Gov. Perry on Economic Development in Texas

Texas has consistently been ranked as one of the best places to do business in the nation under Gov. Perry’s leadership.

  • Aggressive Job Creation. Since July 2003, Texas has created more than 1 million net new jobs. In 2008, more than half of the jobs created in the entire nation were created in Texas. In October and November of 2009, Texas gained 70,000 jobs while the nation as a whole lost 122,000 jobs. The Texas Enterprise Fund, the largest job creation fund of its kind in the nation, began under Perry in 2003 and is generating more than 55,000 new jobs and $15 billion in capital investment for Texas.
  • Record Property Tax Reductions. Gov. Perry championed $15.5 billion in property tax reductions, which resulted in a 33 percent decrease in school property tax rates for Texas homeowners and businesses.
  • Texas is Succeeding. Click here to see the dozens of accolades and awards Texas has received for its strong economy and friendly business climate.

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Bobby Labonte And TRG Motorsports Team With Governor Rick Perry For Spring Race At Texas Motor Speedway

April 6, 2010
LEWISVILLE – TRG Motorsports, NASCAR Champion Bobby Labonte and Gov. Rick Perry today announced that Texans for Rick Perry will sponsor the No. 71 racecar of NASCAR’s most popular Texan, Bobby Labonte, during the Samsung Mobile 500 at Texas Motor Speedway on April 18, 2010. “I am proud to partner with fellow Texan and unwavering patriot, Bobby Labonte, in my effort to raise awareness of the conservative values that have kept our state at the forefront of the national economy,” said Gov. Perry. “Texas has remained strong in the midst of these challenging economic times because of the team effort embraced by hardworking Texans and conservative leaders – teamwork that has kept our taxes low, unemployment down and job creation up. My campaign’s sponsorship of the No. 71 race car will send the message to all Texans that elections are about the hardworking people who make our state great; this election is about moving Texas forward.” Emblazoned with the Texans for Rick Perry logo and the sponsorship slogan Moving Texas Forward, the Chevy Impala SS driven by Labonte will tour across the state in the days leading up to the Samsung Mobile 500 race at Texas Motor Speedway on April 18, offering race fans the chance to get an up close and personal glimpse at a stock car and learn more about Gov. Perry’s effort to keep Moving Texas Forward. “I couldn’t be more excited to have Gov. Perry on board the No. 71 for the Texas race,” Labonte said. “It’s always great for me to come back to my home state and now I’ve got an even bigger reason to be able to connect to all of the fans and my fellow Texans.” NASCAR is an important contributor to Texas’ economic vitality, drawing more than 400,000 spectators and generating revenue equivalent to one Super Bowl event, approximately $90 million, during a single NASCAR weekend at Fort Worth’s Texas Motor Speedway. The speedway is home to the five largest single-day spectator events in the state of Texas, two NASCAR Sprint Cup Series events, two NASCAR Nationwide Series events and the IndyCar Series Race, contributing a regional economic impact of approximately $300,000,000 per year. “This is a prime example of why NASCAR sponsorship is such an effective marketing platform,” said team owner Kevin Buckler. “We are going to help Gov. Perry reach a huge number of Texans in a very short period of time. Bobby and the No. 71 are going to provide a call to action to all of the governor's supporters in the NASCAR world. It’s great to see Gov. Perry utilize such a creative way to run for re-election – right in his own back yard.” -xxx- About TRG Motorsports TRG Motorsports is based in Mooresville, North Carolina, and is home to the No. 71 Chevrolet driven by NASCAR Champion Bobby Labonte. The team is in its second year of the NASCAR Sprint Cup Series after successfully competing in the Craftsman Truck Series and ARCA series. The Racer’s Group was founded in 1993 and has been competing at the top level of sports car racing. TRG’s Porsche sports car program is run out of the company’s headquarters in Petaluma, California. The team has the most wins of any team in the Grand-Am Rolex Series with 28, including the 2005 and 2006 Rolex Series GT championship trophy to go along with wins in the Rolex 24 Hours at Daytona (three) and the 24 Hours of Le Mans. For more information, please contact Adriana Wells at (704) 662-7158 or adriana@trgmotorsports.com. Detailed team info can be viewed at www.trgmotorsports.com and www.theracersgroup.com. For sponsorship information, please contact Jason Solomonson at (704) 662-7158. MEDIA CONTACTS: TRG Motorsports/Bobby Labonte: Adriana Wells adriana@trgmotorsports.com 704-662-5950

