FireDream

There’s a Fortune to be Found in Texas

Texans have long known that life is just better when you enter into the 260,000+ square miles that is the Lone Star state.  Now the nation is also taking notice.  In fact, in the most recent list created by Fortune magazine, Texas is home to more Fortune 500 companies than any other state-passing former leaders New York and California.

The 58 Fortune 500 companies based here include Exxon Mobile, AT&T, J.C. Penney, Burlington-Northern Santa Fe, Continental Airlines, Pilgrim’s Pride, Blockbuster, and Neiman Marcus, just to name a few.  In a recent Dallas Morning News article, Dr. Albert W. Niemi, Jr. of the SMU School of Business is quoted as saying that cost is the number one factor in attracting businesses to Texas.  Low taxes, affordable land and a large labor force are also listed as contributing factors to this growth.

Certainly, this is good news for the Texas housing market.  Although recent reports have shown that home building is slowing down, foreclosure rates are also falling in comparison to last year’s numbers.  In fact, according to recent data published by California-based RealtyTrac, although the number of Texas foreclosures in May 2008 rose slightly when compared to the prior month, foreclosure rates fell nearly 12% from this same period last year.  This is a fact that we should be celebrating, considering that foreclosure rates in other parts of the country have more than doubled since last year.

There’s a light at the end of the tunnel, folks.  And as usual, that light is shining on the great state of Texas.

This blog is for informational/entertainment purposes only and is not meant to provide any financial or legal advice.