Although the name still conjures up images of cults with arsenals, Waco is a modern town with a strong diversified economy and population. Defense and education are important sectors in the local economy. Waco also acts as an important hub in its largely agricultural region. Waco business licensing is simple and relatively straightforward. The city maintains few business licenses and permits aside from health and food related ones. However, when Texas regulations are more numerous and businesses in certain regulated industries may need up to eight licenses and permits to operate.