Texas Named Gold Shovel Recipient by Area Development Magazine

AUSTIN – Gov. Rick Perry announced Texas has received Area Development magazine’s 2008 Gold Shovel Award for economic development and job creation. Texas Secretary of State Phil Wilson accepted the award on behalf of the state.

"Texas is honored to be recognized with the Gold Shovel Award as a tribute to the hard work of Texas lawmakers and business leaders to build and maintain our strong economy," said Gov. Perry. "Our state's reasonable regulatory environment, low tax burden and economic development incentives are powerful tools to attract the businesses and jobs that make our state one of the best places in the nation to live and work. Opening doors of opportunity and success to our citizens has been and always will be a priority in Texas."

The annual award recognizes state economic development agencies that lead the nation in promoting job creation and business expansion through innovative policies, infrastructure improvements, processes and promotions.

"This award is further recognition that Texas continues to lead the nation in job creation and economic development," said Sec. Wilson. "The state's efforts to create and foster an attractive business environment continue to bring investment, jobs and prosperity to Texas."

The state's ten most successful projects, as submitted to Area Development, represent more than 7.1 billion in investment and more than 9,000 new jobs to Texas in 2007, generating a job growth rate of 2.1 percent, more than doubling the national growth rate of one percent. The state's largest business investments came from Total Petrochemical and Eastman Chemical, investing $3.3 billion and $1.6 billion respectively for facility expansion operations. The largest job creation projects were generated by the expansion of Rackspace Managed Hosting, providing up to 5,000 new jobs in the next five years, and Fidelity Investments, to create more than 1,500 new jobs.

All states were invited by Area Development magazine to submit information about their top-10 job creation and investment projects of 2007. Based on the number of high-value added jobs per capita, dollars invested, new facilities and industry diversity, Texas produced the highest weighted score overall. A full review of the 2008 Gold and Silver Shovel Award winners will be published in the June/July issue of Area Development and posted online at  www.areadevelopment.com.