Even in these tough economic times, Texas continues to outperform the nation. All signs indicate that when it comes to the recession, Texas was the “last in” and will likely be the “first out.”
In the first six months of 2010, Texas created more new jobs than California, New York, Florida, and Illinois combined! In fact, the Lone Star State was alone among the nation’s largest states in having an increase in employment over the last 12 months. In 2009, we had twice as many new home starts as the next best state. To see for yourself how Texas stacks up to the rest of the country, see here, here, and here.
Why does Texas continue to outperform the nation? Texas works because Texans work, and because we understand it is the free enterprise system that creates prosperity, not government.
Several factors are key to our state’s success and all stem from our hardworking Texas values:
- Low Taxes – Businesses and individuals vote with their feet and across the nation those feet are two-stepping from high tax states towards low tax states, with Texas the nation’s biggest winner.
- Predictable Regulatory System – In sports, no teams would agree to play unless the rules were clear before the game started. Similarly, investors tend to sit on the sidelines if they don’t know what the rules are going to be. To entice this investment on to the job creating field, we must maintain a stable system that gives plenty of notice and doesn’t change the rules in the middle of the game, and this can be done while protecting consumers, our environment and those that risk capital. Need proof? Chief Executive Magazine just ranked Texas the number one state in which to do business for the sixth year in a row!
- Fair Civil Justice System – Eight years ago, Texas was facing a meltdown of its medical system: malpractice insurance rates skyrocketed and doctors were fleeing the state. We passed landmark tort reform that protected those who have been harmed by malpractice, while reducing frivolous lawsuits. As with our regulatory system, we now have stability and predictability, and guess what? Rates were lowered, new companies offered coverage and doctors returned.
- Powerful Production Agriculture – Texas farmers and ranchers are the basis for agriculture contributing over $100 billion per year in economic impact on the Lone Star State. From the Valley to the Panhandle and from the Pineywoods to El Paso, Texas agriculture is a powerhouse of production. Consumers are the real winner and Texas agriculture has something for everyone.
These factors, along with our hard-working and capable workforce, have kept our state strong. The Texas story is a surprise to many Americans, but not to anyone who has lived here long.
We Texans have a history of beating the odds and doing things right. I recently saw a billboard in Austin which sums it up quite nicely. It said, “If you want something to happen, tell a Texan it can’t be done.” People have been telling Texans it can’t be done for a long time, and we continue to surprise them by doing it.
