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Many people associate Texas with cowboys and the desert, but today, it is one of the most economically strong states, outpaced only by California. The state has $1.887 trillion in GDP alone, surpassing such countries as Australia ($1.543 trillion USD), Turkey ($815.3 billion USD), and even Russia ($1.776 trillion USD).
Texas is one of the most hard-working states. It is home to more than 13 million people who are highly skilled and motivated to do their job. Not only a decent financial reward but also the system of workers' rights protection act as incentives.
State law is committed to maximizing the quality of life and protecting workers' rights. The harmonious interaction between employees and employers explains the number of thriving businesses there.
The state boasts 48 major companies, including Toyota, Siemens, American Airlines, as well as more than a million small firms of all kinds. Small entities have the greatest impact on the state's economy.
Texas' fortunate location and modern, advanced infrastructure have turned the state into the nation's largest exporter. It has been holding that title for nearly 18 years.
Next, we suggest you check out some stats to get the full picture of how small businesses are doing in Texas.
Texas Small Business Stats: Key Info
There are more than 2.8 million small firms registered in Texas;
Small companies make up 99.8% of all businesses in the state;
Net growth in the number of companies is typically more than 8,000 firms per year. For example, during 2019-2020, 72,211 entities were established in Texas, while 63,872 firms were dissolved. The net increase in 2019/20 was 8,339 entities;
79.8% of startups survive in Texas one year after being founded;