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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Read Related Press Releases, Blog Posts and News Articles about Gov. Perry on Economic Development in Texas

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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Automotive Parts and Services Association Endorses Gov. Perry for Re-election

March 1, 2010

AUSTIN – Gov. Rick Perry today received the endorsement of the Automotive Parts and Services Association for re-election in 2010.

“The Automotive Parts and Services Association (APSA) is pleased to announce our endorsement of Rick Perry for the office of governor of the state of Texas,” said Jim Quinten, president of APSA. “Governor Perry has steadfastly fought for an environment supportive of small and independent businesses. Through his actions to bring meaningful tort reform, proactive economic development, job creation and conservative fiscal management, Texas has remained the number one business climate in the nation. The automotive aftermarket here continues to thrive due to the governor’s leadership.”

The Automotive Parts and Services Association was founded in 1932 as the Automotive Wholesalers of Texas. APSA serves over 600 Texas members with approximately 1200 locations throughout the state. Members include independent auto parts retailers, machine shops, engine rebuilders, paint stores, service and collision repair shops. APSA members average eight employees per location.

“I am honored to have the endorsement of the Automotive Parts and Services Association,” said Gov. Perry. “Small business owners are the backbone of the Texas economy. I look forward to continuing our work together to keep the tax burden low and a predictable regulatory climate available for those who continue to risk their capital in the Lone Star State.”

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Texas Travel Industry Association Endorses Gov. Perry for Re-Election

March 1, 2010

AUSTIN – Gov. Rick Perry today received the endorsement of the Texas Travel Industry Association for re-election in 2010.

“Here in Texas, we are fortunate to know that we live in a state that is the envy of the nation,” said David Dunham, Chairman of the Texas Travel Industry Association’s Legislative Affairs Committee. “Not only do our citizens recognize how fortunate we are because of low taxes and opportunity, but people from across the world are rushing to visit Texas and see what our greatness is all about. From promoting our film industry to attracting the Super Bowl, from business development to maintaining public safety, Gov. Perry has been on the forefront of making Texas a premier, global travel destination. The Texas Travel Industry Association passionately supports Gov. Perry for re-election.”

The Texas Travel Industry Association (TTIA) is a nonprofit organization made up of over 800 businesses, organizations, associations and individuals dedicated to developing Texas tourism to its fullest potential. TTIA and its members work together to meet this goal in several ways: by building a strong, on-going program of work to support tourism initiatives across the state; by linking with affiliated groups to assist in their tourism activities; and by charting a course for the future of the tourism industry to ensure its preeminence as a powerful, positive force. TTIA's purpose is to help ensure the most effective tourism program possible, by complementing and maximizing the results of promotional efforts of private businesses, city and regional organizations and the State of Texas.

“It’s no secret that people vote with their feet when they come to Texas,” said Gov. Perry. “We are committed to keeping Texas a top destination for tourists and ensuring our travel industry continues to excel by highlighting what our great state has to offer.”

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President Ronald Reagan’s Longtime Economic Advisor Dr. Arthur B. Laffer Endorses Gov. Perry for Re-election

March 1, 2010

AUSTIN – Gov. Rick Perry today received the endorsement of Dr. Arthur B. Laffer, founder and chairman of Laffer Associates who is widely known as the economic guru behind former President Ronald Reagan’s policies of supply-side economics.

“Governor Perry understands sound economic principles, including the fact that tax cuts and restrained spending stimulate private sector growth and opportunity,” said Laffer. “The Texas economy continues to outperform the nation, and that is testament to policies that limit taxation, reduce frivolous litigation, and provide predictable regulation. I endorse Governor Perry as the best candidate to keep Texas on strong financial footing.”

Dr. Arthur B. Laffer is the founder and chairman of Laffer Associates, an economic research and consulting firm that provides global investment-research services to institutional asset managers, pension funds, financial institutions, and corporations. Dr. Laffer’s economic acumen and influence in triggering a world-wide tax-cutting movement in the 1980s have earned him the distinction in many publications as The Father of Supply-Side Economics. Dr. Laffer was a member of President Reagan’s Economic Policy Advisory Board for both of his two terms (1981-1989). He was a member of the Executive Committee of the Reagan/Bush Finance Committee in 1984 and was a founding member of the Reagan Executive Advisory Committee for the presidential race of 1980. Dr. Laffer has been widely acknowledged for his economic achievements. Recently he was noted in Time Magazine’s March 29, 1999, cover story The Century s Greatest Minds for inventing the Laffer Curve, which it deemed one of a few of the advances that powered this extraordinary century . He was listed in A Dozen Who Shaped the 80s, in the Los Angeles Times on Jan. 1, 1990, and in A Gallery of the Greatest People Who Influenced Our Daily Business, in the Wall Street Journal on June 23, 1989. Dr. Laffer received a B.A. in economics from Yale University in 1963. He received a MBA and a Ph.D. in economics from Stanford University in 1965 and 1972 respectively.

“I am honored and humbled to have the support of one of the greatest financial minds in our country, Dr. Art Laffer,” said Gov. Perry. “His work has set a precedent and model for fiscal conservatives. Here in Texas, I am proud of the work we have done to follow in his example to keep the tax burden low on businesses and provide a fair and predictable regulatory climate. I look forward to building upon our successful efforts to continue to keep Texas strong and prosperous.”

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