In the state where everything is bigger, the economy is no exception. Cities border to border have experienced an influx in transplants and new businesses, creating a boom in the real estate, tech, lending, and commercial goods industries among others.
Technology and hyper digitization has largely driven the remote economy in Texas, and all markets are being affected by these major shifts.
Take a look at some of the top ways technology has impacted the Texas economy this year.
Tech Firms Move to Texas En Masse
Texas contains more than 8% of the U.S. population, and businesses are moving there to keep up with product demand. Networking, AI, gaming, online security, compliance, and other tech industries are thriving during the current highly digital landscape.
Lower startup costs for business licensing, insurance, rent, and more drive prospective business owners to sprawling cities like Houston, Austin, Dallas, and San Antonio. Additionally, low cost of living makes the state favorable for families and Millennials/Gen Z people trying to get started on the right foot.
For real estate investors, the state is a property gold mine. New developments are peppering rural and city areas, with the highest concentration of new homeowners and investors coming to an apex around the Dallas/Fort Worth region.
The auto industry is also experiencing massive shifts. More and more, people are doing their research and buying online, allowing companies to use technology such as VR car simulators to recreate a digital test drive. This permits local dealerships to have smaller lots and a smaller number of cars on the lot since a lot of the research and testing process can be done online.
Since the pandemic has sent employees home across a wide range of sectors, with looming lockdowns closing down more shops, companies can be based anywhere. So, it’s practical to set up somewhere with low costs and a high level of opportunity.
Distance Learning Creates Increased Need for Online Education
Although much of the state has resumed in-class instruction, the demand for quality online education is higher than ever. Online education companies and service providers have had to ramp up their offerings and level of support as much of the state tries to resume school at home.
Some schools have allowed students to continue school in person, but most of the state is trying to navigate through the transition into an online classroom. This has left students subject to difficulties regarding internet connectivity, device troubleshooting, distractions at home, and more.
Virtual reality learning environments have been developed to help students focus and engage in class. This has been tested by some Texas online educators, and has produced positive results in past trials.
This innovative learning solution makes use of spatial content to create a fully interactive and immersive digital workspace. These environments can be tailored to every student’s individual needs, and AI-assisted machine learning helps the system keep up with each user’s progress.
Telehealth Drives the Medical Industry
To ensure that patients are able to receive adequate care, while minimizing COVID-19 risk as much as possible, medical providers have changed the way they handle intake. Increased social distancing measures have impacted triage patterns, causing increased wait times and reduced capacity.
As a result, hospitals and private providers are utilizing technology to stay connected with people remotely. From physical therapy to acupressure, it’s possible to conduct a wide range of examinations and exercises with just a video camera and an internet connection.
Texas now leads the telehealth industry, with more legislative options than any other state. Adding this realm to their tech and healthcare spheres has opened a completely new network for employees, healthcare professionals, and patients.
This new tech tool is making it easier for uninsured patients to get the necessary care they need, while paying lower copays (or nothing) to speak to a licensed physician. Texas also has the country’s largest uninsured population, so this development could provide care and support to the state’s most affected areas.
Texas is showing no signs of slowing down as one of the country’s leading tech, real estate, and commercial hot spots. Those who are tired of two-hour commutes and declining cities are flocking to the Lone Star State in droves.
Remote tech solutions have greatly helped the local area to keep up with demand and adapt to the ever-changing landscape caused by the COVID-19 pandemic.