Question

The state of Texas used to experience large-scale booms and busts related to price fluctuations within the petrochemical industry. Recently, however, the business climate has attracted many different types of companies to the state, and, as a result, the state has experienced _________ that has allowed other industries to take a more prominent role in Texas's economy.

Answer 1

Economic Diversification

Step-by-step explanation:

The method of moving an economy away from the central source of revenue to various sources from a increasing spectrum of industries and markets is called Economic Diversification.

As a strategy for encouraging favorable financial growth and development, it has traditionally been implemented.