hiring competition from larger companies with deeper pockets. Entrepreneurs remain largely optimistic, though, buoyed by the strong economic recovery after the financial crisis of 2008.
"Texas is very much a can-do state," said Trey Bowles, founder and CEO of the Dallas Entrepreneur Center, who was among the many we spoke to who were enthusiastic about the state's business climate. "It's arguable that it's the No. 1 state to do business in, and we would argue it's the No. 1 state to start a business in right now."
What do entrepreneurs have to say about the state of small business in Texas today? Are small businesses able to take advantage of the healthy economy, and are they optimistic about what tomorrow holds for the Texan business owner? Business News Daily reached out to some of the state's entrepreneurs to find out.
Read Full Article