Tuesday, October 19, 2010
National Review Touts "Texas Model" as Key To Economic Strength
National Review Editor Rich Lowry credited Texas' economic policies with helping employers in the Lone Star State create more than half of the net jobs created in America over a recent 12 month period.
"Texas already looms large in its own imagination. Its elevated self-image didn't need this: More than half of the net new jobs in the U.S. during the past 12 months were created in the Lone Star State," Lowry wrote. "What does Austin know that Washington doesn't? At its simplest: Don't overtax and -spend, keep regulations to a minimum, avoid letting unions and trial lawyers run riot, and display an enormous neon sign saying, ‘Open for Business."'
"Texas is a model of governmental restraint. In 2008, state and local expenditures were 25.5 percent of GDP in California, 22.8 in the U.S., and 17.3 in Texas. Back in 1987, levels of spending were roughly similar in these places. The recessions of 1991 and 2001 spiked spending everywhere, but each time Texas fought to bring it down to pre-recession levels."
Article via National Review »
Monday, October 18, 2010
Texas Dominated Milken Institute List of Top Cities for Jobs
Texas cities make up an unprecedented 11 of the top 25 metropolitan areas ranked in the Milken Institute's Best-Performing Cities Index, which evaluates the metro areas best able to create and sustain jobs. This is the second year in a row Texas has dominated the list.
Killeen-Temple-Fort Hood took the top spot in this year's index, with Austin-Round Rock (2) and McAllen-Edinburg-Mission (4) rounding out the top five. Other Texas cities in the top 25 are El Paso (9), Houston-Sugar Land-Baytown (10), Brownsville-Harlingen (13), San Antonio (14), Amarillo (16), Dallas-Plano-Irving (17), Fort Worth-Arlington (23) and Lubbock (24).
The index factors in a metro area's long and short-term employment and salary growth, as well as four measurements of technology output growth, which the institute views as key to creating good jobs and driving regional economies.
Article via Milken Institute »
Report via Milken Institute »
Wednesday, September 29, 2010
Analyst Meredith Whitney Ranks Texas Best in Nation in Economic Health
Meredith Whitney, a noted analyst who had accurately predicted the national banking crisis, listed Texas as the national leader in state financial health in a report issued about the perilous condition of most state governments. Of the 15 largest states, only Texas and Virginia earned overall positive rankings.
"The best state is actually Texas, by a mile," Whitney said during an interview on CNBC. "They've been a very conservative state [...] a small government state. Low taxes, their pension funds are fully funded. Housing is not an issue. They've got great population trends. Great employment."
Video Interview via CNBC »
Article via Fortune Magazine »
Monday, September 27, 2010
Texas Universities are Doing Something Right
In The Austin American Statesman, university system chancellors Kent Hance, Francisco G. Cigarroa and Mike McKinney discuss the benefits and accomplishments of the Texas Emerging Technology Fund in Texas Universities.
Throughout the academic year, our respective schools will battle each other fiercely on the field of play, but we're also engaged in another competition that has even bigger implications for Texas. As the national economy continues to falter, the battle for research dollars gets tougher by the day. Fortunately, the state has a mechanism that gives us a distinct advantage over other states and, ultimately, helps our universities create jobs for Texans.
Known as the Texas Emerging Technology Fund, it represents a surprisingly innovative approach for government, in which tax dollars are invested to attract outside funding for research. The impetus behind ETF-funded research in Texas is to take ideas born in university laboratories and move them along the development pipeline into production and the marketplace.
Article via Austin American-Statesman »
Monday, September 13, 2010
Who Will Lead The Recovery? Start With Texas
"...when it comes to predicting what place will lead the country to a solid economic recovery, forecasters are all on the same page: Nobody's messing with Texas."
Although the economy has slowed in recent months, the prospects for a robust recovery are still looking up for the Lone Star State. Texas gained 14,000 jobs in June even as employment fell in 27 other states, according to the Bureau of Labor Statistics. That brought Texas's total for the first half of 2010 to 178,700 -- more than twice that of any other state.
The reasons for this success aren't unique. A key factor has been the state's energy production. "If you look at the first half of 2008, the U.S. [economy] had started to decline, but Texas was still growing," said Keith Phillips, a senior economist at the Federal Reserve Bank of Dallas. Oil and natural-gas prices were very strong, he explained, and so "we entered the recession late."
Article via National Journal »
Tuesday, September 07, 2010
Austin Among Least Stressed in U.S.
Good health and relatively-low unemployment has placed Austin the fourth least stressed city in the U.S., a Portfolio.com study reported Tuesday.
The national news site for small- and mid-sized business executives analyzed the nation's 50 largest metropolitan areas and found Detroit residents the most tense. The publication used various indicators to calculate the ranking, including local unemployment, personal financial data, environmental factors, health risks, crime rates and living standards.
Detroit topped the list largely due to steep unemployment, about 14.3 percent of its population, combined with a high 9.9 percent living in poverty. The Michigan metro also reported a high murder and robbery rate and low levels of sunshine.
Article via Austin Business Journal »
Wednesday, July 14, 2010
4 Reasons Why Texas Beats California in a Recession
Back in 1965, The Mamas & the Papas reached the top of the charts with "California Dreamin'," a song pining for a return to the warm safety of their home state. But these days they'd be better off dreaming about Texas.
The reason is that Texas powered through the global fiscal crisis, while The Golden State's economy is forecast to remain tarnished for some time.