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Dallas-Fort Worth area topping the nation in population growth

March 24, 2010
DallasNews.com
Eric Aasen
North Texas continues to be a people magnet. The Dallas-Fort Worth area added more new residents last year than any other metropolitan area in the country, according to U.S. Census Bureau data released Tuesday. The region attracted nearly 147,000 people during a 12-month period starting in July 2008, topping the Houston metropolitan area, which ranked second with an additional 141,000 residents. Helping to fuel the North Texas growth is Rockwall County, which was the third-fastest-growing county in the country during the last decade. According to the new numbers, its population has nearly doubled since 2000. Not far behind was Collin County, which ranked No. 13, growing more than 60 percent.

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Texas Beats Other States out of Recession, Comerica Report Says

March 22, 2010
Bloomberg.com
Darrell Preston
March 22 (Bloomberg) -- 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. The turnaround should mean state revenue will return to growth sometime in the next year as more jobs generate new tax income, said Johnson, in an interview. Texas collected $1.6 billion from sales tax, which supplies half of the state’s general fund budget, in February, an 8.8 percent decline from a year earlier, Comptroller Susan Combs said March 10.

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Bucking trend, Texas cities keep growing, with Dallas-Fort Worth in the lead

March 23, 2010
Star-Telegram.com
Steve Campbell
Even as the recession put the brakes on mobility across America, Dallas-Fort Worth led the nation in population growth for the 12 months that ended July 1, according to new census estimates released Tuesday. The Metroplex added 146,530 people. The Houston area wasn't far behind, adding 140,784, the second-highest increase. Los Angeles (106,402), New York City (101,295) and Washington, D.C. (98,305) rounded out the top five. Austin (50,975) was 12th and San Antonio (41,437) was 16th. The Texas metropolitan areas stand out, demographers say.

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Texas Metros Continue to Show Strong Economic Indicators

Governor Perry continues to keep focus on the Texas economy as the most important issue facing our state. With record job creation, low taxes, sweeping tort reform, and the most business-friendly environment in the nation, it's clear that fiscal discipline under Gov. Perry is keeping Texas as an economic driver leading the nation out of recession.

The Brookings Institution today released its quarterly report on the nation's 100 largest metropolitan areas. The overall performance rankings are based on indicators like unemployment rates, housing markets, and gross metropolitan product.

Read more about the report here.

