Move to Texas and Get a Free BMW!

Written by Posted On Sunday, 10 November 2013 13:43

It's not too often that you get an economic forecast and outlook from the Federal Reserve System's only Chief Economist in history! Dr. W. Michael Cox, director of the O'Neil Center for Global Markets and Freedom at Southern Methodist University's Cox School of Business spoke to our office on the centers second annual report essay he co-wrote titled Looking for the New New World which started out asking the question: Why are so many people moving from states like California to places like Texas?

The essay reinforces all the reasons given in my  previous article Goodbye California Dreamin...Howdy Texas.

For purposes of "great places to live and invest"...the data all points to Dallas as the hub of all hubs to plant your future seeds. As the song goes "everything is coming up roses" in Texas. In fact, after listening to Dr. Cox, how can you NOT move to Texas?  There is no economical reason that makes sense. Dr. Cox told me he has a slogan for companies seeking to recruit workers from New York and California: "Move to Texas and get a free BMW!"... Reason being, professionals living in the Northeast and California pay the equivalent of a year's worth of expensive car payments in annual personal income tax which Texas doesn't have!

The migration started several years ago and is not letting up. Dallas adds a million people every six years! Since taking over as Director of the SMU O'Neil Center, Cox has created very compelling statistics that point to Dallas/Fr. Worth as the new "it" economy for common sense American businessmen. Texas is basically an economically free state – no state income tax, unions are less of a force (6.4% of the private sector is unionized), and low rate of government spending and slow growth of government! According to Cox, people are moving to Texas because they are looking for self determination and economic freedom. "By voting with their feet, today's Americans have made Texas the "new" new world – that's what the migration numbers tell us", says Cox. "It's all about lowering taxes, reining in spending growth, enacting right-to-work laws, limiting the land use restrictions that raise housing prices and improving education without spending a lot of money."

Texas is a "feel good" likes entrepreneurs! To quote Timothy Askew "it welcomes them, it wants them, it loves them...doesn't every state want our wonderful, productive, job-creating business class?"...... No, apparently not.

Dallas is also growing its cultural presence with a world class opera house, symphony hall, strong civic support of museums, theatres, and parks. Along with the quality of life, it is an entrepreneurial oasis. DFW has more corporate headquarters than any other U.S. metropolitan area, plus growing in the global arena and overseas services. There is so much that can be said about why one should move to Texas...It all begins with economic freedom!

Stealing again from Timothy Askew..."when Davey Crockett resigned his Tennessee legislative seat, he memorably concluded his speech with the immortal words, "You may all go to Hell, and I will go to Texas."

Pretty much sums it up.....

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Nora Ling Lane

"It's a privilege to work with my clients. I am humbled and blessed to serve their Real Estate needs."

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