Texas State Capitol
Texas is located in the Southwest region of the United States with a total area of 696,662 km2 and a total population of 29.2 million; which has the second-largest area, population, and GDP in the United States. Robert Allen – President and CEO of Texas Economic Development Corporation – said that if it were a country, Texas would be the 9th largest economy in the world with a GDP of $1.9 trillion.
Since 2020, more than 45 large companies have opened offices or moved their headquarters, manufacturing plants, and warehouses to Texas. At the end of November 2020, Hewlett Packard Enterprise announced that it would move its global headquarters from Silicon Valley to Texas. In early December 2020, billionaire Elon Musk, owner of Tesla and SpaceX companies, revealed that he would move to Texas because of the two biggest projects including a new Tesla factory and a SpaceX branch located in this state. At the same time, Oracle, one of Silicon Valley's oldest success stories, said it would move its headquarters from Silicon Valley to Austin, Texas. According to information in May 2021, Samsung will invest 17 billion USD to build the most modern chip factory in Texas to produce sophisticated chips up to 3nm in the future. Thanks to its responsive policies and state reserves to support during the COVID-19 period, Texas is considered a model for studying economic recovery during the pandemic. Governor of Texas, Greg Abbott, declared: “Our formula for success is simple. It's low taxes. Appropriate management policies. And invest in improving the quality of labor”.
Factors that make up the attraction of Texas real estate:
- The perfect place to do business: In 2017, the American Economic Times voted Texas as the “Best State to Do Business” for 13 years in a row. Texas also received an A+ in the survey of the friendly business environment. This is the home of more than 50 companies in the top 500 large companies in the US.
- Low cost of living, low taxes: Texas is one of seven states in the US that are exempt from personal income tax. In addition, businesses investing here are also entitled to tax incentives. For example, each year in Texas, there are two rounds of Sale tax holidays (a tax like VAT in Vietnam). During this period, goods with a value of less than 100 USD will be exempt from Sale tax.
- International trade and investment: In 2016, Texas was one of the state with an export value of more than $232 billion within 15 years. Includes petroleum products, machinery and electronic components, chemicals, and transportation equipment. Currently, Texas is a market attracting foreign direct investment (FDI) from Mexico, Canada, China, Korea, Brazil...
- Good land supply: According to the Center for Real Estate Research at the University of Texas: “Land in Texas is cheaper than elsewhere. Because the first there is the second-largest land area in the United States. In addition, the efficiency of the land acquisition process also makes investors satisfied.”
- The paperwork is handled quickly: The Texas government creates the best conditions for everyone in the process of carrying out the procedure to stimulate the demand to buy a home in the US in general and to buy a house in Texas in particular.