Monthly Archives: March 2016

A Framework for Long-Term Economic Growth

In recent years Texas has received numerous accolades for our business climate, job growth, and economic development success, including:

  • “Best State for Business 2015” by Chief Executive Magazine for the 11th straight year
  • Site Selection Magazine “Governors Cup” award in 2015 that recognizes the state with the most qualifying new and expanded facilities per capita for the 4th year in a row
  • Top exporting state in the nation for the 14th consecutive year, with over $251 billion in goods exported in 2015 (U.S. Bureau of Economic Analysis)
  • At 4.7 percent, a state unemployment rate at or below the national average for 108 consecutive months (Bureau of Labor Statistics, December 2015)
  • Texas is # 1 in private sector jobs added over the last 10 years (BLS, December 2015)
  • CNBC “Top State for Economy and Infrastructure”
  • A “Top State for Fortune 500 HQ” (Fortune Magazine)
  • Best State for Economic Climate and Future Job Growth 2014 (Forbes Magazine)

To continue this level of success and remain the leader in many economic metrics let’s take a long-term view:

— Invest in Texans through skills development and training, including the Tri-Agency Workforce Initiative and programs that support seamlessly working toward an associate or bachelorette degree in high school, like P-TECH;

— Support our entrepreneurs and small businesses, to include a healthy ecosystem of capital to grow and keep our best companies here–high-growth companies require many different forms of capital, at different stages of development;

— Invest in world-class research to spur groundbreaking innovation, including the Governor’s Research Initiative. Maintaining a vibrant and modern economy will be dependent on our ability to create and cultivate innovation-intensive companies;

— Promote quality and completion in public and higher education so that our children are properly equipped with the skills to adapt and compete at the highest levels via, for example, the 60x30TX plan and a balance of debt to earning potential; and

— Provide state and local tools to compete for corporate expansions and re-locations that add jobs to our economy, including the Chapter 313 program and the Texas Enterprise Fund.

Texas’ success in economic development and job creation was no fluke.  Over the last decade plus, lawmakers have created a policy climate built for growth and the entrepreneurial spirit of our entrepreneurs and innovators has, in turn, flourished.  Corporate executives and companies in other states and countries have recognized our business-friendly economic environment and brought their jobs to the state.

The true Texas model is to lead; if we take a long-term view we can keep Texas a beacon state for job creation and a terrific quality of life for our citizens.