Drexel highlights the strength of Lone Star State economy

According to data compiled by Drexel Development, a Texas recession is not in the forecast. A relatively low cost of living continues to attract firms and residents to the state, and its globally integrated economy boosts demand for Texas products and services. In addition, the state remains the global epicenter for a prosperous energy industry.Now, while real estate activity is slowing, Texas markets are healthier than those in many other parts of the country.In 2007, Texas was named the top job creating state and Dallas led the nation in total job gains by adding an additional 81,900 jobs, an increase of 2.9% over last year.Drexel also notes that Forbes has named Dallas one of the top ten recession proof cities.That designation is based on Bureau of Labor statistics for job creations, median home price gains from the National Association of Realtors and by looking at how the rising mortgage crisis is effecting levels of productivity in the local economy.Fortune has also announced that Texas has passed New York for the most Fortune 500 headquarters in the state. Fortune says the main reasons companies are relocating to Texas are low taxes, affordable land and a large labor force. Bain and Co. surveyed Fortune 1000 companies and found that 27% of the companies plan to move or shift jobs to Texas over the next ten years. All of this indicates a strong financial and economic future for the Lone Star State.

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