We know Texas has a lower cost of living. We know Texas is business friendly. Now we know how much your dollar is worth in the Lone Star State.
New rankings put Texas at 28th, with the dollar here being worth a dollar and three cents. Economist Ray Perryman tells KTRH the number 28 doesn't bother him at all.
“We’re not building wealth as rapidly as we would be in some other markets. But the states that have the highest value aren’t necessarily the states you want to be in because they are the poorest states,” Perryman explained.
Like Mississippi, the state at the top of the list, where the dollar is worth $1.16. Perryman says you also don’t want to be at the bottom of the list, like Hawaii is, where the dollar there is only worth 84 cents.
“The places that have the lowest value have very high housing values, land values, and other costs are higher as well,” Perryman said, adding that our ranking also shows why we see businesses leave states like New York and California to come here.