Texas continues to make its mark in defense and aerospace with a new study naming it the top state in the nation to invest in the sector.
In addition to being a key state for the nation's space cowboys, Texas also has two FAA-licensed spaceports, the Houston Spaceport and the Midland International Air and Space Port., PwC's global aerospace and defense leader and the author of the report."Our report references that 18 of the top 20 aerospace and defense companies have operations in Texas. But I would also point to the fact that the space industry is growing considerably.
Thompson said forecasts calculate the space sector, currently outpacing the global gross domestic product in relative growth, will triple in the next decade to become an industry with more than a trillion dollars in annual economic activity.He said the state’s strong overall economy, business-friendly tax landscape, educated workforce, geography, weather and historic ties to aviation and spaceflight are key factors in making the determination.
"I think the prospects for Texas' growth in aerospace and defense are extremely, extremely bright," Thompson said. The review also determined that Texas ranks third in the nation in aerospace product and part manufacturing firms and second in exports, valued at $8.4 billion in 2022. On the international level, the U.S. came in second following Singapore and preceding Canada. The determination was made by analyzing cost, labor, infrastructure and tax policy.
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