Texas jobs, economy growing faster than thought.

[RETIREDFAN1]

FOR IMMEDIATE RELEASE

 

November 21, 2005

 

 

 

 

 

 

 

TEXAS JOBS, ECONOMY GROWING FASTER THAN THOUGHT

 

- State tax, regulation and investment policies make Texas a job haven, Rep. Betty Brown says -

 

 

 

In new data released in October and November, Dallas Federal Reserve Bank economists found the Texas economy to be adding jobs and growing at rates significantly faster than previously thought.

 

 

 

The Dallas Fed has revised its estimate of Texas job growth over the last year from 1.8 percent to 2.4 percent, based on an addition of 57,000 new jobs between September 2004 and September 2005.

 

 

 

State data shows that since July 2003, Texans have added more than 288,000 jobs.

 

 

 

“The Texas economy is on track to end the year with stronger job growth than the rest of the country,” the Dallas Federal Reserve Bank reports. “Nearly all sectors of the economy gained jobs in September. The largest increase was in construction, which grew by 2,900 workers, or an annualized 6.4 percent. While some September job growth probably was temporary to support hurricane-related activities or to provide goods and services to evacuees, most of this growth is reasonable, given recent trends, and could be driven by the underlying business cycle.

 

 

 

“The 2005 increase in employment is consistent with anecdotal reports and suggests that the Texas economy is strengthening and showing signs of pulling away from the national economy.”

 

 

 

Texas’ strong economic performance is a testament to our state’s strong fiscal discipline and common-sense regulatory system, said Rep. Brown.

 

 

 

 

“Texas leaders work hard to balance our budget, keep taxes low and create a common-sense regulation climate for entrepreneurs and employers,” said Brown. “The Texas Enterprise Fund, workers’ compensation reform, rising educational achievement and our state’s well-known fiscal conservatism help encourage job creation for Texas.”

 

 

 

In stark contrast to Texas’ economic successes, an October 2005 study by the Public Policy Institute of California found that in every year from 1993 to 2002, California lost net jobs because employers moved to other states. Texas was the biggest beneficiary of California jobs during that time period, with nearly 35,000 jobs relocated from California to the Lone Star State. Unlike Texas, California is known as a very high-tax, high-regulation place to live and work.

 

 

 

“State leaders must continue to resist calls for massive tax and spending increases, and continue to press for efficient and effective public schools and state services,” Brown continued. “Texans win by setting clear priorities, by restraining the growth of taxes and bureaucracy, and by making our state a great place to live, learn and build a business.”