In recent years, Texas has been the scene of massive growth, both in terms of population and job opportunities. Collin County in particular has seen tremendous expansion, adding more than 202,000 jobs between 2010 and 2019 and nearly 220,000 residents between 2010 and 2020. With gains like these, it’s no surprise Collin County is one of the fastest growing counties in Texas.
As more people move into the county, so have more businesses, creating an attractive job outlook for residents in the area. If you’re looking for a great place to live and work, Collin County is an excellent choice.
What’s Drawing Businesses to Collin County?
Aside from the booming population, other factors that are helping to draw employers to Collin County include low tax rates and business-friendly policies, especially in the wake of the recent pandemic.
Low Tax Rates
Texas has no individual state income taxes, and the state franchise tax rates (what Texas calls its business tax) are extremely low. Businesses with less than $1.18 million in receipts pay no tax and those with $1.18 million to $10 million pay a rate of only 0.375%. The maximum franchise tax rate in the state is 0.75%. These favorable tax rates make it easy for employers great and small to operate, and many businesses have moved into the area as a result, including quite a few from out of state.
Collin CARES Assistance Programs
Smaller businesses in particular have prospered in Collin County as a result of the small business grants provided through the Collin CARES program. The program was created to help those impacted by the pandemic and offers grants up to $25,000 to businesses that saw gross revenue losses in excess of 15% in the last year. As a result, businesses that might not have survived have had a fighting chance to pull through.
Largest Employers in Collin County, TX
Collin County has brought businesses of all sizes into the area. Some of the largest employers in the county include:
- Hewlett Packard Enterprises
- JP Morgan/Chase
- Fannie Mae
These are just a few of the large businesses that have moved into the area in recent years. Countless other employers have found their place in Collin County, and they provide many opportunities for residents to land fulfilling careers. In coming years, the county’s future job growth is projected to be over 48%, much higher than the national average of 33.5%. Median household income in the area is also well above that of other states, exceeding $84,000 per year.
The Time is Right to Move to Collin County
The area’s massive growth makes it a great place to live if you’re looking for fulfilling work with successful companies. However, that very fact makes it attractive to other people too. That means the time to move to Collin County is now.
If you’re on the lookout for a great place to live in Collin County, look no further than Lilyana by Hillwood. This picturesque community in Celina, TX within the acclaimed Prosper ISD has all the charms of small-town life yet is conveniently located just 10 miles north of Frisco with an easy commute to many Collin County employers. For more information on Lilyana, get in touch with us today or take a virtual tour.