Water shoots on magnolia

I moved a magnolia tree last autumn. The tree already had some buds which opened in the spring in its new position but it has failed to do much else since then, no new leaves or buds. I've now noticed lots of water shoots or water sprouts around the trunk and upper branches but no growth at the end of the branches. Does it sound like the tree is dying? Should I remove the water shoots? Any advice gratefully received.
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If the tree had been pruned quite severely over the last year, water shoots will occur, and in some instances, the tree may not recover and even die. I think it's too early to know, so best leave it for now.
5 to 6 years is still quite a young tree. I would concentrate on keeping the tree well watered in dry spells and even in the summer time, since the tree has only been in the new position for a year.