Texas named a best state for remote work

work from home, y'all

A new list Texas at No. 6 among the best states for people seeking remote jobs. Photo vie Getty Images

Economic development boosters regularly tout Texas as a business-friendly state. Now, they can add another positive attribute: Texas ranks as one of the top remote-work-friendly states in the U.S.

A new list from the CareerCloud career platform puts Texas at No. 6 among the best states for people seeking remote jobs. Utah leads the ranking, followed by Colorado, the District of Columbia, Washington, and Virginia.

Helping lift Texas toward the top of the ranking is its No. 3 spot among the states projected to see the most growth (26 percent) in remote-friendly jobs from 2018 to 2028. Utah ranks first (41.7 percent) and Colorado ranks second (30.8 percent).

CareerCloud judged states on two other factors: broadband internet access, with Texas holding the No. 23 spot, and employment per 1,000 remote-friendly jobs, with Texas at No. 24.

These are the 14 jobs that CareerCloud deemed remote-friendly:

  • Accountant
  • Actuary
  • Computer network architect
  • Computer systems manager
  • Computer systems analyst
  • Database administrator
  • Information security analyst
  • Management analyst
  • Market research analyst
  • Marketing manager
  • Mathematician
  • Software developer
  • Statistician
  • Web developer

A list published last year by TheStreet, an investment website, backs up Texas' position in the CareerCloud ranking. The Street names nine places in Texas among the 30 best U.S. cities for remote work during the pandemic: El Paso, Plano, Garland, Corpus Christi, San Antonio, Austin, Fort Worth, Arlington, and Dallas. Houston didn't make the cut.

By contrast, not a single city in Texas appears on a list published by Money Crashers, a personal finance website, of the 20 best places in the U.S. to live and work remotely in 2021. Likewise, Livability.com leaves Texas cities off its list of the country's top 10 remote-ready cities for 2021.

A March 21 post authored by Tory Gattis, editor of the Houston Strategies blog and founding senior fellow at the Center for Opportunity Urbanism, makes the case for and against Houston as a remote-work hub.

Gattis lays out these factors in favor of Houston as a remote-friendly place:

  • Most affordable global city in the U.S., offering big-city amenities at a reasonable cost
  • Lots of Houston ex-pats who might come home to be closer to family and friends
  • Strong community culture for such a large, diverse city
  • Healthy immigrant ecosystem

According to Gattis, these are some of the unfavorable factors for Houston as a remote-friendly spot:

  • Not a classic "lifestyle" destination like Austin, Denver, or Miami
  • Big-city problems like traffic and crime
  • Climate susceptible to hurricanes, flooding, heat, and humidity

"Overall," Gattis writes, "I'd say we're likely to come out fairly well — not as good as the popular lifestyle cities, but much better than the unaffordable superstar cities like SF and NYC."

Could tapping into 401k investment be a gamechanger for Houston startup funding? Photo via Getty Images

Expert: New 401k investment options would spur Houston venture capital and innovation

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With fossil fuels facing an uncertain future, Houston is wisely pushing to further develop its innovation economy with initiatives like Houston Exponential and Rice Management Company's Ion, as well as the No. 1 ranked entrepreneurship programs at the University of Houston (undergraduate) and Rice (graduate).

Venture capital is both the critical fuel and limiting factor to expanding Houston's innovation ecosystem, but the vast majority of venture capital in this country is focused outside of Houston in places like Silicon Valley and Austin. How can we increase the local pool of venture capital focused on Houston?

A recent federal guidance provides the answer with a new option for adding dramatically to Houston's venture capital resources. On June 3rd 2020, the Department of Labor issued an information letter allowing 401k funds to invest in private equity, including venture capital. Houston has hundreds of thousands of employees contributing to 401k retirement plans, including those working at our 41 Fortune 1000 companies as well as other major employers like the Texas Medical Center hospitals. If even a small fraction of their savings could be channeled into Houston-focused venture capital funds (or funds of funds like the HX Venture Fund), it could add hundreds of millions of dollars to Houston's startup ecosystem.

How would this work? While federal guidance does not allow direct private equity investments in 401k plans, it does allow private equity to be part of the mix in target date, target risk, or balanced funds offered. Imagine the creation of a "Houston Balanced Fund" focused on a portfolio of equities and bonds from Houston companies, local government bonds, and a 15 percent allocation to Houston-focused venture capital (the maximum allowed for illiquid assets). The fund would be a bet on a prosperous long-term future for Houston — something I think many Houstonians would enthusiastically add to their retirement portfolios. Once created, it could be added to the investment options in 401k employer plans all over the city.

As an example of the power of this model: if 100,000 employees — only 3 percent of 3 million jobs in the Houston metro — invested just $10,000 of their 401k portfolios into a Houston Balanced Fund with 15 percent allocated to venture capital, it would inject an additional $150 million dollars into the local venture capital pool to spur new innovations and companies that can be the future of Houston's economy — a 20 percent increase to the $715 million of venture capital invested in Houston in 2020. This new venture capital could be leveraged even more by focusing it on early-stage Houston startups that might have trouble attracting the attention of national VC firms. As they mature to Series B rounds and beyond, they should have no trouble bringing in capital from outside the region.

This is an opportunity for Houston to do something no other city has done — to be innovative with not just new ventures and technologies, but with how they're financed. We can be proactive pioneers fueling Houston's 21st-century innovation ecosystem.

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Tory Gattis writes the Houston Strategies blog and is a Founding Senior Fellow with the Urban Reform Institute – A Center for Opportunity Urbanism.
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TMC launches new biotech partnership with Republic of Korea

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Houston's Texas Medical Center has launched its new TMC Republic of Korea BioBridge.

The new partnership brings together the TMC with the Osong Medical Innovation Foundation, or KBIOHealth. The Biobridge aims to support the commercialization of Korean biotech and life science startups in the U.S., foster clinical research, and boost collaboration in the public, private and academic sectors.

Through the partnership, TMC will also develop a Global Innovators Launch Pad to foster U.S. market entry for international health care companies. Founders will be selected to participate in the 10-week program at the TMC Innovation Factory in Houston.

“Gene and cell therapies are driving biotech innovation, opening possibilities for treating diseases once thought untreatable," William McKeon, president and CEO of the Texas Medical Center, said in a news release. "Expanding biomanufacturing capacity is essential to delivering the next wave of these therapies, and partnerships with leading innovators will strengthen our efforts in Houston and internationally.”

McKeon officially signed the TMC Korea BioBridge Memorandum of Understanding with Myoung Su Lee, chairman of KBIOHealth, in South Korea in October.

"This collaboration marks a significant milestone for Korea’s biohealth ecosystem, creating a powerful bridge between Osong and Houston," Lee added in the release. "By combining KBIOHealth’s strength in research infrastructure and Korea’s biotech talent with TMC’s global network and accelerator platform, we aim to accelerate innovation and bring transformative solutions to patients worldwide.”

This is the seventh international strategic partnership for the TMC. It launched its first BioBridge with the Health Informatics Society of Australia in 2016. It launched its TMC Japan BioBridge, focused on advancing cancer treatments, last year. It also has BioBridge partnerships with the Netherlands, Ireland, Denmark and the United Kingdom.