Texas: Wide Open for Global Markets, Showcasing the nation’s leading export state at HannoverApril 23, 2016
Global trade is at the center of the Texas economy. As the 12th largest economy in the world, Texas continues to rank as the number one exporter in the U.S., a position the state has proudly held for the last 14 years.
In 2015, Texas exported more than $251 billion in goods. Texas exports alone accounted for more than 16 percent of all U.S. manufactured goods in 2015, and for the third year in a row, Texas has led the nation in high-tech exports—surpassing California by $6.3 billion.
To ensure the Lone Star State continues to lead the nation in exports, Texas small businesses, along with statewide community representatives, are participating in Hannover Messe 2016 to showcase innovative products, services and investment opportunities to global markets.
With its centralized geographic position, superior infrastructure, significant international partnership and trade agreements, and competitive business climate, Texas is truly a globally-connected powerhouse. Just consider these key factors:
Access to global markets
One of the most important reasons investors choose Texas is to serve the massive U.S. market. Texas has the country’s second largest population and is strategically located as a main logistical hub of North America.
With 16 seaports and 11 deep water ports, 28 border crossings with Mexico, the most extensive freight rail system in the country, and more than 313,000 miles of public roads, Texas gives companies the ability to quickly move their products across the state, continent and world.
Texas’ 360 airports, including 26 commercial airports, make up the second-largest state system in the U.S. And its two largest airports, Dallas-Forth International and George Bush Intercontinental in Houston, serve as major domestic and international hubs with daily nonstop flights across the globe.
Mecca for foreign direct investment
Texas is a global destination for foreign direct investment, with 32 foreign trade zones and more than 1,400 foreign corporations with ongoing operations in the state.
Mexico and Canada continue to serve as Texas’ top trading partners, with more than $102.5 billion in goods exported into Mexico and $31.3 billion to Canada in 2014. Other major trading partners include China, Japan, South Korea, Brazil and Western Europe.
From 2010-2015, more than half of Texas’ FDI projects originated from Western Europe, where major economies like the UK and Germany drove investment. However, countries such as Canada and South Korea are near the top for overall capital investments into Texas.
Global leaders with major operations in Texas include Samsung, Toyota, BP, Siemens, Novartis, BASF, BAE Systems, LG, Shell, Philips and more—with endless market potential, the state continues to be a magnet for international trade and investment.
A powerful, robust workforce
Texas boasts a civilian labor force of 13 million, 36 public universities and 50 community college districts. Many regions in the state contain large industry clusters, which provide trained labor forces from which businesses can draw.
As a result, regions with existing labor pools continue to spur new business expansions and relocations in those industry sectors. The state’s excellent workforce training programs provide immediate, on-the-job readiness so workers can not only excel in job performance, but also in career advancement.
Texas is investing in science, engineering, research and commercialization activities, further elevating the state’s future growth. Texas also invested millions in higher education and university research programs, fueling the state’s 21st century advancement in technology, life science and other core fields.
Low operating costs
Texas continuously ranks on top for its business-friendly climate, thanks to its combination of low taxes and predictable regulations that offers significantly lower operating costs allowing businesses to flourish.
The state already imposes no personal or corporate income tax, and in June 2015, Governor Abbott signed legislation to cut taxes by nearly $4 billion, including a permanent 25 percent reduction in the business margins tax.
Lastly, businesses choose Texas because it offers competitive financial incentives such as the Texas Enterprise Fund, one of the most powerful deal-closing incentive programs in the nation.
Below is a list of Texas representation at Hannover Messe 2016:
Energy Industry Pavilion Hall 27, S. G50-15:
• American Completion Tools provides wide range of oil and gas products and services
• Apfelbaum Industrial manufactures energy industrial products and systems
• Viking Cold Solution produces energy efficiency systems and mechanical equipment
• SANA International imports and exports products in the renewable energy sector.
Digital Factory Exhibit Hall 6, S. K45-3:
• Appeterra is data exchange company specializing in products and services in Cloud and Supply Chain Integration
Production Automation Exhibit Hall 17, S. D58-06:
• Concord Supply, manufactures extrusion-coated products and packaging materials and liners
• Knight Electronics/Orion Fans specializes in thermal management and manufactures AC, DC fans
Open Exhibition Grounds Hall 3, Stand F06 / U.S. Investment Pavilion:
• Team Texas statewide economic development marketing association promoting job creation and capital investment in Texas.
For information on exporting and trade opportunities in Texas, visit http://www.TexasWideOpenForBusiness.com, or follow us on Twitter @TexasOne.