The fact that California remains locked in such a pronounced slump compared to its economically and demographically similar cousin to the southeast has been pounced upon with biblical zeal by conservative commentators who claim the state's woes are a direct result of its liberalism and sloth. But in truth, California's industrial mix and its history of voter empowerment may have done more than glad-handing liberalism to bring low the nation's largest economy -- one that, in better times, brought the world the Popsicle, the Hula Hoop, the "slimsuit" swimsuit, and the fortune cookie.
Article via Fortune »
Wednesday, June 23, 2010
Texas Booms Despite Recession
The national recession can't stop Texas cities from growing. Four of the 10 fastest gainers — including No. 1 Frisco — are in the Lone Star State, according to Census population estimates out Tuesday.
From 2008 to 2009, 11 of the 25 fastest-growing cities that have populations above 100,000 people were in Texas.
The state has escaped much of the downturn because of a diversified economy that includes oil and high-tech.
Among the big Texas gainers: Dallas suburbs such as McKinney, Carrollton and Lewisville; oil centers Odessa and Midland; and high-tech hub and state capital Austin. Frisco and Odessa passed the 100,000 mark.
Article via USA Today »
Wednesday, June 09, 2010
Samsung Adding 500 Jobs in Austin Plant Expansion
Samsung Austin Semiconductor LLC today announced plans to expand the capacity of its 12-inch semiconductor fabrication plant in Austin with a $3.6 billion investment.
The decision to bring the additional capacity to Austin was based on the company's long-term business requirements.
The expanded fabrication plant, one of the largest in the United States, will produce advanced logic devices for Samsung's System LSI business. Currently the Austin plant produces a variety of NAND Flash memory chips. The production of those chips will continue.
The company will also hire an additional 500 employees as a result of the expansion.
Article via PR Newswire »
Monday, May 03, 2010
Chief Executive Magazine Ranks Texas Top State for Business for 6th Year in a Row
Texas has been ranked the top state for job growth and business development for the sixth year in a row in a survey of CEOs by Chief Executive Magazine.
"As CEOs have noted for the sixth year in a row, Texas continues to be a model for the nation as the best state to live and do business," Gov. Perry said. "This top ranking by Chief Executive Magazine proves that our low taxes, reasonable and predictable regulatory climate and skilled workforce have not gone unnoticed."
The survey asked 651 CEOs to rank each state based on three general categories: taxation and regulation, quality of workforce and living environment. States were then evaluated based on five subcategories and ranked by importance to the respondent.
Article via Chief Executive Magazine »
Friday, April 30, 2010
Texas Named One of Best States for Small Business and Entrepreneurship
The Small Business and Entrepreneurship Council has ranked Texas as one of the best states for small business and entrepreneurs in their Business Tax Index 2010: Best to Worst State Tax Systems for Entrepreneurship and Small Business report. Texas is ranked second in the index based on the cost of the state tax system on small businesses.
"Here in the Lone Star State, we have developed an environment that encourages entrepreneurs to pursue their dreams of small business ownership, further strengthening our economy and creating jobs for Texans," Gov. Perry said. "Thanks to our low taxes, reasonable and predictable regulatory environment and skilled and educated workforce, businesses continue to look to Texas as a place for growth and prosperity."
Article via Small Business and Entrepreneurship Council »
Monday, March 22, 2010
Bloomberg: Texas Beats Other States out of Recession, Comerica Report Says
Texas, the second-most populous U.S. state, is among the first to emerge from the recession that began in December 2007 as job growth returned sooner, Comerica Inc. said in a report.
The Texas economy followed states into the worst economic slump since 1930s, bottomed in September 2009 and began growing, five months before job growth hit bottom for the rest of the country, according to the report today by Dana Johnson, the chief economist at the Dallas-based bank.
Article via Bloomberg »
Wednesday, March 17, 2010
Dallas-Fort Worth Economy Ranked Among Nation's Strongest - Dallas Morning News
The Dallas-Fort Worth area ranked among the strongest metropolitan economies in the nation during the last three months of 2009, according to a study to be released today by the Brookings Institution, a public policy think tank in Washington. Austin, San Antonio, El Paso and McAllen also ranked in the top 20 in economic performance among the 100 largest U.S. metro areas, according to the institution's MetroMonitor barometer.
"Dallas and other Texas metro areas look good compared to other places," said Howard Wial, a Brookings fellow. "But unemployment is still high and jobs are down from where they were at the last peak. So things are not rosy."
Article via Dallas Morning News »
Monday, March 15, 2010
Austin, Washington, Raleigh & Boston Top 2010 Rank of Best Cities for Young Americans
The Southwest is the new frontier for young Americans—the region where those in their 20s and 30s have the best chance of establishing themselves in a recessionary economy.
Five Southwestern metropolitan areas, led by No. 1 Austin, rank among the nation’s 10 best places for young adults, according to a new Portfolio.com/bizjournals study.
Two qualities help Austin—the host of the annual South by Southwest music, film, and interactive conference and festival—to stand out among the nation’s largest metros.
Article via Portfolio.com »
Monday, March 08, 2010
Forbes: If one state is a poster child for economic recovery, it's Texas
Forbes has ranked Austin as the city best surviving the recession. Austin tied with Washington, DC for the number one slot. Four Texas cities made the top 10, including Dallas, San Antonio and Houston. Forbes looked at unemployment, rate of job growth and projections, home prices and cost of goods and services.
"This Forbes ranking highlights the relative economic strength of our state's major metropolitan cities, which is good news not only for the people who live in Texas, but for those looking to move to a state with a strong economic future," said Gov. Rick Perry. "Texas continues to be the best state in the nation to live, work and raise a family thanks to our low tax burden, predictable regulatory climate, skilled workforce and principled, disciplined spending."
Article via Forbes »