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Young in the City

March 15, 2010
Portfolio.com
G. Scott Thomas
This may seem like a dumb question: where is it good to be a young adult? The easy answer is everywhere. But some metro areas, starting with Austin, are kinda awesome. 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: — Two thirds of the nation’s major markets have fewer jobs now than five years ago, but Austin added 99,200 jobs during that span. Its annual employment-growth rate of 2.8 percent is the fastest in America. — Austin has the strongest concentration of young people among the 67 metros. Twenty-eight percent of its residents are between the ages of 18 and 34. The median for the study group is 23.1 percent. Washington, Raleigh, and Boston are the three runners-up in the study’s rankings of the best places for young adults. They’re followed by four Southwestern metros—Houston, Oklahoma City, Dallas-Fort Worth, and Tulsa—that occupy fifth through eighth place. Portfolio.com/bizjournals analyzed the 67 U.S. metropolitan areas with populations above 750,000, searching for qualities that would appeal to workers in their 20s and early 30s. The study’s 10-part formula gave the highest marks to places with strong growth rates, moderate costs of living, and substantial pools of young adults who are college-educated and employed. (See the methodology sidebar for details.) Here’s a quick look at the very best places—the top-10 metros for young adults. 1. Austin: Its attractiveness to young adults is broadly based, and it ranks among the 10 leading markets in five of the categories that were analyzed. This isn’t the first time Austin takes top honors in a Portfolio.com/bizjournals analysis. Earlier this year, the city was named the best city in which to launch a small business. 5. Houston: Employment opportunities abound in Houston, where the job-growth rate (1.7 percent per year) ranks among the five best in the nation. And so does its annual upswing in per capita income (6.6 percent). 7. Dallas-Fort Worth: The recession caused some backsliding in 2009, but Dallas-Fort Worth still has 206,000 more jobs than it did five years ago. Local population is zipping higher by 2.4 percent per year. The least desirable market for young adults, according to the Portfolio.com/bizjournals study, is Detroit, which shares the pain of the major automotive corporations based there. Detroit is saddled with the nation’s worst unemployment rate for young adults, the slowest rate of income growth, and the biggest decline in overall employment. A total of 343,700 jobs have disappeared from the Detroit area during the past five years. This isn’t the first time Detroit has come up short this year in a Portolio.com/bizjournals study: It came in last in the January analysis of small-business vitality and was the lowest-ranking major city in February’s review of U.S. wealth centers. Two Midwestern industrial markets and two Sunbelt metros round out the bottom five. These areas may differ in geography, but they share a lack of attractiveness to young adults: Cleveland (66th place), Dayton, Ohio (65th), Tampa-St. Petersburg (64th), and California’s Riverside-San Bernardino area (63rd).

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Other cities' struggles highlight North Texas' appeal

March 14, 2010
Dallas Morning News
Economist Michael Cox has a slogan to suggest if you're trying to attract talented workers from either coast: Move here and get a free BMW. It's not false advertising, says the former chief economist for the Federal Reserve Bank of Dallas, who's now at Southern Methodist University. Most professionals working in the Northeast and California pay the equivalent of a year's worth of expensive car payments in annual personal income tax – which we don't have. But we don't need an ad campaign to encourage immigration to North Texas. Every year for the last three years, Dallas-Fort Worth has added a Little Rock to our population, Cox says. Maintain that annual increase of 165,000 for three years, and we will have "annexed" a San Jose, Calif., since 2007. "Every six years, we add a million people," says Cox, who heads the O'Neil Center for Global Markets and Freedom at SMU. "That's unbelievable. When they lose their jobs in Cleveland, they say, 'OK, let's pack up and move to Dallas.' "

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SMU dean says much of California's loss is Texas' gain

March 15, 2010
Dallas Morning News
Cheryl Hall
"Over the past 30 years, Michigan pretty much lost the auto and truck industry to the Sun Belt. When Honda, Toyota, BMW, Mercedes-Benz, Hyundai and other international competitors came to the U.S., they almost exclusively chose Sun Belt locations," he says. "The same thing is now happening to California." And this time, companies are beating a path to Texas. Niemi cites a study done by Bain & Co. a few years ago that surveyed the CEOs of all companies headquartered in California. "Forty percent said they were making plans to leave the state," Niemi says. "Of those planning to leave, 35 percent said they would likely move offshore to find cheaper labor, 36 percent said they were planning to move to Texas and the remaining 29 percent said they would relocate somewhere else in the U.S."

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IN CASE YOU MISSED IT: Houston Mayor Annise Parker’s comments on city’s “budget woes”

March 11, 2010
“For years now, we have spent more money than we have taken in. You can't spend more than you earn. It is a very unbusinesslike approach to running things.” - Houston Mayor Annise Parker, Houston Chronicle, March 11, 2010

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Forbes: If one state is a poster child for economic recovery, it's Texas

March 08, 2010

AUSTIN – 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.”

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