Which of the following explains how the manufacturing industry changed texas's economy
The manufacturing industry changed Texas's economy by diversifying it and contributing to its growth. Before the rise of manufacturing, Texas was primarily reliant on agriculture, oil, and gas industries. However, with the development of manufacturing, Texas experienced the following changes:
1. Job Creation: Manufacturing created a significant number of jobs in Texas, thereby reducing unemployment rates and boosting income levels. Workers moved from agriculture to manufacturing jobs, leading to increased labor force participation and higher wages.
2. Economic Diversification: Manufacturing brought about diversification in Texas's economy, reducing its dependence on traditional sectors like agriculture and oil. This diversification provided stability to the state's economy, making it less susceptible to downturns in specific industries.
3. Increased Investments: The manufacturing sector attracted investments from both domestic and international companies. These investments led to the establishment of new manufacturing units, creating more job opportunities and increasing overall economic activity in Texas.
4. Technological Advancements: The manufacturing industry introduced technological innovations and advancements to Texas. With the adoption of new machinery and processes, productivity improved, leading to increased output. This technological progress also facilitated the transfer of skills and knowledge, benefitting other sectors of the economy.
5. Export Opportunities: The growth of manufacturing in Texas opened up avenues for international trade. As manufacturing companies expanded their operations, they started exporting products to other states and countries, thereby increasing Texas's exports and contributing to the balance of trade.
Overall, the manufacturing industry played a substantial role in transforming Texas's economy by generating employment, diversifying economic activity, attracting investments, fostering technological advancements, and promoting international trade.