Inspired by a similar chart in yesterday’s Investor’s Business Daily (see below) that accompanied an op-ed by Vance Ginn titled “Texas Is A Real Model For Economic Opportunity,” I present the chart above showing the percent changes in total civil employment between December 2007 (when the recession started) and July 2014 for: a) Texas (blue line) and b) the US minus Texas.
What state is adding technology jobs at the greatest rate? My guess would have been Washington, where Seattle has become a center for cloud computing. Giant enterprise software maker Oracle announced last week that it would base its new cloud technology center there. Mammoth online retailer Amazon, of course, has its headquarters in Seattle, and its web services are based there. Azure, Microsoft’s cloud business, is in the area, as is Google’s, and data services provider Century Link has cloud operations in the city after buying information security software outfit Tier 3 in 2013.
The Florida economy was hammered during the financial crisis as tourism slowed, real estate prices plummeted and jobs disappeared, but the state has crawled back and continues to see heavy net migration into nearly every Sunshine State metro. People are chasing jobs with three Florida metros ranked among the 10 places expected to have the fastest job growth over the next three years and seven among the top 25. Naples leads the way with a projected average annual rate of 4.1%. Unemployment peaked in Naples in January 2010 at 12.2%, but was just 5.4% last month and is expected to stay low. Joining Naples among the top spots for job growth are fellow southern Florida locales Cape Coral and Port St. Lucie.
Illinois and Texas each faced challenges in 2011. The national recession had damaged both states' economies and revenues were projected to be insufficient to cover anticipated spending.
What happened next is a clear demonstration of the differences between blue states and red states.
As a Californian, I am pained to say that three of the nation's five fastest-growing cities—and seven of the top 15—are in Texas, according to the U.S. Census Bureau. Much of this growth is spurred by the state's booming energy industry. Innovations such as hydraulic fracturing, "fracking," and horizontal drilling are making the state's gas and oil fields more productive than ever, attracting newcomers with high-paying jobs.
AUSTIN – Gov. Rick Perry has announced a Texas Enterprise Fund (TEF) investment of $8.6 million in Active Network, LLC, which is relocating its headquarters from San Diego, California to Dallas, creating 1,000 jobs and $13 million in capital investment.