It wasn't just oil that made the Texas economy hum and Perry was very good at attracting business from other states. I'll wager a direct comparison between Texas to North Dakota would reveal exactly which state is a one trick economic pony though. 
Actually, agriculture is the big thing here, and has been for well over a century.
Oil going from 40 to 140 definitely had some influence on the economy, wherever oil was drilled. Still does, only it went back down. Typically, ag prices have taken a hit, too, but it is an election year and those are the industries with the most conservative people I can think of, as a rule, and TPTB don't want folks like us too prosperous during an election year. It's bad for Liberals.
Coal remains big here yet, oil and gas have their ups and downs, and we are a consistent electrical energy exporter, too. Compared to Texas, we have a lot less land area, fewer people, no gulf of Mexico, so there are quite a few things which are different from Texas. Our illegal aliens usually cross the border going in the direction y'all wish your would go (headed south). We even have Texans from time to time, but winter usually sends them home. Drop your population to 750K and have subzero winters the length of ours and we'll compare. Seriously, though, oil booms drive a host of other sectors, including manufacturing. We just don't have the Mexican carpenters and welders to keep up, so we'll have to leave that part to y'all.. ^-^
As for businesses relocating to Texas, I'll give credit where credit is due, there was an aggressive campaign to get people to move from places like California to Texas, especially over taxes and regulations, and I can sure see businesses wanting to make that move. But if the numbers don't work out, they'll just have the auction with a different accent.
